Business to business marketing GROUP REPORT b2b omnichannel marketing

HO CHI MINH UNIVERSITY OF TECHNOLOGY OFFICE FOR INTERNATIONAL STUDY PROGRAMS Business to Business Marketing GROUP REPORT B2B Omnichannel Marketing Class: CC01 Lecturer: Bui Huy Hai Bich Group member: Group Leader contact: Name: Bui Ngoc Thien Huong Email: huong.bui159@hcmut.edu.vn Phone number: 0937893366 Mai Duc Hoang Anh Bui Ngoc Thien Huong Lai Bao Ngoc Nguyen Hanh Doan Nhu Tran Hoang Son Duong Thi Tu Ho Chi Minh City, May 6th, 2021 1952560 1952278 1952873 1952908 1652519 1752599 Table of content I Acknowledgement II Introduction Digital marketing 2 2B2 omnichannel marketing Omnichannel vs Multichannel marketing III B2B Omnichannel Marketing Importance of omnichannel marketing trend in B2B businesses Challenges of omnichannel marketing in B2B business Applying omnichannel marketing trend in marketing activities .4 a) Make sure marketing technology stack is ready b) How to set up the data for ongoing success c) Allow the data to guide channel’s selection d) Optimize the right Channels e) Use automated content to personalize campaign CRM tool a) Definition b) CRM function c) Benefits from using CRM tool for B2B business .6 d) Differences between B2B CRM system and B2C CRM system IV Duy Tan Plastic Joint Stock Company .8 Who they are? Their B2B omnichannel marketing a) Social Media (facebook, youtube, zalo, etc.) b) Website 12 c) Mobile application 13 e) Other non-digital channels 13 V Apendix 14 VI Summary 17 VII References 17 I Acknowledgement The wide range of B2B marketing channels continues to grow year after year.It would be easy to see how any B2B marketer would get overwhelmed.Imagine you’re at your favorite restaurant and you love the entire menu of options individually.But together when making decisions about which courses you want for your meal you may think twice about what you order.The same goes for choosing the right channels for your B2B marketing strategy.Depending on the industry, each B2B marketing channel may differ in its effectiveness with your target audience.Some B2B channels may work better than others for your industry, but that’s where optimization and testing comes into play.And some of those channels you could always bank on for qualified leads, high conversion rates, and big ROI may be not be as reliable as before.In this guide, we unpack the expanding spectrum of B2B channels, the growing emphasis on digital marketing channels compared to traditional marketing efforts, and how each channel can help your lead generation strategies II Introduction Digital marketing Digital marketing is the use of the Internet, mobile devices, social media, search engines, and other channels to reach consumers Some marketing experts see digital marketing as a whole new endeavor that requires a new approach to customers and a new understanding of how customers behave 2B2 omnichannel marketing “Omni” stems from the Latin word “Omnis” which means “all” “everything”, or “universal” In comparison, “multichannel” comes from the word “Multus”, meaning “multiple”, “much” or “many” The term “omnichannel retailing” was first introduced in a 2009 study by IDC’s Global Retail Insights research unit (Ortis & Casoli, 2009) Omnichannel vs Multichannel marketing Although both multi and omnichannel involve selling across multiple physical and digital channels, the key difference is how the customer experience is joined up across those channels A traditional multichannel retailer may have a website and physical stores These two channels are generally very siloed, and have very little interaction with one another Stores will have their own stock and will sell directly to customers, while the website will have its own stock Items purchased in stores can only be returned in store, and sometimes online orders cannot be returned in-store As a customer, your online interaction with the retailer is completely separated from your offline interaction In essence, the online and offline channels are treated as separate businesses Today’s consumers not tend to see a brand in silos They are likely to have multiple touchpoints with a retailer and expect their customer journey between each touchpoint or channel should be seamless I don’t see a retailer’s stores and website as different companies or silos, but often my experience across one channel is completely separated from another channel I want to be able to interact with the brand: online through social on my mobile or in-store …and I want each of these interactions to be unified Today’s consumer will script their own journeys across the multiple channels and touchpoints, and every one of them matters Forcing a customer to stick to a single channel or making them start at the beginning when switching channels creates friction and impacts the customer’s experience The key difference between multichannel and omnichannel is that omnichannel joins these touchpoints together so that, whatever journey the customer chooses to take, the experience is consistent and unified III B2B Omnichannel Marketing Importance of omnichannel marketing trend in B2B businesses B2B marketing is chiefly about ROI and about creating a large top of funnel that can be nurtured through to sales conversion B2B marketing doesn't always have the same stellar budgets as B2C (simple economics of TV, cinema, radio advertising) And it’s hard to measure ROI so with limited budgets, so B2B marketing has to be smarter Taking an omni-channel approach means strategy and ROI are built in from the start too, so as an approach it helps measure what works - allowing accurate attribution of results and enabling marketers to move budget from what doesn’t work to doing more of what does This has specific relevance when B2B companies are looking at the rise and proliferation of social media sites, tools and technologies, wanting to try them out in a managed way GE a fantastic job right across the mix - check them out on Facebook, Twitter, Pinterest and other sites (omni-channel in social!) Therefore, Omni-channel marketing has become popular in B2B businesses According to the recent DMA Response Rate Report, 65% of marketers use two or more media channels in their marketing campaigns while 44% of marketers use three or more Challenges of omnichannel marketing in B2B business The challenges are similar to what companies such as B2C retailers face when trying to implement Omni-channel capabilities Most of them are related to organization and structure Barriers to omni-channel include:  Difficulty in integrating back-office technology  Difficulty in sharing customer data and analytics  Limits by distribution partners, franchises or wholesale customers  Conflict between channel organizations Applying omnichannel marketing trend in marketing activities a) Make sure marketing technology stack is ready Following these steps to prepare stack successfully  Step 1: Create a list which shows all things in marketing technology stack and sure these things are connected with  Step 2: Checks the integration platforms whether they are ready for omni-chanel campaigns Reducing the manual processes and replacing by automated tools  Step 3: Make a list of any data silos in other departments that you need access to, and devise a strategy for collaborating with those departments to exchange relevant data b) How to set up the data for ongoing success  Collecting the data for Omni-channel campaigns which are safe, complete, structured, and ready to use at any time  Using a consumer data portal is the perfect way to keep the data still ready (CDP) A dashboard is common in these tools, as it centralizes the view of consumer data This makes it easy to gain insights, compare measurements, generate reports, and keep track of the data you have and need Some CDPs, such as Sure shot Command, have B2B data vendor integrations, allowing you to enrich your data c) Allow the data to guide channel’s selection  Asking B2B customers what they want to connect with company because today there are too much way to customer and company can communicate with (email, social media, text messages, chat, voicemail, live calls, etc)  Allowing B2B customers choose the frequency they will connect and hear information from company By giving them control of the communication in the relationship and honoring their wishes This is the best way to maintain longrelationship d) Optimize the right Channels  Finding the best combination of platforms to ensure you're meeting the target market will take persistence, a desire to try new things, and the willingness to learn from your mistakes Your data will show what works and what doesn't when you monitor various channels and promotions This will allow you to adjust easily and spend your money wisely  Consider the kind of message the company want to send and then choose the appropriate medium for the job If the company needs to send a message that is longer than 150 characters, for example, use email instead of SMS Don’t overuse too much channels because it can make customers refuse  Using good design to maintain brand consistency and make sure the marketing materials look fantastic on all platforms Make sure your marketing messages offer a cohesive brand look and sound A simple eye-catching template instills hope, and consistent messaging builds trust, so make sure the company’s marketing messages present a united brand look and speech e) Use automated content to personalize campaign  Using the data that company collects, choosing the special features from the information which you collect to make to personalize campaigns of the company Then making these campaign becomes suitable with B2B customers CRM tool a) Definition Customer Relationship Management is an approach for management of all the company’s external relationships and connection with potential customers in a systematic and effective way A business uses CRM tool to focus on customers’ relationships across the whole customer lifecycle, marketing and sales activities, digital commerce and customer service b) CRM function First and foremost, a business studies about customers’needs and behaviors, for instance, the business obtains information about how customers have been contacted with, what they have bought, when they last purchased, how much they have been willing to pay and so on From those statistics, an organization can indentify their opportunities, acquire service problems and control marketing campaigns Customer contacts available are provided to anyone in the company who needs them c) Benefits from using CRM tool for B2B business  Improved contact management CRM tool plays a vital key in B2B business Our group recognized that in terms of B2B marketing, no matter how significant the products or services which your business provides are, customer relationship plays a large role in making the sale, and it needs nurturing from the outset A B2B company pays special attention to valuable and longterm relationship with their customers (business buyers) If your company creates outstanding values to your customers (other businesses), those customers will definitely choose your company as a long-term supplier in the future  Efficiency CRM tool helps the company reduce sale team’s admin burden as well as waste less time on pulling data together and nurturing low-prospect customers Because the element of trial and error is removed, all activities of the business are more targeted and create a greater return on investment  Real-time quotes made easy The CRM tool updates details and data about transaction, inventory, prices as soon as they’re changed Keeping all the information at hand, the sales department can direct correct quotes to their customers and perform it on time d) Differences between B2B CRM system and B2C CRM system  Number of leads The B2C environment includes a large number of potential customers (leads) whereas the pool of potential leads for B2B companies is inherently narrower than in the B2C sector For example, a manufacturer of accessories (chips, screws, electronic circuits, etc.) for laptop selling only to laptop manufacturers whereas laptop producers target to a variety of objectives including direct customers, schools, hospitals, offices and so on  Deal sizes B2B company has larger deal sizes with fewer purchases and the trend is opposite for B2C company B2C coroporation especially concentrate on repeat purchases because B2C company is impossible to get nearly the return on investment from a single order as the ability of B2B company  Sales Cycle The length of a sales cycle in the B2B world can last from a few months to upwards of a year while B2C purchases can occur in as little as a few minutes As a result, B2C system requires software with features that cater to the shorter time period  Complexity The most visible aspect might be about channel complexity A B2B company often works with vendor partners, resellers or affiliate companies, selling to other businesses through multiple channels Gartner research suggests that B2B purchasing groups are anywhere from to 10 people On top of that, they each gather information from several sources that need to be merged into a unified plan before a decision happens By contrast, B2C selling is straightforward Since the demand of customer-facing sales is much less complex, B2C CRM tool does not require the same level of functionality in terms of managing channel complexity IV Duy Tan Plastic Joint Stock Company Who they are? Duy Tan Plastic Company, which was established in 1987, is the leading plastic brand in Vietnam and aspires to be the leading plastic manufacturer in ASEAN Their achievement: Duy Tan has received numerous awards, titles, and certificates from prestigious organizations: National Brand for consecutive years (2014 - 2016 - 2018 - 2020)  High Quality Vietnamese Goods for 24 consecutive years  Top Vietnamese Prestigious Exporters (Ministry of Industry and Trade)  Top 50 Top Brands (Forbes Vietnam)  Top 500 Largest Private Enterprises in Vietnam (VNR500)  Top 500 Fastest Growing Enterprises in Vietnam (VNR500)  A favorite supplier of plastic packaging from a variety of well-known brands Certificates: Source: https://www.duytan.com/en-US/about Awards: Source: https://www.duytan.com/en-US/about Their B2B omnichannel marketing a) Social Media  Youtube Duy Tan is one of the first plastic companies (business to business) in Vietnam to marketing on YouTube From 2017, Duy Tan Plastic established the official channel on Youtube In current, the company's followers are growing significantly (approximately thousands followers on Youtube) Every month, the company will release the video times, or up to times The purpose is not just limited to the buyer (directly customers), but also promotes plastic products to many other companies (using the plastic to produce their products) Video reviews of the quality of plastic and the effectiveness that Duy Tan plastics company is feasible to bring to the other business Duy Tan Plastic has been adjusting as much as possible about the content and visible effect in the videos posted on Youtube to increase the interactions from other companies  Facebook Just established a page about business to business recently, but the company has achieved likes with nearly 600 likes page This number compared to other types of pages, that is not large, but considering the business to business type, that is quite high and also is an initial success, as a foundation for the long-term development of the company on Facebook It is also clear that the company is in the process of promoting advertisements on social media They They confirmed that this number will continue to grow rapidly  Zalo Duy Tan plastic company releases or updates the picture, the information on Zalo more permanently than other social media through the excited picture that make engage the curiousness of customers Zalo is the most primary channel for digital marketing in business to business of Duy Tan The company almost keeps contact with others by Zalo  Other social media Based on the fact that more and more people are using TikTok for entertainment, the company has taken advantage of it to proceed with a plan to expand its media coverage using TikTok to both promote brand name and product bring a new and different view of Duy Tan company The profound purpose is not only limited to already or old customer companies in Vietnam but also the company in the world b) Website Website is a very old type of advertising company Help customers to know about the company's history, means of communication, achievements, corporation and their products c) Mobile application Mobile applications are not really a way to effectively market, but its appearance also proved that Duy Tan Plastic company made all of ways to promote its name and products to customers d) e) Other non-digital channels The company uses a lot of nondigital channels to marketing, but most of them focus on customer relationship management Unilever is the most important and dominant customer in the company's distribution.They have to keep the interconnection to maintain the long-term relationship Because they are already a well-known company in the field of plastic material suppliers in Vietnam, they will tend to focus more on making long-term customers (business) satisfied with the company's products to continue signing the contract Understanding the customer and capturing this data allows companies to convert customer signals into information and knowledge that the company can use to understand potential client's desired relationship with trademark Besides, the company provide platic products for others company such as plastic bottle for Lavie, Massan, and Magie In addition, some nondigital channels, such as SMS marketing, Telesale, etc, are used for running marketing to promote the brand name V Apendix Our group conducted an interview with Mr Nguyen Dac Ngoc Minh Giang who is currently working in Marketing Department of Duy Tan Plastic Company The purpose of the interview is to better understand about the company's B2B business, update practical knowledge and have a closer look at the future working environment Through the interview, our group wants to be equipped with practical knowledge and skills from the experience of their predecessors, for study and graduation Interviewer: What are the percentage of B2B and B2C of Duy Tan now? Mr Giang: The current structure is 40% for B2B and 60% for B2C In future company orientation will try to balance and push more in B2B segment Interviewer: Can you briefly introduce the company? Mr Giang: Duy Tan Company was established in 1987, currently has a total of 22 member companies The company is diversified in production, not only household products but also industrial products of B2B segment (packaging, Lavie plastic bottles, soap plastic bottles, shampoo, Massan soy sauce bottle caps, Magie, etc.) Interviewer: Can you list some businesses that Duy Tan supplies plastic? Mr Giang: Duy Tan does not produce plastic materials Duy Tan imports plastic from abroad mainly from the US and has a subsidiary currently only produces and supplies plastics to DT and has not produced to supply to other partners Interviewer: Type of marketing (B2B) of Duy Tan company? Mr Giang: In the past, the company mainly focused on telesale Recently, Duy Tan started developing digital marketing platforms such as youtube, facebook, zalo, website, some promotional articles, etc Interviewer: Is B2B built on a customer relationship model? Mr Giang: Yes Most manufacturing companies in general and plastic companies in particular (eg: Minh Thanh Plastic, DT Plastic) will normally not invest much in marketing Because the companies have been established for a very long time (> 30 years), the company is mainly based on CRM Interviewer: How important is marketing for the business? Mr Giang: In terms of marketing for Duy Tan in particular, the rate is not high However, for the current trend, everything is developing very fast, the industry as well as services have progressed dramatically, so the company is also changing and shifting to be able to access these large customers with new forms of marketing Mr Giang: In addition, Thailand has recently bought shares of Duy Tan, which is one hope that next year, Duy Tan will invest heavily in marketing to develop more customer files of the company because currently there are not many customers of the company are foreign partner, only Univer Group is the largest In the future, when the company has a lot of investment in marketing, there will be many new markets, new customers and larger object Therefore, marketing has a great effect in searching for as well as promoting the brand Interviewer: Can you talk more about Duy Tan's omnichannel? Mr Giang: Communication on many channels, but the most powerful one is facebook and has been invested in about the last years and has a lot of followers Then, the media segment was invested in segments Youtube and Zalo, these are channels to promote the product relatively well After that, we will develop more about email marketing and sms marketing At the end of this year, the company plans to redo a new website, on the website will apply digital marketing forms such as running google ads, Interviewer: About the customer relationship, how is the process of building relationships with customers? Mr Giang: Every year, there is a period of assessment of the quality of products for customers that in the past year how the company has interacted with customers? How the service is? Customers have any feedback or comments? Once received such feedback, does the company have any improvements? And then they will have KPIs for the following years Interviewer: Is it hard to keep a relationship? Mr Giang: Of course The industry has two aspects, is production and is price About production is about product quality, and having to commit to customers about product quality In terms of price, can it compete with competitors or not? Compared to company’s competitors, Duy Tan price is higher, but what difference the company has with them to retain customers? Regarding B2B in addition to product PR, it is necessary to PR about the company's potential (what equipment is there? Is the service good?) For example, a company with a Chinese machine compared to a company with an American one is a lot different in terms of quality because people focus on equipment more About customer retention the company has done quite well and maintained from its inception to the present Interviewer: Big business B2B customer of Duy Tan? Mr Giang: Unilever, Sales, URC, Castral Interviewer: Does the company display products? Mr Giang: In showrooms, fairs: high quality Vietnamese goods fairs, furniture fairs, consumer goods This is also considered a channel for sales of DT Used to introduce new products For B2B, there are its own specialized fairs: the SPO fair Having a website dedicated to B2B and digital investment in that segment Video marketing mainly makes product introduction videos and uploads on youtube Duy Tan has an app on phone to access B2B Currently the app is like a catalog and will be developed more soon The best channel for B2B development is Linkin: the company's profile up page for employers to connect with each other and gradually it becomes a social network for businesses, CEOs connect with each other so this is a good environment for B2B Also email marketing is very strong for B2B Besides the main website of the company, there are single websites, not a complete website system, it is just page, mainly information for sales and marketing campaigns, focusing on one product for only page This is a good way to promote products for B2B Interviewer: Competitors of Duy Tan? Mr Giang: In the field of home and industry, there are For example, Long Thanh of Minh Plastics Interviewer: What makes Duy Tan products different from the competitors? Mr Giang: Duy Tan is strong in quality and design The product was durable and worked better than the competitor's, and these numbers were tested Interviewer: How is marketing different from competitors? Mr Giang: Currently much stronger than other companies, including website, facebook, linkin, yotube On the digital side, DT is at the top of the industry Sales are relatively methodical and have a clear marketing plan than other competitors Interviewer: What percentage of marketing expenses? Mr Giang: For businesses it accounts for 5% of sales Depending on the annual business situation, the budget will be based on goals Interviewer: Thank you for coming here for our group interview VI VII Summary References Alonso-Garcia, J., Pablo-Martí, F., & Nunez-Barriopedro, E (2021, April 16) Omnichannel Management in B2B Complexity-based model Empirical evidence from a panel of experts based on Fuzzy Cognitive Maps Industrial Marketing Management Retrieved from: https://www.sciencedirect.com/science/article/abs/pii/S0019850121000717? fbclid=IwAR086qWxhgwQp8v6xAJw9nAF1imkazQN4SDtYS5A3gYnueYYu7j2zucKj8 Chris, L (2021) Exploring the "Omnichannel" Shopper Behaviour Retrieved 27 April 2021 Retrieved from: https://www.researchgate.net/publication/267269007_Exploring_the_Omnichann el_Shopper_Behaviour Chris, L (2021) Exploring the "Omnichannel" Shopper Behaviour Retrieved 27 April 2021, from https://www.researchgate.net/publication/267269007_Exploring_the_Omnichann el_Shopper_Behaviour Rene Power March 21, 2017 Omni-channel B2B marketing Retrieved from https://www.smartinsights.com/b2b-digital-marketing/omni-channel-b2bmarketing/ Theodor Purcarea June 19, 2016 The Challenge of a Truly Omni Channel Approach for Retailers Retrieved from http://crd-aida.ro/RePEc/rdc/v7i2/4.pdf Sureshot, September 29, 2020 best practices of B2B Omini-chanel marketing masters Retrieved from https://sureshot.io/blog/marketing-operations/5-bestpractices-of-b2b-omni-channel-marketing-masters/ Amanda DiSilvestro (n.d) CRM 101: What is CRM? Retrieved from https://www.salesforce.com/crm/what-is-crm/ Vitaly Kuprenko February 10, 2020 WHY DO B2B COMPANIES NEED CRM? TOOLS, STRATEGIES, ISSUES SOLVED Retrieved from https://learninbound.com/blog/b2bcrm-tools/ Zachary Totah (n.d) B2B vs B2C CRM: Comparison of the Difference Between Them Retrieved from https://www.selecthub.com/customer-relationshipmanagement/b2b-vs-b2c-crm/ 10 Retrieved from https://www.duytan.com/en-US/about ... Digital marketing 2 2B2 omnichannel marketing Omnichannel vs Multichannel marketing III B2B Omnichannel Marketing Importance of omnichannel marketing. .. omnichannel marketing trend in B2B businesses Challenges of omnichannel marketing in B2B business Applying omnichannel marketing trend in marketing activities .4 a) Make sure marketing technology... Importance of omnichannel marketing trend in B2B businesses B2B marketing is chiefly about ROI and about creating a large top of funnel that can be nurtured through to sales conversion B2B marketing