The objective of market mapping is to define the B2B market based on the requirement of decision makers. Market mapping help b2b marketers to develop a blue print of the entire market space, and enables decision makers to come with alternative marketing strategies to gain niche segments.
This process involves three distinct phases, as follows:
Market definition:
Business markets can be defined in terms of the core benefit served by the products or services. The data related to customer’s alternative to such products and services are also collected.
Market Mapping:
This stage is used to develop a clear understanding of channels to market and the role of decision makers and influencers.
Market Segmentation:
This detailed process analyzes the key junctions on the market map. Following steps are used to map the market into key segments. It is further sub-divided into four groups.
Who buys?
This process identifies and defines the different types of decision makers. Is it a group of people (large corporate) or small independents (SMBs) or individuals.
What is bought, where? When? How?
Objective of this step is to identify the key discriminating factors used by decision makers. At this stage, data related to the probable time of purchase, mode of purchase, etc are collected.
Who buys what?
At this stage, broader segments are further divided into micro segments to reflect niche purchase traits, preferences.
Why do they buy?
During this segmentation process, customers are grouped within the same market into different groups. For example, some decision makers are influenced by service, some by price, and some by quality and so on. These information forms the critical purchase influences and this micro-segment represent the best way to service the customer.
Closing thoughts:
Segmenting b2b data with pinpoint accuracy, help software marketers to determine their best prospects. This prospect knowledge help them build high-response promotions, and acquire marketing acumen to send offers at the most receptive time.
The following market mapping questions can help you see and rank the solutions in your market.
- What are the key buying appraisal criteria that buyers would consider for buying
- How would you ‘map’ the main suppliers/ providers on this market map?
- What other product/service characteristics are very important to a buyer?
- What would be an ‘ideal’ buyer
JD Edwards user list provides a robust market mapping platform to help your organization to collaborate effectively with target buyers/resellers. Reach me with your contact information for a quick assessment.
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