Go to Market Strategies (ENT4122)

Go to Market Strategies (ENT4122)

• Course covers Direct-to-Consumer (D2C), E-commerce, and Business-to-Business (B2B) sales

Networking Reception

• Rescheduled for November 6, 2024, from 5:00 PM to 7:30 PM
• Held at the FSU Alumni Ballroom, 1030 West Tennessee Street
• Opportunity to network with FSU's top business partners
• Recognition for students receiving Jim Moran College scholarships

Direct-to-Consumer (D2C) Channels and E-commerce

• Businesses directly connect with customers, bypassing retailers
• E-commerce is a key component of D2C strategies
• Increasingly prominent in the evolving business landscape
• Provides benefits like global reach and 24/7 accessibility

Marketing Channels for Consumer Products

• Diagram displays different channels (direct, retail, wholesale, agent) used in marketing
• Shows the movement of products from producer to consumer through different avenues.

Understanding D2C Channels

• D2C is a business model where products/services are sold directly to consumers
• Eliminates middlemen like wholesalers or retailers
• Benefits include direct connection with customers, building brand loyalty and trust
• Direct sales offer valuable consumer data, enabling personalized marketing efforts
• Brands have greater control over pricing, marketing, and overall brand experience

Marketing Strategies for D2C

• Email marketing: personalized emails to cultivate direct relationships with customers
• Loyalty programs: reward repeat customers for loyalty, referrals, and brand advocacy
• Content marketing: Creating compelling content that educates and engages consumers about the brand and products
• Social media engagement: leveraging platforms like Instagram, Facebook, and Twitter for direct interaction and promotions

E-commerce Strategies

• E-commerce is the buying and selling of goods/services over the internet
• A component of many D2C strategies
• Enables global reach without physical stores
• Offers convenience with 24/7 accessibility
• E-commerce platforms provide robust analytics to track customer behavior and tailor marketing strategies

Advantages of E-commerce

• Reduced overhead costs
• Eliminates the need for a physical storefront
• Broader audience reach
• Ability to track logistics

Disadvantages of E-commerce

• Potential security threats
• Increased competition
• Issues with shipping
• Limited connection with physical customers

Integration of D2C and E-commerce

• Creates a seamless transition between D2C and e-commerce
• Data integration creates a comprehensive customer profile
• Agile adaptation based on real-time data, customer feedback and market trends ensures staying current
• Omni-channel marketing strategies cater to both online and offline customer experience

Business-to-Consumer (B2C) Sales

• Sales cycle is short and less complex
• Individual consumers
• Smaller order and lower monetary value orders
• Mass communication channels

Business-to-Business (B2B) Sales

• Sales cycle is longer and more complex
• Other businesses as the target audience
• Larger order volumes and higher monetary value orders
• Targeted and personalized approaches used

Key Differences between B2B and B2C

• Decision-making unit (individual vs. group)
• Level of personalization (customized vs. individual)
• Importance of brand loyalty (significant in B2C)
• Sales process (consultative vs. mass marketing)

Use Professional Networks

• Join industry-specific groups, forums, and attend industry conferences and events
• Utilize LinkedIn advanced search to filter results by job titles, industry, and company size

Research and Targeting

• LinkedIn: search for profiles of key decision-makers (CEO, CFO, CTO, COO)
• Company websites: explore "About Us" or "Management Team" sections

Cold Calling and Emailing

• Phone directories: call companies to obtain contact details of decision-makers in the desired area
• Email outreach: crafting compelling emails that explain product/service value to a business

Networking

• Online forums/groups: connect with industry professionals
• Networking events: meet decision-makers in person

Networking Platforms and CRM Systems

• Sales intelligence platforms (ZoomInfo, DiscoverOrg, InsideView): gather insights into key decision-makers
• CRM systems (Customer Relationship Management): get organizational structure details about companies

Social Media Monitoring

• Monitor platforms (X, Instagram, TikTok, Facebook) for updates from competitors and industry leaders

Approaching Decision-Makers

• Persistence and targeted approach: tailor outreach to each decision-maker
• Develop a well-crafted value proposition: clearly communicate value proposition and benefits

Collaborate with Existing Contacts

• Referrals: ask existing clients or industry contacts for referrals

Content Marketing

• Blogs and white papers: publish valuable content related to the industry to demonstrate thought leadership

Establishing Authority and Expertise

• Well-researched blog posts establishing industry thought leadership
• Consistent high-quality content building audience trust

Driving Traffic to the Website

• Blog posts as indexed pages on the website
• Sharing blog posts on social media drives website traffic

Engaging the B2C Customer

• Initial sales calls usually require appointments
• Improve appointment chances by providing reasons, specifying time needed, and suggesting a specific time/date

Warby Parker Case Study

• Simple value proposition: good quality glasses at a good price and convenient purchase method
• Warby Parker's customer interface focused on user convenience. Its Home Try-On program addressed the limitations of online only businesses and catered to the needs of customers.

This quiz explores various go-to-market strategies focusing on Direct-to-Consumer (D2C), E-commerce, and Business-to-Business (B2B) sales. Gain insights into how businesses can effectively connect with customers while bypassing traditional retail channels. Understand the importance of these strategies in the modern business environment.