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Houston expert: Why you need to align your strategy with your buyer's journey

Understanding your potential buyer's journey step by step helps the marketing and sales teams to be very intentional about strategy. Photo via Getty Images

Creating a successful go-to-market strategy involves several crucial steps that help define a company’s target market and potential buyers, as well as the differentiators, the competitors and the value that a product or service brings to the market.

CEOs of middle market companies know what a GTM strategy is although they may not often use the terminology. It is the sales and marketing strategy and how the company will acquire new customers, and thus grow revenue for the business.

Understanding the buyer's journey is crucial. In a nutshell, this refers to the different stages a potential customer goes through before finally making a purchase. First, there's the awareness stage, where the customer realizes their need, and starts researching possible solutions.

Next is the consideration stage, where customers weigh the pros and cons of various companies, comparing features, benefits, and pricing. Finally, in the decision stage, the customer decides on a specific solution based on the input they gathered along the way. By understanding and effectively utilizing this framework, marketing and sales teams can customize their strategy to promote trust, establish credibility, and meet revenue goals.

Understanding the journey step by step helps the marketing and sales teams to be very intentional about strategy.

Identifying an ideal customer profile (ICP)

A good way to approach this is by looking at the existing customer base for any common traits by conducting revenue analysis. Likely, there will be trends in the customer data that can be very informative on ways to target new customers. Look at data points such as duration as a customer, growth in revenue per customer, industry, region, etc. to define customer personas that may be ideal for the business.

Once the targets are determined, think about ways these potential buyers get their industry or professional information. Who do they follow? What do they care about?

Examining market trends and doing competitor research will lead to the creation of customer personas that may be outside of the current customer base.

Doing market research is critical to understanding the size of the market, so companies can determine their market share. Once a team really knows the target audience, it can create more effective content and digital marketing strategies that resonate with a company’s ideal customers and ultimately lead to higher conversion rates and revenue growth.

Catering to the buyer's journey

The potential buyer is going to need different things from marketing and sales at every stage of the journey. During the awareness stage, potential buyers are just starting to recognize that they have a problem, or a need. They aren’t ready to buy but they want information to better understand their situation. Show them content that addresses their pain points and provides a solution. Blog posts, e-books, whitepapers, and webinars are all ways to do this.

Once a buyer understands their problem better, they will actively search online for solutions. There is a lot of comparison going on now. Buyers in today’s market expect more transparency from B2B companies than in the past. To capitalize on this stage, a company needs to have detailed product information and case studies that demonstrate the value of a service or solution. Some companies will produce comparison guides to show their differentiators from the competition.

At the end of the journey, a buyer has narrowed down their options and is ready to make a purchase. They may need a little more information, or reassurance that their decision is the right one. Customer testimonials and reviews as well as interaction with the sales team will help to move a customer over the finish time.

Tailored messaging for different decision-makers

In complex B2B sales, there are usually multiple decision-makers involved, with stakeholders from various departments weighing in on the decision. Therefore, it is vital to have a different message tailored to each decision-maker, built into the overall messaging.

There is never going to be just one decision maker, especially if it’s a high dollar product or service. Finance is going to weigh in. The user is going to want a say. Communication to stakeholders across multiple departments in the company is key.

Prioritizing highly converting marketing tactics

An underappreciated element of any Go To Market strategy is prioritizing marketing and sales tactics. With limited resources and budget, identifying the most highly converting tactics is essential. And as with everything else, it also requires a deep understanding of the buyer.

For example, a company may prioritize trade shows as their most highly converting tactic because decision-makers and buyers in their niche market attend these events. Some companies may benefit more from paid advertising, while others may prioritize content creation or email campaigns. Tactics will be dependent on industry, target audience, and goals.

Companies should focus on tactics that are most likely to generate the highest ROI.

Both the marketing and sales teams need to understand the buyer's journey and focus on their needs and pain points at each step. This means adopting a customer-centric approach. By doing so, businesses can create a cohesive revenue team that works together to identify the most effective tactics and improve revenue growth.

At Craig Group, we have seen first hand that companies who implement a comprehensive go-to-market strategy, track their progress and adjust their approach as necessary, have a higher chance of meeting their revenue targets.

This approach is very effective if the necessary effort and resources are dedicated to the process. The strategic guidance and support of the right team can help develop and refine a GTM approach that is tailored to the company and aligned with its goals.

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Libby Covington is partner at Houston-based The Craig Group, a strategic digital marketing solutions consulting firm. Her specialty is in understanding how sales and marketing work together effectively.

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Building Houston

 
 

Small businesses need to factor in employee benefit options from day one — and this Houston expert has some tips. Photo via Getty Images

While Small Business Appreciation month has come to an end, my work in aiding small businesses achieve financial success is continuous.

In 2009, I began my career as a financial adviser recently co-founded Volante Integrated Planning, a Houston-based office of Northwestern Mutual focused on comprehensive financial planning and helping clients achieve financial freedom.

After years of working with business owners, and as a small business owner myself, I have learned the importance of offering benefits that help attract and retain talent, foster improved work habits and provide a foundation for growth. According to the annual SHRM employee benefit survey, health-related benefits and retirement plans were ranked the two most important benefits for employees. Whether you are a new small business owner or an established one, it is important to be aware of the benefit options available to you and the considerations that go into mapping out a benefits strategy.

1. Retirement plan options

The most common retirement plans available to small business owners are 401(k), simplified employee pension (SEP) IRA and savings incentive match plan for employees (SIMPLE) IRA. The SEP IRA and SIMPLE IRA provide employers the ability to save on a pre-tax basis. While there are some required contributions on behalf of any full-time employees, the SEP and SIMPLE IRA’s are often recommended for the self-employed or businesses with part-time or contract employees. The 401(k) also provides employers with a pre-tax savings opportunity and the ability to save on a Roth basis. Because a 401(k) requires additional administration and ongoing requirements, it is often a valuable tool for business owners who have more full-time employees.

2. Health care benefit options

According to the Affordable Care Act, companies with fewer than 50 employees are not required to provide health insurance. However, offering a competitive health insurance benefits package is an increasingly important strategy to help boost both new employee acquisition and retention. Following the global pandemic, health benefits have become increasingly important. According to a study by McKinsey & Company, 51 percent of employers now offer health care benefits to attract new employees with dental, vision, and short-term disability as the most important for job-seekers.

Not only are these benefits of importance to employees, they provide protection for business owners by ensuring good health and protection from illness-related lost productivity. Some health care benefits available to small business owners include health reimbursement accounts, where you make contributions to an account that can be used by employees to pay for individual health insurance policies acquired on their own. Consider hiring a broker, benefits consultant or financial adviser to help compare your options.

3. Life and disability insurance options

As a small business owner, you have a duty to your family, employees and business partners. It is often the unexpected that can derail the success of a business. To that extent, taking the steps to ensure you and your business are protected if you are unable to work is important. Disability insurance is a versatile product that can be used to protect you, as the owner, and your employees against loss of income due to the inability to work. Additionally, disability overhead coverage and disability buy-out insurance can protect the business and any business partners from an owner’s disability, ensuring that the business can still run smoothly. Life insurance is also important, and often required if seeking a business-related loan, to provide income replacement for your family and any business partners in the event of an owner’s death.

4. Get creative with your benefit options

The small business world is ever changing, which is why it is essential — and sometimes difficult — to keep up with benefit options. I encourage small business owners to get creative with their benefit options by exploring a professional employer organization (PEO) and a multiple employer welfare arrangement (MEWA). PEO is designed to help small businesses manage their administrative overhead, benefits and compliance duties. Through MEWA, small businesses are able to collaborate on group insurance benefits for a low cost. Lastly, if your family members contribute to your small business, make sure they are on the payroll and eligible for various benefits. This may allow you to increase the benefits your household takes home.

While creating a small business employee benefits plan can be tedious, it will take your small business to the next level. Consult in a CPA, business attorney, and financial adviser to help navigate what benefits are a good fit for you and your small business.

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Jennifer Steil is principal and wealth management adviser at Volante Integrated Planning, a private client group at Northwestern Mutual.

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