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Do You Have a Successful Business Model?

New business model
Modern B2B Marketing to fill up your sales funnel | Canada

Do You Have a Successful Business Model?
Is It Time to Change?

Is-it-time-for-a-new-a-successful-business-model
  • (Revised: 02/02/2023)
  • Reading time: 2 minutes

In recent years, a number of leading companies worldwide have been shaken by newcomers to the scene. Ignoring the writing on the wall, these market leaders failed to rethink their once successful business model and now they are too late. As of 2015, just 12% of 1955’s Fortune 500 companies in the US, which include IBM and 3M, remained on the list. Another example of this failure to adapt is highlighted by Research in Motion (Blackberry), when just seven years after making the top 10 of Fortune’s 100 Fastest Growing Companies it has dropped from the list.

As Richard Foster of the Yale Entrepreneurial Institute notes, “The average lifespan of a company listed in the [Standard & Poor’s 500 Index] has decreased from 67 years in the 1920s to 15 years today.” The global economy has undergone a series of drastic changes, and these shifts aren’t over yet. Therefore, companies need a successful revenue model that evolves with the changing climate.

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Drastic Economic Changes That Led to Shifts in Business Practices

You are probably familiar with some of the most drastic economic changes of the last decade. Some of these include:

    • Moving from the physical to the virtual. With the rise of popular online retailers like Amazon and Alibaba, shopping has shifted to the online sphere. While online businesses thrive, many “brick and mortar” giants, like RadioShack and Chapters, failed to adapt their business plans  and were forced out of business. Wal-Mart, on the other end, managed to capitalize on this trend and is now one of the top 10 online retailers in the world.
    • Ownership to sharing assets. Using shared assets, companies like Airbnb have taken over an entire sector of the holiday rental market. Today, Airbnb reports over $10 billion in annual revenue, which exceeds that of large hotel chains.
    • A renewable energy economy. With sustainability becoming an increasing concern, the focus is starting to shift towards renewable energy. In 2015, electric car manufacturer Tesla was rated the 10th most valuable global car brand, tied with Porsche and beating Lexus. Today (January 2020), Tesla is the most valuable car company in the world.
    • “Everything” matters. The Montreal Transport Society (STM) recently started to implement bus telemetry to provide exact bus location and arrival times for smartphones, allowing for 20-30% travel time reduction for passengers. Buses are just one example of “things” that communicate. We are entering a new era of the “Internet of Things” (IoT) where “things” will communicate with people or with other “things” to monitor health, energy consumption, and maintenance while they automate daily processes.

While these are just a few examples, in order to make this article as concise as possible, we’ve intentionally held back from listing many other trends.

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Do You Need to Reassess Your Business Model?

Stay on top of the trends that are relevant to your business to ensure a continuously profitable model.

Re-evaluate your business model. Maybe you’ll see the need to create a new plan or to adjust your existing model. After all, you don‘t want to find yourself in the same situation as the taxi drivers when Uber rolled into town!

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Do You Really Know Your Prospective Clients?

Prospective clients
Modern B2B Marketing to fill up your sales funnel | Canada

Do You Really Know Your Prospective Clients?

Prospective clients
  • (Revised: 02/02/2023)
  • Reading time: 2 minutes

Recently, a friend of mine returned from her summer vacation in Provence, France and, thoroughly enchanted with the place, she recommended I read Peter Mayle’s “Encore Provence”. The book, written by a British author who made his home in Provence, is most intriguing when he describes the cultural differences of the region. Through his anecdotes we come to appreciate that the differences are real and, though experienced immediately, they can only be understood with time and after many personal encounters.

When I started reading I was guilty, much as you probably are, of assuming that the only prominent cultural differences would come from an Anglophone living in a Francophone environment, but this was not the case. Peter Mayle elaborates on the beauty of Provence by contrasting its people’s ways with the Parisian way, with the British way, and with the American way. He even touches on the differences between Marseille and Avignon, both in Provence, and how the ways of carrying out business in one does not necessarily apply to the other.

Peter Mayle’s comparisons are useful in reminding organizations that when you first consider entering a new market, or you are about to launch a new product to a target market with which you are not fully familiar, it is instrumental that you ensure:

      1. You have identified the prospective market that would most benefit from your solution
      2. Your target market can afford your solution
      3. You understand how your target market operates and how your prospects expect to do business with you
      4. Your solution features are highlighted in a way that fits like a lock and key, allowing you to effortlessly open the door to your prospects

All the above is a result of:

    1. A well-thought marketing strategy
    2. Fine customization of your branding to the market that you are after
    3. Creative marketing campaigns that attract the attention of your specific target market
    4. Constant evaluation of your marketing results to ensure that you truly address your prospects’ needs
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3 Demonstrated Business Collaboration Development Strategies

Business partnership
Modern B2B Marketing to fill up your sales funnel | Canada

Three Proven Business Development Strategies

Business partnership
  • (Revised: 02/02/2023)
  • Reading time: 2 minutes

As an entrepreneur or manager, a strategic industry partnership may take the backseat to lead generation campaigns, which can consume your marketing efforts. After all, approaching more clients often equals more revenue. However, business development strategies that include business collaboration can yield a high number of prospect referrals. By collaborating towards mutual interests, it is often far easier to generate sales leads with comprehensive business development than by approaching this process alone.

Here are three proven scenarios in which B2B business development is most successful:

    1. A distribution channel: A manufacturing company would like to penetrate a new market, region, or country. Instead of upfront investments in salespeople and warehouse/office expenses, companies should explore local resellers, distributors, or agents that have already established a connection with the target market. As a result, they can be ready to serve the prospective clientele in significantly less time. In the past, we have assisted companies in finding distribution partners, training them, and building incentive plans to control distribution performance.
    2. A strategic partnership: In this case, two or more organizations choose to work together to achieve a mutual goal. For example, two software companies decide on mutual R&D efforts in order to cut down the development period of a new innovative solution- all while sharing the knowledge base of both participating partners. Shortening the time-to-market of the innovative solution would result in a faster delivery to their clients, thereby accelerating revenue. Direct Objective Consulting has had proven success in identifying strategic partners and negotiating terms.
    3. One complete solution: The same way milk goes with cereal, and dressings go with salad, your company must find a complementary partner that combines each of your individual specialties into one comprehensive solution. For example, a medical device company can make an alliance to bundle its device in a healthcare kit that is packaged by another company. Or a specialty battery producer may choose to have their batteries already pre-packaged with the suitable hardware/electronics. Think about what can work for your product or service.

The success or failure of each of these business development strategies is contingent on a number of factors, including the industry in which your company operates. Business development has been proven especially useful in service, telecommunication, government, and healthcare industries. Additionally, many industries have small, tight-knit communities, where strategic partnerships can significantly accelerate your company’s exposure.

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Business development will create sustainable win-win situations, and ultimately create more business for your company. Consult with us today if you need assistance in forming successful business development strategies with a view to building fruitful, long-term relationships within your industry.

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Social Media Strategy: What’s the ROI?

Social media power
Modern B2B Marketing to fill up your sales funnel | Canada

Social Media Strategy: What's the ROI?

Social media power
  • (Revised: 02/02/2023)
  • Reading time: 2 minutes

Do you have a social media strategy? In 2007, Twitter users posted approximately 1.2 million tweets. In 2019, that number grew to 500 million per day. Many large companies now have full-time social media staff dedicated to Twitter– McDonalds has ten – but Twitter remains dwarfed by others. Social networking sites like Facebook and LinkedIn are currently poised to rival Google as search engine resources. Facebook has 2.45 billion monthly active users while YouTube has also 2 billion logged-in monthly users (2019).

In every demographic, social networking is on the rise. According to a study from Pew Internet, social media usage almost doubled among internet users over the age of 50, increasing to 42% from 22% over that period. The same study highlights increases in other demographics, including 47% of 50 to 64 year old internet users who now use social media. Clearly, interest in online social platforms continues to grow for all age groups. So, considering this trend, the question remains: how can B2B social media be crafted to harvest this untapped potential?

Facebook was originally designed to let college students connect and share pictures, but with daily viewers eclipsing 500 million, companies have realized the potential of an effective social media strategy. An estimated 20% of all posts are related to a product or brand and it only follows that, with the right tools, B2B social strategy can help:Increase traffic to your website with social media:

    • Increase exposure to your brand/company
    • Increase conversation about the brand/company
    • Launch new products/services
    • Receive feedback and ideas for product or business development
    • Establish relationships and connections with potential customers who become your fans or followers
    • Be fully integrated with all marketing programs and initiatives
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Updating Your Strategic Marketing Plan

Update strategic marketing plan
Modern B2B Marketing to fill up your sales funnel | Canada

Is It Time to Update My Strategic Marketing Plan?

Update strategic marketing plan
  • (Revised: 02/02/2023)
  • Reading time: 2 minutes

Whoever saw the iPad launch recently will appreciate the critical role of Apple’s strategic marketing plan. In fact, Steve Jobs delivered a presentation so informal it seemed there was no marketing involved at all. He came onstage with jeans and spoke with a carefree, matter-of-fact attitude. And, frankly, that’s what was so effective about it.

So let’s see what was really going on behind the scenes with the effective marketing and business strategic planning for the iPad. First off, Apple performed a thorough competitive marketing analysis of the e-reader/netbook arena and concluded that there was room for something different. They also identified a need to adjust their positioning strategy and update their marketing plan from the “Think Different” slogan since the company had shifted to become the No. 1 provider for mobile computing.

For the iPad in particular, Apple focused on identifying the requirements of their target market with a thorough competitive marketing analysis and market research, which saw them developing a device that answers the dreams of a modern, on-the-go business people. They branded the product inline  with their other products (iPod, iMac, iPhone), giving it the same look and feel, and much of the same functionality.

In the presentation, you’ll see Steve Jobs demoing photo libraries which appear haphazardly arranged. This apparently random selection is anything but random, and is actually  part of an ingenious overarching marketing work that was prepared well before the launch of the iPad. The Web browsing demo and the iPad gaming capabilities are directly linked to deals with leading partners, book publishers, newspaper publishers, and leading mobile/gaming applications that were negotiated in advance. Such partnerships are, after all, part of good business strategic planning to block the competition.

But, during all of this, where was Amazon? The answer is nowhere. Amazon was not on guard to receive such a tremendously successful launch from Apple. While Amazon now holds 60% of the e-reader market share, they failed to leverage their existing relationships with those same publishers as part of their own strategic marketing plan before the launch of the iPad. Instead they butted heads with some associated companies, severing relationships.

Now that the ground is falling out from underneath Amazon, they have announced the purchase of a touch-screen company, clearly looking to update the Kindle with the same touch functionality as the iPad. They are also looking to tempt publishers with a higher commission percentage. Imagine how much damage might have been avoided had they employed this competitive marketing analysis last year, in preparation for the Apple launch.As today’s market evolves faster than ever, you don’t want to be left behind. Don’t risk losing market share! Conduct competitive marketing analysis well ahead of time to equip yourself with the proper strategic view, an effective product launch, and successful market penetration.

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Direct Objective Consulting is ready to assist you. Contact us to discuss your strategic marketing plan.

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Fishing for Clients: Process of Lead Generation

Fishing for clients
Modern B2B Marketing to fill up your sales funnel | Canada

Fishing for Clients — the Lead Generation Process

Fishing for clients
  • (Revised: 02/02/2023)
  • Reading time: 2 minutes

Summer has officially come to a close, and with it, many fun-in-the-sun activities. If you happen to fish in your spare time, you may think the fishing season is over. But, if you’re looking to market your company, the season never ends! The lead Lead generation process is, in fact, very much like fishing.

Any good fisherman will tell you it takes more than a glitzy lure and a bit of bait to catch a fish. After all, the effectiveness of a strategic marketing plan is just a factor of how much you can encourage prospects to “bite” at your campaigns.

A good fisherman starts by deciding just what he is fishing for— lobster? Salmon? Trout? Depending on the catch, the location will be vastly different! Similarly, the process differs according to the chosen target market. Further to this, we must remember that a fisherman will not want to crowd close to other boats, where fish may be drawn away and his chances diminished. In this way, your strategic marketing plan should delineate how you will compete with other companies by “fishing” in areas with less competition. Then there’s the question of equipment. Will you need lobster traps? A fishing rod? Or maybe a net?

To cast off  an effective lead generation process, you need to take in all of these kinds of considerations, as a fisherman does. You need to define your best target market, resolve on where to find the leads, and figure out how to get them interested in your product or service. You need to make sure that prospects instantly understand the difference between your offering and your competitor’s, entice them to act, and ultimately to buy into your offering.

A positioning strategy defines how to project your offering as visibly and attractively as possible so that your potential client base (i.e., target market) will easily recognize it and will show increased interest in your offering.

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Are you ready to fish for new clients? Do you know which segment would be the most profitable for you? Do you have the right positioning strategy in place? If not, it’s time to equip yourself – contact Direct Objective to start reeling in clients today!

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New Rules for Effective Marketing

Effective marketing
Modern B2B Marketing to fill up your sales funnel | Canada

5 Rules for Developing a Business Growth Plan

Effective marketing
  • (Revised: 02/02/2023)
  • Reading time: 2 minutes

In the old days, marketing consultants would prepare a business growth plan as long as 500 pages, which covered every detail for the approaching five years. This used to be a good way to develop an effective marketing plan, but times have changed. Now, marketing tools have a lifespan of under two years (sorry, sometimes only two months!), and planning must be focused and efficient! To develop an effective plan, you must be open-minded  and prepared to make frequent adjustments according to what is happening on the market.

Don’t get me wrong—you still need to work on developing a plan! But you need a high-level go-to-market plan that draws on reliable, short-term research. So, what is the best way to develop such a plan?

1) Ask yourself, what is the best target market and why? In order to develop an effective business growth plan with focus, and with successful results, you need to define your audience.

2) Set yourself apart from competitors. You need to know how to successfully represent your company and product/service to make sure you stand out from the crowd.

3) Developing an effective marketing plan means establishing the best marketing tools to generate demand. Isolate which lead generation tools are best suited to sparking the interest in your product/service.

4) Determine what kind of alliances or partnerships would accelerate awareness and facilitate demand for your product/service. This would allow you to move beyond your company resources and have collaborators help push your offering. For a more healthy relationship, be prepared to help them push their solutions as well!

5) Determine how you will measure the effectiveness of your marketing activities. If you work on developing a strategic plan without being able to track results, you’re working in the dark.

Developing a plan is crucial to business success. Keep in mind that marketing has evolved incredibly over the years, and now you need to  combine traditional with digital marketing tools – it’s a whole new ball game. If you have questions regarding building a business growth plan, schedule a call with us to receive a free consultation.

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The above-mentioned marketing consulting and lead generation services are how our B2B marketing agency accompanies organizations in their quest to grow. Contact us today and allow us to look at your specific marketing challenges and suggest how we can assist you specifically.

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New Year’s Resolutions for Marketing & Lead Generation

https://test.directobjective.ca/new-years-resolutions-business-marketing/
Modern B2B Marketing to fill up your sales funnel | Canada

New Year’s Resolutions for your Business Marketing and Marketing Lead Generation

https://test.directobjective.ca/new-years-resolutions-business-marketing/
  • (Revised: 02/02/2023)
  • Reading time: 2 minutes

It’s a New Year, and what better time to set resolutions for your business marketing? Start it right with goals and a clear plan for your marketing lead generation.

Here are a few considerations and tips for your company’s business marketing:

    1. Adjust to New Market Trends – The business marketing of your company may need adjusting due to the different economy conditions. 
    2. Revise your Branding and Positioning Strategy – Before planning for the New Year, reassess your marketing lead generation and business marketing materials. Ask yourself, are your branding and marketing materials still in line with your marketing positioning strategy? Do they highlight what sets you apart from the competition?
    3. Revise your Business Marketing Budget – In an economic downturn, you might be tempted to  cut funding for your business marketing lead generation entirely. But it is unwise to stop totally investing in your marketing. If you turn off your business marketing expenditure, your prospect leads will dry up. Without fresh leads, you will be entirely dependent on your existing client base. Of course, remember to nurture your existing client relationships and capitalize with cross-selling and up-selling as much as possible. But, with a little investment in your business marketing and marketing lead generation, you’ll be more visible during an economic downturn, developing  new clients as the economy reestablishes itself.
    4. Focus on Economical Marketing Methods – Even if you are not cutting your business marketing lead generation entirely, it is likely that you will have to cut costs. Resolve to invest in low-budget business marketing mediums, such as digital marketing. These mediums are often more effective than traditional marketing methods, while also being significantly less expensive.
    5. Measure Marketing Results – Remember that New Year’s is a great time to take stock of your marketing lead generation and overall business marketing, but don’t neglect to monitor your business marketing throughout the year. Keep tabs on your business marketing activities and continue to do so for the best possible results. Know what works for you and what does not.
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With an updated approach to business marketing and marketing lead generation, you’ll ensure that your new year is a productive and successful year for your company. Direct Objective Consulting is ready to support your New Year’s marketing resolutions – contact us today to discover how we can assist.

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