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Ch. 15: Communicating With The Market

Ch. 15: Communicating With The Market

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Ch. 15: Communicating With The Market

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  1. Ch. 15: Communicating With The Market

  2. Noise Feedback Noise: Noise can be a belief or predisposition which acts as a filter that interprets messages. Noise can also distort messages. Distortion can be caused by misunderstanding, misinterpretation, rumor, pre-determined beliefs, and other competing influences, such as fatigue, distractions, crises, and competitive messages. Noise can occur anywhere in the communications process. Communication Process Exhibit 15-1 Noise Medium Outcome Sender Encoding Receiver Decoding Outcome can be an action, modification of or formation of a belief, increased awareness, etc. Message Message Message Message The message can suffer distortion as it moves through the medium, either inadvertently as a result of the technology of the medium or from beliefs about messages that use the medium. Original Message as intended Message enters the receiver’s decoding process Feedback Feedback with distortion Noise Noise Feedback Feedback: Information about the outcome returns to the sender, with the potential of additional noise.

  3. Providing Value Through Communication • Members of the buying center respond to messages; media are only a means of delivering messages • Messages must assist members of the buying center to progress through the buying decision process • Messages must be crafted to implement the positioning chosen in the design of marketing strategy

  4. Providing Value Through Communication: Elements of Model Implications for getting the best messages to audiences in business marketing communications: • Be aware of differences in jargon between industries • Be aware of limitations/distortions introduced by various media • Seek feedback quickly, in all forms, to make adjustments as necessary • Recognize that the customer, message, and the media combined should be selected as the most appropriate for the customers’ industry

  5. General Promotional Mix • Includes the following elements: • Personal Selling • Advertising • Sales Promotion • Public Relations

  6. General Promotional Mix:Personal Selling • Person to person conversation • Immediate feedback allows adaptation of message • Costly per contact, but • Effective to persuade

  7. General Promotional Mix:Advertising • Paid access to media – monologue conversation often with no direct feedback • Needs to carry short message • Low cost per contact • Usually not good for direct influence on final decision

  8. General Promotional Mix:Sales Promotion • Inducements to action – enhance value • Three general kinds of promotions • Sales promotion focused on sales team support • Sales promotion focused on middlemen support  “push” promotions • Sales promotion focused on customers  “pull” promotions

  9. General Promotional Mix:Public Relations • Efforts to get favorable coverage of the business by third-party media and publics – convey simple messages through third-party media • Build a relationship with media • Creativity in getting coverage • Useful to retain a PR agency

  10. The Buying Decision Process and Potentially Effective Methods of Non-personal Communications Exhibit 15-3 Non-personal communication can… In the Process Flow Stages… Using… • Help identify problems; • Provide info for definingsolutions; Help customers remember vendors • Provide info on vendor; Provideinfo on products and partners • Deliver service and training info • Provide reinforcement; deliver service info; share performance data for evaluation • Definition Stage • Problem definition • Solution definition • Product specification • Selection Stage • Solution provider search • Acquire solution provider(s) • Deliver Solution Stage • Customize as needed • Install/test/train • End Game Stage • Operate solution • Reach end result • Evaluate outcomes • Determine next set of needs • Advertising;Website; Trade show participation; Publicity • Website; Directmail • Website • Website; advertising; Public relations

  11. Good Communication • Starts with knowledge of customers • Maintains a clear and consistent message • Web communications allows many messages to be perceived by people in other segments • Any incongruence will quickly be noted and communicated across the web to other segments

  12. Marketing Communications Plan • Update and review entire marketing effort for communication consistency • Integrated effort drives marketer to view interdependence of marketing mix, enabling • Design for the customer decision process • Recognition of promotional opportunities

  13. Nonpersonal Promotion • Print promotion • Print advertising • Direct mail advertising • Corporate advertising • Sales and support literature   • Sales Promotion • Channel promotions • Promotional merchandise

  14. Trade Showsand Conferences • Personal selling; • Product presentations and demonstrations; • Relationship building with customers, channels, and company sellers; • Building customer memory with premium merchandise and print promotion; • Building credibility and customer memory with presentations, seminars, and panel discussion participation. • An opportunity for learning about customers and competitors

  15. Public Relations • Cover the technical sessions and industry-trends panel discussions • Comb the exhibit floors for interesting new products and company marketing programs • Conduct personal interviews with company insiders

  16. Trade Show Key Decisions • Which shows to attend • Who should go • What statement/positioning should design of exhibits reinforce

  17. Web and Internet in B2B Marketing • Internet communications facilitate rapid detailed interaction between customer, marketer, seller, and service person • Advantages: • Low-cost interactivity • Immediacy, real time or near-real time feedback and adaptation • Internet communications can be effective in any stage of the buying decision process

  18. Effective Internet Communication • Know the customers as well as possible; • Coordinate Internet communications with other forms of communications; • Track effectiveness – server logs offer good data on user/customer response behavior

  19. Internet Communication Tools • Web site • Opt-in email • Newsletters • Webinars • Blogs and social media

  20. Website can be used by customers to • recognize and understand their problems; • collect and compare information about alternative solutions and costs; • collect and compare information about alternative suppliers, their partners, and their successful delivery of value to prior customers • obtain additional materials • use a product configurator to test alternative solution ideas

  21. Internet Communication Tools:Website Design • Designed to address different segments as viewed by the customer • Identify site visitors as they access the site • Designed for ease of use in the customer’s decision process – from the customer’s point of view

  22. Internet Communication Tools:Website Customer Draw • Search engine optimization – designing the website so search engines will find it and rank it highly when customers use the search engine • Banner advertising on complementary web sites • Buying pay-per-click search words on search engines that customers will use

  23. Internet Communication Tools:Opt-In Email • Used when an interested person gives permission to send e-mail messages • Works best when the prospective customer has visited the web site and has responded positively • Must have something of value to communicate when you send the email • Requires attention to updates, current information • Becoming less effective because marketers have abused the trust of the audience and sent too many worthless messages

  24. Internet Communication Tools:Newsletters • On an opt-in basis • Fare a little better than opt-in email because they often have more of value to communicate

  25. Internet Communication Tools:Webinars—Online Seminars • If well constructed, these are relatively low-cost • Have the advantage of self-selection by prospective customers who are interested in the information

  26. Internet Communication Tools:Blogs & Social Media • Marketers are still learning how to use these methods • It does seem that having real mutual interests and letting the conversation progress are the keys to useful interaction