A Formula for B2B Marketing Success
When it comes to marketing strategy, it’s always useful to work from a proven formula. This doesn’t mean you have to follow the formula exactly as written, but it does give you a good starting path. The following Formula for B2B Marketing Success illustrates why a prospect may not respond to a particular marketing promotion, no matter how well targeted or creative and it also explains why you must apply the principles of consistency and persistence.
F x I x P.I.Q. = R
The “F” in the formula stands for Frequency, and refers to how often we share our message with customers and prospects. Frequency refers to all contacts; whether online, social media, print, email, telephone, or, in-person. Frequency is the portion of the formula most neglected by marketers. Since it takes an average of 7-8 contacts from initial awareness until the sale is closed, you must keep communicating until the prospect either buys or asks you to stop the contacts. The idea is not to annoy your prospects, but rather to practice friendly persistence.
The “I” in the formula stands for Impact, which is the part of the marketing campaign that has the greatest influence on the results achieved on a particular promotion. Without impact, marketing and advertising programs are lifeless, dull, and worst of all, they don’t generate response. High impact is achieved with penetrating copy and graphics, strong offers, clever sound and video and professional selling techniques. Most important, impact is generated through a consistent and compelling message.
Prospect Interest Quotient
Part three of the formula is the variable over which the marketer has the least amount of control. “P.I.Q.” stands for Prospect Interest Quotient, which is that position your prospects finds themselves in at the exact moment they reads your email, sees your social media outreach, receives your telephone call or logs into your website. P.I.Q. is a complex blend of several different elements, some measurable and some not, including: physical presence; work load; point on the buying cycle; current attitude toward your product or service; financial situation; and mood (receptivity).
No matter how strong your marketing strategy is, or how creative your promotion, if you contact a prospect shortly after they purchase a competing product, your offer will fall on deaf ears. P.I.Q. can work for you as well as against you. Communicating to a prospect at a time when they are optimistic about the future always increases your chance of getting the order. Likewise, it is tougher to drive business when the economy is bad. However, applying the rules of this formula will always contribute to your marketing success, regardless of the economic climate.
The final part of the formula, “R”, stands for Results. Results in any marketing campaign are dependent on the first three elements of the formula. And the most neglected part of the formula is frequency. While you have control over the creative impact your efforts convey, unless you communicate often enough, you won’t catch a large enough quantity of prospects in the right Prospect Interest Quotient (P.I.Q.), to achieve strong success. Likewise, it is important to make yourself visible through your online presence to prospects who are seeking what you offer. This is always a good marketing strategy.
By the way, here is Albert Einstein’s formula for success: “If A equals success, then the formula is A equals X plus Y plus Z. X is work. Y is play. Z is keep your mouth shut.” Well said.
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