3.4 B2B: Cross Industry Growth Part2

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From the course by Yonsei University

International B2B (Business to Business) Marketing

133 оценки

Yonsei University

International B2B (Business to Business) Marketing

133 оценки

Course 3 of 6 in the Specialization International Marketing & Cross Industry Growth

This course offers a unique perspective into the differentiating aspects of business to business (B2B) marketing that can be contrasted to traditional business to consumer (B2C) marketing that is the subject of most other marketing curricula. Moreover, as one of the courses in the Specialization: International Marketing & Cross Industry Growth, here too there is an emphasis on how companies can expand by cross-country and cross-industry innovation. By taking this course learners will obtain the following outcomes: (1) understand the differences between B2C and B2B marketing. (2) approach marketing problems from an inter-organizational perspective, in particular, learn about decision making at buying centers. (3) innovate B2B marketing via a CCCI, i.e. Cross Country & Cross Industry Innovation approach. (4) gain insights about CCCI Innovation and best practices via interviews with top B2B industry experts.

From the lesson

B2B Cross Country and Cross Industry Growth

During Week 3, the course concludes with how companies can pursue CCCI Growth, i.e. Cross Country and Cross Industry Growth in B2B Marketing. In Cross Country Growth learners will recap the initial issue of testing the validity of going abroad and if found, how to proceed. In Cross Industry Growth, learners will discover that the fundamental definition of B2B2C, i.e. the variation of applications of B2B products lend themselves to Cross Industry Growth possibilities. In Week 3, learners will also "learn" from the Cross Country and Cross Industry Innovation experience at Rolls Royce (Aero Engines), and ThyssenKrupp (Elevators) via interviews with Dr. Alex Jun and Mr. Wayne Park. There is a final quiz to assess the cumulative learning for the International B2B Marketing course.

3.1 B2B: Cross Country Growth Part19:52

3.2 B2B: Cross Country Growth Part210:09

3.3 B2B: Cross Industry Growth Part110:54

3.4 B2B: Cross Industry Growth Part29:12

3.5 Expert Interview with Rolls Royce International (Dr. Alex Jun) Part18:32

3.6 Expert Interview with Rolls Royce International (Dr. Alex Jun) Part28:28

3.7 Expert Interview with ThyssenKrupp (Mr. Wayne Park)10:35

Instructor's Thank You0:12

Meet the Instructors

Dae Ryun Chang
Professor of Marketing
School of Business

Okay so I talked about VSA, and Transing is part of VSA,

because Transing allows us to transition to the future.

And as we saw with SAP, depending on our need to grow,

our embracing of the flexible part may have to be bigger.

So Transing and it's concept is something that I urge you highly to consider

when thinking about the kind of new industry that we want to venture

into even in B2B.

Okay, I want to finish up by talking about

how to unbundle product and service.

And this is based on my consulting experience for

this 3D scanning company which pre-dates 3D printing.

And this company focused only on serving

big clients who demanded not only high product customization but

also high service customization.

So in terms of margins, they were always being squeezed.

To make matters worse,

this market was being encroached by these very

standardized out-of-the-box solutions

by camera companies that serviced a small but

much more mass client based.

And this company being smaller didn't have the scale to address that market.

So my solution to them, my recommendation to this company

was to expand our wiggle room by unbundling product and service.

So we can think about cross industry expansion

not only in terms of the product but also in terms of the service.

And what this enables companies is to have, again,

more latitude in terms of, again maybe focusing as they originally

did on high product and high service customization.

But what we realize, especially with some clients,

what I labeled old and big clients,

is that they don't need as much service customization as be.

So at least in terms of service,

we can save money, in terms of not having to do that.

Likewise, we see that we have this other new

category that has low product customization but

high service customization.

So that customization isn't always product-based.

It could be based on some functional service

add-ons that the new big client is demanding.

But of course, we have to align this with our action.

And so here, I tried to align these different types of

categories of buyers with the appropriate distribution and sales strategy.

So I'll keep it short and

if you want to discuss this, we can do it on the discussion boards.

But I think the key thing to note here is that different types of customers call for

different types of, not only distribution strategy, but also sales strategy as well.

So with the High, High, again high product and high service customization.

This is where it may call for so-called strategic accounts, accounts

where you have not only sales people but engineering, a whole team

servicing that one key account.

But where again you have repeat buyers

where customization can be lower and in that case,

maybe you can make do with just one very capable sales person.

Because again, not every department is needed.

So this is where maybe one men selling can suffice.

In the low product customization areas, whether it's high

service customization or low service customization,

this is where we may have to avail ourselves of middlemen.

In the case of high service customization, we're talking about new verticals.

So we may not have the vertical channels,

since we haven't catered to these industries before.

So we may have to use vertical resellers here to help us sell.

And in the case of Low, Low, if we do indeed decide to,

Target this market, this may almost call for a B2C type of marketing.

Where it's not only indirect sales, but

maybe the need will be for us to have a brand.

And I think this directly ties into the type of promotion that's needed.

So here, maybe we may even need advertising.

We may even need PR to generate that kind of interest for our brand.

In terms of the vertical reseller, we will have to provide the incentives for

the reseller to provide us with the leads, and

maybe even do some of the selling for us if we don't have those capabilities.

In terms of high product customization,

we can't take for granted that we have loyal customers.

So they have to be rewarded, even though the product

customization doesn't have to be as high as before.

Likewise with service.

And finally, with the High, High customer,

we have to do our homework and

identify who these key target accounts are.

And that could be both at the operation level, but

it could also be at the very high level, such as the c suite or the CEO level.

So this is just a simple cross industry growth checklist.

Ask all these questions.

Is your VSA properly aligned with your cross industry strategy?

Have you exhausted all the vertical growth options?

Have you exhausted your horizontal growth options?

Have you considered B2C business growth,

what I labeled diagonal growth?

And have you considered unbundling your service from your product?

Okay, so summing up of B2B is B2B2C, and at least in my humble opinion,

stemming from this definition, more variations are possible,

whether it's in a vertical sense or in a horizontal sense.

We learn that you have organic ways to grow, where you have,

of course, existing synergy.

But in some cases, depending on your situation,

disruptive growth may be opted and may be even necessary.

And again, I emphasize how important VSA and Transing can be.

And finally, we learned that, especially when you unbundle service and product.

You increase the variety of options that you have in terms of

cross industry growth.

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