The Understanding the Role of Singaporean-style Harmony in B2B

The Understanding the Role of Singaporean-style Harmony in B2B

To start off, let me offer a little something about Singapore that B2B organizations can quickly agree with.

First, it is a young country which has experienced exponential growth the years following the Second World War. And even though it has fashioned itself into a modern and highly efficient financial hub, it has not managed to stray from the cultural factors influencing its success in the first place.

Second, the people have been inculcated with a strong sense of discipline and harmony articulating the country’s business culture. Singaporeans tend to be punctual and almost never late for appointments, and business deals are made with utmost confidence and trust. It usually takes a long-time before a negotiation concludes in a favorable outcome to all parties.

Third, and in line with the other two points, the country puts value on organizational relationships. From mere matters on turning up the air conditioning to the complicated struggle to craft important sales strategies, harmony plays an important role in the life of businesses and in creating a highly professional atmosphere.

No doubt this is a clear picture of how discipline shapes a society, starting from the individual leading up to the group. Singapore’s economy is known to be highly efficient because of a strong sense of responsibility on the part of individual actors and of how they relate to each other in a group. This is where Singaporean companies pride themselves.

Harmony is nothing but essential to organizations, particularly B2B. Marketing a product and selling it in the most efficient way possible requires that every department has to pool ideas and resources together in order to drive results otherwise unattainable. In this case, following the Singaporean example is worth every business’ time and effort because it points to how an efficient business should be run.

For many managers of B2B organizations, striking a balance and harmonizing every function and process is an important challenge to take because it achieves the following:

Better revenues

A B2B organization with a strong emphasis on close collaboration is more likely to succeed in achieving the goals it sets for itself, specifically in terms of driving revenue. In the long run, allowing a closer relationship between sales and marketing enables the business to formulate lead acquisition and appointment setting strategies whose effectiveness is influenced by inputs from the two departments.

Faster adoption to new technologies

A harmonized organization is bound to adapt faster to current technologies. Since everyone has a common goal to consider, they are able to provide ways on how to implement certain strategies via new tools and software.

Lesser risks

When departments are allowed to collaborate with each other, they lessen the onset of certain risks. Information-sharing becomes free flowing, allowing different departments to communicate their concerns to each other as clearly as possible, which leads to the elimination of misunderstandings that would cost the organization precious time and money.

Harmony clearly is important for maximizing the efficiency of a business. With a business culture as sophisticated and fast-paced as Singapore’s, it is vital for companies seeking to invest in the city-state to understand the best possible ways of forging and maintaining sound internal (and also external) relationships.

According to an article by ExpatFocus.com, “networking is an essential part of conducting business in Singapore, as is cultivating personal relationships with co-workers and potential business associates. Workshops, conferences, training events, and even luncheons are all popular networking venues in Singapore.”

In a way, setting up corporate functions and events is a great way to explore better opportunities to with your organization.

Also: “It is very important to be punctual. If you’re unsure of what to do in a certain situation, following the lead of the senior member can be helpful. Most greetings are met with a light handshake although you might find that not all women wish to shake hands with men. If they cross their hands in front of their chests then the protocol is to shake your head slightly in acknowledgement.”

Once you have learned these little (yet highly significant) gestures, you are well on your way towards a fully functioning enterprise.

Lead Nurturing Tips to Hike up Conversions

Lead Nurturing Tips to Hike up Conversions

In any marketing endeavor, it is essential for businesses to have an effective lead nurturing platform. Having one entails an improved CRM experience and contributes to the overall success of a business organization’s B2B lead generation and appointment setting strategies.

Lead nurturing isn’t well off however with just engaging prospects. A truly efficient telemarketing and email program should be geared towards hiking up conversions of people into sales leads.

Lead conversions are a crucial gauge that indicates whether your marketing strategies are functioning enough to produce a high rate of revenue. Their effectiveness is tied to that of nurturing B2B leads for the sales pipeline. Prospects need a lot of goading and conversations in order to form sound decisions make a purchase. It is in this sense that businesses should enhance their lead management platforms to realize better CRM experiences and drive revenue.

Here are several ways to get better at nurturing your leads and turning them into valuable business opportunities.

Learn about the market

Aside from knowing what individual prospects want, which of course is a tedious process, businesses can do more with a general picture of buyer preferences. It is true that no two buyers are alike, but there are possibilities that they share common traits and interests. Find out what these are and focus your talking points on these components. That way, you will be able to produce more leads for the sales pipeline.

Get SMART

When engaging a prospect regardless what channel or combination of channels you are using, it is important to follow the CRM version of SMART, which goes to mean:

  •         Specificity – Narrow your discussions to one topic and related issues. Don’t deviate from your main talking points. Stay with it for as long as the prospect is interested.
  •         Manageability – Address database issues and keep your lead management program spotlessly clean from unwanted data.
  •         Attainability – Don’t waste your time on leads that won’t budge. Give them time to simmer and move to other leads. You can go back to them, but until then, zero in on people with high buyer inclinations.
  •         Relevance – In order to run home with a sales appointment, never try to flood your prospects with “sales speak.” What they want more, in fact, is relevant information about their issues and how your solutions can serve as the ultimate remedy.
  •         Timeliness – Consider the trends that pervade in the B2B industry. What are people currently talking about? This curiosity and reliance on marketing intelligence is crucial in drafting an effective CRM plan.

Consider a multi-channel marketing company

If it doesn’t go well for you and you can barely maintain a lead nurturing program with a shoestring budget, you can always partner up with a lead generation firm that has a proven track record in terms of customer engagements.

How Measuring Customer Satisfaction can Help Marketing

How Measuring Customer Satisfaction can Help Marketing

Marketers often ask: What is the best metric for determining the effectiveness of a B2B product or service?

We are told time and again that conversion rates and revenue are the best metrics for determining marketing and sales performance. But one metric deserves attention since it presupposes the other two: customer satisfaction.

Clearly, knowing how your existing clients receive your product and service gives a glimpse at how your efforts are making an impact on the market as well as your business performance.

Other than that, Client Heartbeat shows six other reasons why measuring customer satisfaction is important for businesses not only in terms of brand enhancement, but also in terms of creating consistently effective lead generation and appointment setting campaigns.

  1. It’s a leading indicator of consumer repurchase intentions and loyalty

Customer satisfaction is the best indicator of how likely a customer will make a purchase in the future. Asking customers to rate their satisfaction on a scale of 1-10 is a good way to see if they will become repeat customers or even advocates.

  1. It’s a point of differentiation

In a competitive marketplace where businesses compete for customers; customer satisfaction is seen as a key differentiator. Businesses who succeed in these cut-throat environments are the ones that make customer satisfaction a key element of their business strategy.

  1. It reduces customer churn

An Accenture global customer satisfaction report (2008) found that price is not the main reason for customer churn; it is actually due to the overall poor quality of customer service.

Customer satisfaction is the metric you can use to reduce customer churn. By measuring and tracking customer satisfaction you can put new processes in place to increase the overall quality of your customer service.

  1. It increases customer lifetime value

A study by InfoQuest found that a ‘totally satisfied customer’ contributes 2.6 times more revenue than a ‘somewhat satisfied customer’. Furthermore, a ‘totally satisfied customer’ contributes 14 times more revenue than a ‘somewhat dissatisfied customer’.

  1. It reduces negative word of mouth

Customer satisfaction is tightly linked to revenue and repeat purchases. What often gets forgotten is how customer satisfaction negatively impacts your business. It’s one thing to lose a customer because they were unhappy. It’s another thing completely to lose 20 customers because of some bad word of mouth.

  1. It’s cheaper to retain customers than acquire new ones

This is probably the most publicized customer satisfaction statistic out there. It costs six to seven times more to acquire new customers than it does to retain existing customers.

If that stat does not strike accord with you then there’s not much else I can do to demonstrate why customer satisfaction is important.

The Four Crucial (and Cost-Saving) Components of a Highly Efficient B2B Campaign

The Four Crucial (and Cost-Saving) Components of a Highly Efficient B2B Campaign

The cost of initiating a lead generation campaign across multiple platforms is increasing. Yet, more marketers have decided to increase their budgets, emphasizing the need to stay current and consistent with market trends.

There is no guarantee, however, that increased marketing budgets can produce intended outcomes. While it’s true that marketing budgets for the B2B industry increase by 6% annually, it shouldn’t act as an invite to join the bandwagon and roll out some doe. Some businesses are able to spend that much to market their products and services because they are simply confident with what they are offering the market.

Unless you are sure your product is going to make a solid entry in the market, sticking to analyzing specific areas in your campaign is a wiser option at this point.

By focusing more on developing these six fields, you are able to improve your B2B marketing performance without putting yourself under unnecessary risks.

Skills upgrading

Enlarging your pool of agents would cost you a great deal in terms of time and money. Instead of going that direction, try upgrading the current skill set of your current staff. Hold regular meetings that tackle on persistent trends. Allow your team to brainstorm for effective ideas for lead generation strategies and highlight certain measures for adapting to market whims.

Social media

Take it from experienced marketers. Social media is just as powerful to B2B enterprises as to B2C. This is a fact supported by numerous studies that predict a sharp increase in social media reliance, the reason for which is the minimal amount of expenses needed to start a campaign. In addition, platforms like LinkedIn and Twitter offer numerous opportunities to find a potential customer, so building a solid foundation in these social networking sites alongside traditional media is critical to sales efficiency.

Landing pages

Your landing pages are important factors that cause conversions. Their effectiveness however depends on their overall appeal. Potential customers react to landing pages fitted with the proper designs, color schemes, fonts and calls to action. You can run A/B testing to determine the most effective options.

Thought leadership

Modern CMOs know for a fact that buyers need to be influenced more than to be “annoyed.” This explains a strong emphasis on thought leadership and knowledge sharing at present as buyers now patronize industry wisdom over sleek content that masks their promotional intentions.

While you’re at it, you can improve your campaign further via a company that specializes in offering globally competitive lead generation services.

The Singaporean Experience: How to Generate Leads for Less

The Singaporean Experience- How to Generate Leads for Less

It’s a still good time to invest in Singapore. Despite what analysts tell the local business councils, there is still enough positivity to go around. A slight economic downturn is not enough to deride the country’s image as an attraction for offshore B2B companies. Its hospitable climate and strong levels of government support has enabled it to maintain business vibrancy.

With business opportunities experiencing a steady growth, B2B solutions providers should see this as a chance to expand their current client base and grow their revenue. Along with an effective appointment setting arm, new lead generation ideas are required in order to ensure constant sales gains.

Often, however, business leaders need to understand the importance of keeping acquisition costs low without affecting lead quality. Consider the waste that it entails paying for leads that wouldn’t even result in a conversion.

While an enhanced lead management system can provide the needed cost-efficiency, other strategies can be implemented without any added value.

Here are some of them:

Make your PPC campaign standout

While it figures as a headache-inducing bane among marketers, Google Adwords is still a highly advantageous tool. At any rate, B2B marketers can acquire leads using the service for their pay-per-click or PPC campaigns. It is just a matter of identifying the keywords that will get potential buyers to engage. Constant analysis and reporting on how companies use search engines constitutes the standard for implementing a highly successful online marketing campaign.

Create better inbound content

Using digital channels is by far the most effective in terms of reducing lead costs. HubSpot project about 13% of total savings for inbound strategies such as webinars and whitepapers. It doesn’t cost your much nowadays to set up an attractive web presence. But while this is something of a high point in digital marketing, the real challenge is finding the right mix of content that attracts the right people towards your pipeline.

Realize your goals with an outsourcing company

We are currently seeing an increase in outsourcing expenditures. This comes as a rising number of B2B companies are opting to increase their sales. They know for sure that the only way to go about it is by acquiring high quality leads. While developing in-house technologies and updating current proficiencies can always be considered, implementation will take too long a time. A more modern and of course cost-efficient measure is to hire a lead generation and appointment setting company that already has the necessary tools for putting your marketing plans to action.

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