FSU ENT4122, Go to Market Strategies, November 2024 PDF

ENT4122: Go to Market Strategies D2C, E-commerce & B2B Sales  You are cordially invited to​ Wednesday, November 6, 2024​​ The Rescheduled JMC...

ENT4122: Go to Market Strategies D2C, E-commerce & B2B Sales  You are cordially invited to​ Wednesday, November 6, 2024​​ The Rescheduled JMC 5:00pm to 7:30pm​​ Recognition & Networking Reception! Join us to recognize students who have been awarded scholarships through the Jim Moran College​ Network with FSU’s top business partners to gain internship and job opportunities Register by November 4th Using Link Below or QR Code https://fsu.qualtrics.com/jfe/form/SV_d0t1qLhgRRrhu FSU Alumni Ballroom ​ Oq 1030 West Tennessee Street Using Direct-to-Consumer Channels and E-commerce In the rapidly evolving landscape of business, the shift towards direct-to-consumer (D2C) channels and e- commerce has become increasingly prominent. These strategies allow businesses to connect with their customers directly. Marketing Channels  Understanding D2C Channels Definition: D2C refers to Data Access - Direct a business model where products or services are 02 sales provide valuable consumer data, enabling sold directly to personalized marketing consumers, eliminating efforts. the need for middlemen like retailers or wholesalers. 01 03 Control - Brands have greater control over Benefits: Direct pricing, marketing, and Connection - overall brand Establishing a direct relationship with 04 experience. consumers fosters brand loyalty and trust. Marketing Strategies for D2C Email Marketing - Build and Content Marketing - Create nurture a direct relationship compelling content that through personalized email educates and engages campaigns. 0 consumers about your 1 brand and products. 04 02 Loyalty Programs - Reward Social Media Engagement - customers for repeat Leverage platforms like purchases, referrals, and 03 Instagram, Facebook, and brand advocacy. Twitter for direct interaction and promotion. E-commerce Strategies Definition: Ecommerce involves the buying and selling of goods or services over the internet, and it's a key component of many DTC strategies. Benefits: Global Reach E-commerce enables businesses to reach a global audience without the need for physical stores. 24/7 Accessibility Customers can shop at any time, providing convenience and flexibility. Data Analytics E-commerce platforms offer robust analytics, allowing businesses to track customer behavior and tailor marketing efforts. Advantages of E-commerce What are some advantages to having an e-commerce business? - Reduced overhead costs - No need for a physical storefront - Ability to reach a broader audience - Sociability - Ability to track logistics Advantages of E-commerce What are some disadvantages to having an e- commerce business? - Potential security threats - Competition - It issues - Shipping logistics - Limited connection with customers Integration of D2C and E- commerce Unified Customer Omni-channel Marketing Experience - Ensure a seamless transition 02 - Implement marketing strategies that span between DTC channels multiple channels, both and e-commerce online and offline, to platforms for a reach customers consistent brand wherever they are. experience. 01 03 Data Integration - Agile Adaptation - Stay Integrate data from DTC agile and adapt interactions and e- strategies based on real- commerce transactions time data, customer to create a comprehensive 04 feedback, and market trends. customer profile. Combination of D2C and E- commerce By leveraging these strategies effectively, businesses can not only thrive in the digital age but also build lasting relationships with their customer base. The combination of direct-to-consumer channels and e- commerce offers businesses a powerful way to connect with customers, gather valuable insights, and create a more personalized and efficient shopping experience. Case Study: Warby Parker What is the customer pain point that Warby Parker is trying to solve? WB’s value proposition is simple: - Consumers should be able to conveniently get a good quality pair of glasses for a good price. - The emphasis on the convenience factor is perhaps why Warby Parker took off the way they had. - Through their Home Try-On program, Warby Parker cut the perceived difficulties of an eCommerce-only business at that point in their lifecycle. Case Study: Warby Parker How they are Community made Involvement Welcome Email Case Study: Warby Parker Distribution Case Study: Warby Parker Content Creation Case Study: Warby Parker Social Impact Case Study: Warby Parker Customer Interface Case Study: Warby Parker How interested people are in purchasing your products? Are your marketing efforts are paying off? How is your performance vs. your competitors’ performance?  Business-to-Consumer (B2C) Sales Target Audience: Individual Sales Cycle: Shorter and less complex 0 consumers 1 05 02 Purchase Volume: Smaller order volumes and lower monetary value Relationship Focus: Building brand loyalty 04 03 Marketing Channels: Mass communication channels  Business-to-Business (B2B) Sales Target Audience: Other Sales Cycle: Longer and more complex 0 businesses 1 05 02 Purchase Volume: Larger order volumes and higher monetary value Relationship Focus: Building and maintaining strong 04 relationships with clients 03 Marketing Channels: Targeted and personalized approaches Key Differences DecisionMaking Unit: Group/committee in B2B, individual consumers in B2C Personalization: Customized solutions in B2B, appealing to individual preferences in B2C Brand Loyalty: More significant in B2C Sales Process: Consultative and relationship driven in B2B, mass marketing in B2C Use Professional Networks Professional Organizations -Join industry-specific groups, forums, and attend conferences and events related to the target industry. LinkedIn Advanced Search -Utilize the advanced search features to filter results based on job titles, industries, and company sizes. Research & Targeting LinkedIn -Search for the company and explore profiles of employees with titles like CEO, CFO, CTO, COO, or other executive positions. Company Websites -Look for sections like "About Us" or "Management Team" to find information about key decision-makers. Cold Calling & Emailing Phone Directories - Call the company and ask for the contact details of the person in charge of the specific area you are targeting. Email Outreach - Craft compelling and concise emails to explain how your product or service can add value to their business. Networking Online Networking: -Participate in online forums and groups related to the industry to connect with professionals. Networking Events: -Attend networking events to meet decision-makers in person. Networking Sales Intelligence Plaforms -Utilize tools like ZoomInfo, DiscoverOrg, or InsideView to gather insights into key decision-makers and their contact details. CRM Systems: -Use Customer Relationship Management (CRM) systems to get details about the organizational structure of companies. Social Media Monitoring Use X, Instagram, TikTok and Facebook, etc: -Monitor these platforms to stay updated on important updates shared by companies and executives. Approaching Decision-Makers Persistence and Targeted Approach -Be persistent in your outreach efforts and tailor your approach to each decision-maker. Well-crafted Value Proposition -Clearly communicate how your product or service can solve their challenges or improve their business. Collaborate with Existing Contacts Referrals: Ask existing clients or contacts within the industry for referrals to increase your chances of positive responses. Content Marketing Blogs and Whitepapers: Publish valuable content related to your industry to establish yourself as a thought leader and attract decisionmakers to reach out. Establishing Authority and Expertise Well-researched and insightful blog posts help establish the author or company as 01 an authority. 02 Consistent, valuable content builds trust with the audience. People are more likely to turn to authoritative 03 sources when seeking information. Driving Traffic to the Website Each blog post is an indexed page on your website, providing additional entry points for search engine users. Sharing blog posts on social media channels and other platforms can drive traffic back to your website. Engaging the B2C Customer Most initial sales calls on new prospects require an appointment. Chances of getting an appointment improves with the following directives: - Giving the prospect a reason why an appointment should be granted - Specifying the amount of time needed to make the sales presentation - Suggesting a specific time and date for the sales call Once a salesperson has an appointment with the prospect and all the objectives have been established, the salesperson should send the agenda to the customer. Conclusion Professor Roberts Email: [email protected] Office: 144 RSB