Welcome! This blog is based on research that was conducted at Penn State University to identify the competencies that would define stellar B2B marketers. The blog entry you are currently reading summarizes the competencies related to "harnessing value". If you’d like to find out more about the blog, please take a look at the first post. I will be writing a separate summary for each competency grouping (there are 12 of them in total). I encourage you to provide feedback at the end of each post.
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The notion of “value” is fundamental to B2B marketing. Its understanding should not be superficial nor limited to a specific set of circumstances. Stellar performers not only understand and recognize value but they're also able to measure it, create it, and communicate it. The understanding is deep and pervasive, "value" plays a part in almost everything they do. They grasp that concept at a variety of levels:
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The notion of “value” is fundamental to B2B marketing. Its understanding should not be superficial nor limited to a specific set of circumstances. Stellar performers not only understand and recognize value but they're also able to measure it, create it, and communicate it. The understanding is deep and pervasive, "value" plays a part in almost everything they do. They grasp that concept at a variety of levels:
· at
a smaller scale, they're able to put themselves in the shoes of their key
customers and derive the customer’s meaning of value
· at
a broader scale, they understand the value their offerings bring to large
market segments.
That recognition of
value can go deep into the value chain - beyond the immediate customer. It was suggested that best-in-class performers are able to see beyond their customers’ needs, and understand how their offerings add value further down the chain, to the customers’ customers.
Stellar marketers quantify value and can translate it to financial metrics. From an organizational standpoint, they understand how their firm creates value, and work with various departments and functional areas to maximize value creation. They're also able to identify customers with high “lifetime value” and customers who are draining value.
When they see value, they know it, even if they have never seen it in that form before. This is not about replication; it's more about analysis and synthesis, traits that can be difficult to teach.
Stellar marketers quantify value and can translate it to financial metrics. From an organizational standpoint, they understand how their firm creates value, and work with various departments and functional areas to maximize value creation. They're also able to identify customers with high “lifetime value” and customers who are draining value.
When they see value, they know it, even if they have never seen it in that form before. This is not about replication; it's more about analysis and synthesis, traits that can be difficult to teach.
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