Sellers from Mars and Buyers from Venus - V

Excerpt from my upcoming book at amazon.com - "Sellers from Mars and Buyers from Venus - Elements of Nature Meet B2B Sales" 

How a Marketing Manager will engage with others 

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B2B Sales Stakeholders and Their Activities

The sales team or a sales representative, engages various internal and external stakeholders, with the intent of growing the business underpinned by positioning a compelling product or a service. The following list gives a good view of various stakeholders engaged by the sales team or a representative.

● the internal marketing and corporate strategy team for research, positioning, and pricing 

● internal product engineering or service design team 

● internal legal service team for defining contractual agreements, terms, and conditions

● procurement at the buyer’s end

● sponsoring C-level executives like CEO, CFO, CIO, CDO and their team members at buyer’s end

● internal HR, legal, quality, security and sales team  

● and others like a third-party product or service partner 

These stakeholders will vary with vertical, geography, type and size of a prospective buyer like an SME or a global player. This is not an exhaustive list but highlights the magnitude of complexity and multiplicity involved in executing sales and business development activity. 

With the intent of supporting a sales team or a representative, different activities at each stage of the value chain are executed by various stakeholders, some in parallel and some in sequence. 

Let’s explore how a Marketing Manager will engage in various activities with its stakeholders at the seller's or buyers' end by applying the lens of five elemental attributes.  

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Next: Coming up 

• Cheat Sheet for Sales Planning and Execution using Five Elements   
• How a Procurement Executive will Engage
• How B2B Sales are different in Service vs Product 

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Previous articles can be read here

• Part 4 on How a Sponsoring Executive will engage can be read here
• Part 3 on Negotiation Styles in B2B Sales can be read here 
• Part 2 on Persona Mapping in B2B Sales can be read here 
• Part 1 on Marrying Elements of Nature with B2B Sales can be read here

Market Your Way to Growth

Template for driving growth.

• Grow by Building Market Share 
• Grow through Developing Committed Customers and Stakeholders 
• Grow by Developing a Powerful Brand 
• Grow by Innovating New Products, Services, and Experiences 
• Grow by International Expansion 
• Grow by Mergers, Acquisitions, Alliances, and Joint Ventures 
• Grow by Building an Outstanding Reputation for Social Responsibility 
• Grow by Partnering with Government and NGOs

Source: Market Your Way to Growth by Philip and Milton Kotler

Characteristics of Creative People

Personal Characteristics 

According to Gilda Waisburd, a specialist in creativity, the traits of creative people are as follows:3 

• Flexible (they go beyond the obvious) 

• Fluid (they generate many ideas about a problem) 

• Elaborative (they expand the task in detail) 

• Tolerant of ambiguity (they stand up well to conflict) 

• Able to see the whole (they take a systemic approach) 

• Inquiring (interest in many disciplines) 

• Sensitive to the interests of others (they understand others’ needs) 

• Curious (interested in “playing” with things) 

• Independent (they come up with ideas of their own) 

• Reflective (they think about what they see and hear) • Action-oriented (they go beyond thinking and the idea to act) 

• Able to concentrate (they work in a consistent manner) 

• Persistent (they don’t give up easily) • Committed (they get involved with things) 

• Sense of humor (they are able to laugh and use humor to put things in perspective) 

Personal Qualities Frank Barron, Howard Gardner, Calvin Taylor, Robert Sternberg, E. Paul Torrance, and Robert Weisberg, all distinguished theorists on creativity, generally concur that creative people exhibit the following qualities 

 • Verbal fluency 

• High IQ 

• Imagination 

• Ability to influence others’ and one’s environment 

• Ability and propensity to take risks 

• Interest in properly defining the problem to be solved 

 Common Resources of Creative People 

• Use metaphors 

• Use images 

• Use logic 

• Usually ask themselves the “why” in what they observe

How to make Marketing Platforms as Profit Centres

Source:  How to build Profit Centric Marketing 

• What businesses need is a framework for profit-centric marketing, with profit creators
• This can only come from existing customers using 5R – 
• combining retention, 
• repetition, 
• referrals, 
• reactivation (as opposed to reacquisition) 
• and replenishment (targeted new acquisition) 
•  This 5R focus needs the 4P framework: 
•  pipes, 
•  partitioning, 
•  properties, 
•  and prospecting

This transformation will need the third generation of martech platforms: the first generation was about point solutions and the second generation was about full-stack platforms. The third generation will be about platforms that are Web3 powered and enable the tokenisation that marketers need to make XR (and therefore profit-centric marketing) a reality.

Sales Trigger Spectrum with Cloud Adoption Curve - 2022

Evolution of Cloud Adoption Curve, its Type and Sales Trigger Spectrum

Weekend Reading

 Bridging the gap: How and why product management differs from company to company

Companies, like many in New York, that are introducing solutions to mature industries tend to be sales-driven, so product teams are informed by what customers will readily buy and are measured based on output and revenue. Companies, like many in the Bay Area, that are creating new categories are generally vision-driven, so product teams are more cross-functional and iterative, and are measured based on validated learnings and outcomes. The two models on each end of the spectrum manage risk differently and, with regard to startups, offer a varied range of results. Predicated on introducing solutions to previously unarticulated problems (e.g. Snapchat), Bay Area startups and product managers are tasked with launching moonshots. Failure is more frequent and expensive but success is exponential in size.

How Marketing can assist in Maximising Growth

Fortunately, there's a good rule of thumb called the "70-20-10 rule" that business leaders can use to address the current vs. future aspect of the resource allocation challenge. The 70-20-10 rule has been used for a variety of business purposes. For example, Google has reportedly used it to manage the innovation process, and Coca Cola has reportedly used a version of the rule to guide marketing investment decisions. The marketing version of the 70-20-10 rule says that about 70% of your marketing resources should be devoted to capabilities and programs with a proven track record of acceptable performance. These will include marketing channels, techniques, and technologies that your company is currently using successfully. The 70-20-10 rule does not mean that companies should simply "keep on doing what we're already doing." It means that marketers should evaluate how well their "bread and butter" programs are performing and continue to invest in those that are delivering acceptable results.

Why your customers want to buy is as important as what they want to buy

In complex, discretionary B2B buying environments it’s just as important - often more important - to understand why your prospective customer has embarked on their buying journey. In fact, I’d go as far as to say that no matter how perfect your salespeople’s understanding of their prospect’s needs is, and no matter how good a job your salespeople have done in influencing those needs in your favour, if you don’t understand why your customers are buying, you’re flying blind.

Replacing the Sales Funnel with the Sales Flywheel

One of my favorite business school professors used to say, “If you want to build a great company, your product has got to be ten times better than the competition.” Today, that advice feels out of date. If you want to build a great company in 2018, your customer experience has to be ten times lighter than the competition. It used to be what you sell that really matters, now it’s how you sell that really matters Unlike some changes in business philosophy, the flywheel is not an all-or-nothing proposition, Any tactical change to reduce friction, or organizational alignment of forces that optimize for customer delight, will have a measurable impact on customer experience. Early successes will breed increasing support for a full flywheel approach.

10 Commandments for Marketing and Product in a Software Startup Artificial Intelligence Strategy: 7

 Things to Consider Before Getting Onboard What B2B Sales Enablement “Visionaries” Are Doing

Inflation Impact on IT - Levers to Address

 Inflation Impact on IT - Levers to Address

With steep rises in IR, #buyers need to de-risk their #DigitalTransformation dollars for revenue generation & will ask #ITServices providers to share the risk. This is a certainty for buyers who are behind in their digital journey. #strategy #future #economy #Australia #IT 

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What is Driving Inflation Today

Why Thought Leadership Doesn't Work

 

Trouble with Thought Leadership

“B2B marketing leaders tend to get trapped inside a sales cycle in the way they execute,” says Bruce. “That’s not the kind of thinking that’s going to generate brand equity and certainly not thought leadership. [Thought leadership] is a long-term strategic investment and journey that you need to go on as a business.”

Thought Leadership Doesn't Work

When we asked B2B buyers what they think about the content they receive from vendors, over 60% of respondents to Forrester’s 2021 Content Preferences Survey gave these unflattering opinions. Buyers are drowning in a sea of sameness. They fail to find any value in the content they receive, because much of it is myopically focused on the vendor and its products and services — not on the cares and concerns of the recipient.

Why Commercial Insight instead of Thought Leradership

“Rarely will thought leadership alone cause customers to change their views or prompt immediate action,” says David Anderson, practice leader at Gartner. “Instead, sales leaders must arm reps with commercial insight to push beyond presenting a new idea to actually undermine an existing one.” Commercial insight is typically developed by combining information, such as facts, data, industry trends, experiences and observations with customer needs, like business growth, increasing profits and reducing attrition, to create a unique conclusion. Organizations that effectively deploy insights to deliver effective messages increase the likelihood of closing high-margin deals and improving long-term customer loyalty.”

NBN Spend - Hindsight Technology Choice

 Why Economies of Scope vs Economies of Scale for NBN 

The average cost per Mbps in OECD is 48c (USD) and in Australia, it is $1.06 and Avg speed is 51Mbps.

Just highlighting how economies of scope have impacted that.

(src: TPG results FY 22) 

Threats to NBN are multifold

Digital is not IT

Credit: visualise team

Digital IT and Cloud Impact on MSA and Sourcing

 Digital IT and Cloud Impact on Master Services Agreement (MSA) and Sourcing

Weekend Reading

 Blockspace is best the product of 2020

Blockspace is a space on the blockchain that can be used to store information and run code. Critically, it differs from traditional computing space because the hardware is subordinate to the software, the blockchain code. These systems, when sufficiently decentralized, are more trustable — as in they can make stronger commitments — than ones controlled by centralized parties.

Twitter and Musk - Wealth Creator

“Entrepreneurs create wealth; governments destroy wealth. Ultimately, it’s about division of labor and specialization. Entrepreneurs specialize in creating wealth; governments should specialize in the protection of life, liberty and property; we should devote a part of our time and money to the extent we can in helping others as part of our social responsibility. Entrepreneurs sow the seed corn, we reap most of the harvest. Denying them seed corn will surely mean starvation for us.”

How Leaders Can Focus and Prioritize their Work in a Complex world Sales Reward - Best Practices

Build your sales rewards around the notion of intrinsic motivators. This way you’re not only providing your reps a reward for good performance, you’re validating and encouraging a sense of self that pushes them to excel every day.

Accelerate your Professional Services Sales Revenue 

Set the Stage for Success - You and Your prospect

By preparing both yourself and your prospect, you will open the door for better communication, better use of both of your time, and most importantly, a better meeting outcome that leaves you with the answers you need to deliver a valuable proposal.

Why Closing Deals are becoming more Difficult

Relationship Spectrum to Drive Sales

What is Driving The Inflation Today

 

Inflation View of Major Economies  

Commodity Prices View

Australias Internet Ranking Slipped to 67

 

Thinking Hat #4

 

Credit: VisualizeValue Team

NBN Co Evolution - 2009 to 2022

 NBN Co Evolution - 2009 to 2022, driven by Political Philosophy 

Weekend Reading

 

• B2B Suppliers need to upgrade their Channels for Ease of Sales 
• Leadership Mantra
• The salesperson who drives you crazy
• How to be professional in Virtual meetings
• Aligning Sales and Marketing

Weekend Reading

• Write a sales proposal
• B2B marketers using a review site for sales strategy
• Signs of Market Fix
• Collaborate when you don't have a consensus 
• Differentiate your brand with Customer Experience  

Weekend Reading

• Crossing the Chasm
• Marketers are still a challenge
• Content drives the Customer Journey 
• How leaders build the trust
• Aligning Customer Sales and Customer Service 

Weekend Reading

 

• Low Closing vs High Closing
• Habits of Sales Manager
• CMOs Own CX 
• Core Competency of Sellers
• Strategic Debt of Startups 

Image Credit : Rain Group

Weekend Reading

• Will DAOs Replace Corporations
• Story of Indian Economy
• 86% of B2B Content Consumption Takes Place Outside the C-Suite
• Best Continuous Discovery Teams
• How to move faster in marketing
• Build your insight capabilities to leapfrog the competition
• Russia and Ukraine - Security Service Providers Must Be Ready  

Where is the growth ?

 Where is the growth in a capital intensive company?

Disclaimer: All discussed thoughts & opinions are my own & not that of my employer/others.

Thinking Hat #3

• Big techs ambition - (FB, AMZN, APL, MSFT, Google) 
• Three things you can not buy
• Mobile Sector has lessons for Indias Economy
• Why Customers don't like Sales Rep
• How to establish Leadership presense
• Making changes is not a matter of willpower

Post COVID - B2B Tech Growth Driver

Early B2B Deciders

 Persona of B2B Early Deciders are following:

• Younger millennials, with more responsibility. 
•  Employed in larger, enterprise-scale companies that are growing fast. 
•  Technophiles who spend more on IT. 
•  Decisive, authoritative, and deliberate. 
•  Promoters of customer experience (CX), innovation, and brand.

Source: Forrester Blog

Weekend Reading

• Ways to Connect with your Audience
• Managing when the future is unclear
• Build your brand as a leader
• B2B companies fail at Content and Marketing
• Collaboration needs to change from Mind to Marketplace

Business Plan Should Answer

 

From HBR, By William A. Sahlman 

When I receive a business plan, I always read the résumé section first. Not because the people part of the new venture is the most important, but because without the right team, none of the other parts really matters. 

 Fourteen “Personal” Questions Every Business Plan Should Answer 

• Where are the founders from? Where have they been educated? 
• Where have they worked—and for whom? 
• What have they accomplished—professionally and personally—in the past? 
• What is their reputation within the business community? 
• What experience do they have that is directly relevant to the opportunity they are pursuing? 
• What skills, abilities, and knowledge do they have? 
• How realistic are they about the venture’s chances for success and the tribulations it will face? 
• Who else needs to be on the team? 
• Are they prepared to recruit high-quality people? 
• How will they respond to adversity? 
• Do they have the mettle to make the inevitable hard choices that have to be made? 
• How committed are they to this venture? 
• What are their motivations? 

Source: HBR

Weekend Reading

•  Tomorrows Tech Giants
• Tips for Social Selling
• AI for Product Management  
• Scaling SAAS Companies
• What Buyers need to do influence Sellers

(src: Marketingcharts)