University of Economics, Prague
Master’s Thesis
2019 Patrícia Krausová
University of Economics, Prague
Faculty of Business Administration
Master´s Field: International management
Title of the Master´s Thesis:
Digital Demand Generation in the Business to business market
Author: Patrícia Krausová
Supervisor: Ing. Martin Machek, Ph.D.
D e c l a r a t i o n o f A u t h e n t i c i t y
I hereby declare that the Master´s Thesis presented herein is my own work, or fully and specifically acknowledged wherever adapted from
other sources. This work has not been published or submitted elsewhere for the requirement of a degree programme.
Prague, August 28, 2019 Signature
Title of the Master´s Thesis:
Digital Demand Generation in the Business to business market
Abstract:
The objective of this thesis is to explore digital demand generation (DG) activities on the case of the Czech branch of SAP SE, a B2B software giant. The current state of DG is analysed and followed by the identification of key success factors for implementing digital DG practices at SAP CR. Within the investigation; secondary data, personal communication and empirical research, consisting of quantitative survey and qualitative in-depth interviews, were employed.
Quantitative data were analysed using simple statistics and qualitative data analysis was conducted via coding procedure. Regarding the current DG, it was found that SAP CR Partners relied mainly on networking, personal connections, customer events, and, some inbound marketing and lead generation. Key success factors for digital DG included the utilisation of visually appealing and interactive content, the stakeholders’ alignments and practical workshops, the transformation of valuable offline events into hybrid models, the establishment of a central knowledge sharing system, a pilot for the integration of new digital demand generation specialist, and understanding of the perceptions and needs of local customers.
Key words:
Digital demand generation, Demand generation, B2B marketingTable of Contents
List of Tables ... 6
List of Figures ... 6
Abbreviations ... 7
1 INTRODUCTION ... 8
1.1 PROBLEM STATEMENT AND ITS RELEVANCE... 8
1.2 RESEARCH QUESTION ... 10
1.3 STRUCTURE OF THE THESIS ... 11
2 LITERATURE REVIEW ... 12
2.1 SPECIFICATIONS OF B2B MARKET ... 12
2.1.1 B2B Marketing... 12
2.1.2 Business Buyer Behaviour ... 13
2.1.3 B2B Branding... 17
2.1.4 B2B Sales ... 21
2.2 THE ROLE OF DEMAND GENERATION ... 24
2.2.1 Marketing & Sales Alignment ... 24
2.2.2 Digital Demand Generation & Demand Centres ... 30
2.3 B2BLANDSCAPE &TRENDS ... 34
2.3.1 New B2B Customer ... 34
2.3.2 Digital Communication & Content ... 35
2.3.3 Social selling ... 38
2.3.4 Technologies ... 38
2.4 ORGANIZATIONAL CHANGE & KNOWLEDGE TRANSFER ... 39
3 PRACTICAL PART ... 44
3.1 METHODOLOGY ... 44
3.1.1 Approach ... 44
3.1.2 Methods ... 45
3.1.3 Survey ... 46
3.1.4 In-depth Interviews... 46
3.2 SAPANALYSIS... 48
3.2.1 Global SAP SE Strategy ... 48
3.2.2 SAP CR ... 54
3.2.3 Digital Transformation Office ... 56
3.3 EMPIRICAL RESEARCH RESULTS... 58
3.3.1 Survey ... 58
3.3.2 In-depth interviews ... 59
3.4 EMPIRICAL RESULTS DISCUSSION ... 69
3.4.1 Current state of demand generation at SAP ... 69
3.4.2 Key factors for a successful digital demand generation at SAP CR ... 72
4 CONCLUSION ... 75
4.1 CONCLUSION ... 75
4.2 PAPER IMPLICATIONS ... 78
4.3 PAPER LIMITATIONS AND DIFFICULTIES ... 78
5 DATA AND SOURCES ... 79
5.1 REFERENCES ... 79
5.2 APPENDIX ... 86
List of Tables Table 1 - Main B2B market distinctions ... 12
Table 2 - Buy grid model ... 16
Table 3 – Demand centre success factors ... 33
Table 4 - The new B2B buyer ... 35
Table 5 - New B2B events mentality ... 36
Table 6 - Types of B2B content ... 37
Table 7 - Knowledge sharing among MNCs types ... 41
Table 8 - SAP Marketing 5 transformation pillars ... 52
Table 9 - Survey for SAP CR Partners - Results ... 58
Table 11 - Overview of Interviewed SAP CR Partners ... 59
List of Figures Figure 1 - Major influences on business buyer behaviour ... 14
Figure 2 - Simplified theoretical model of Brand identity, positioning and image... 19
Figure 3 - Purchase probability by purchase stage ... 21
Figure 4 - Simplified model of marketing process ... 22
Figure 5 - Sales force management steps & terminology ... 23
Figure 6 – The Buying funnel ... 27
Figure 7 - Expanded marketing role in B2B ... 29
Figure 8 - McKinsey’s business buyer’s journey with recommended marketing support ... 30
Figure 9 – BCG’s demand centre and demand generation activities ... 32
Figure 10 - Organisation design methodology ... 40
Figure 11 – Research design overview ... 44
Figure 12 - Codes to theory model ... 48
Figure 13 - SAP's Customer Buying Process ... 57
Abbreviations
B2B – business to business BC2 – business to consumer RFI – request for information RFP – request for proposal RFQ – request for quotation ROI – return on investment AI – artificial intelligence VR – virtual reality AR – augmented reality DG – demand generation
DDG – digital demand generation DTO – digital transformation office DDE – digital demand executive
1 Introduction
1.1 Problem statement and its relevance
The so called “digital revolution” has undeniably transformed the business landscape, forcing companies across different industries to reinvent themselves, identify new opportunities, develop new strategies and innovate their value offerings. Technological advances penetrated different areas of business including marketing and sales, which was especially apparent on B2C markets (A. T. Kearney, 2015). With the rise of Internet, new channels to reach customers have been created, marketing campaigns gained speed, relevance and reach (Benady, 2014) and new concepts such as digital or social selling have emerged (Clodagh, n.d.).
It appears that B2B marketing and sales have undergone less of a revolution with the introduction of Internet compared to the B2C sector. This has been partly attributed to the already existing B2B technologies, such as Electronic data interchange (EDI), making the transactions sufficiently efficient at that time and partly to the traditionally close personal contact with companies’
customers and suppliers on the B2B market (A. T. Kearney, 2015). Digital transformation and the popularized Industry 4.0 mainly affected the side of products and productions processes in the B2B sector, leaving the interface to customers via marketing and sales rather neglected.
According to a study by Roland Berger & Google (2015, p. 3), the reason for this is two-folded;
B2B providers either “underestimate the strategic importance of sales – or are unable to effectively implement the transformation process in their companies”. Nevertheless, utilization of more advanced digital technologies in sales and marketing processes is becoming crucial also for B2B players. A study by CEB and Google showed that due to the rising use of digital channels, it is not sufficient anymore for B2B companies to only incorporate digital in their broader marketing campaigns (CEB & Google, 2012). Nowadays, firms should optimize their digital demand generation by continuously monitoring, analysing and “managing all digital presence including the website, social platforms, blogs, search, communities, paid search, and online advertising” (The Chief Outsider, 2014, p. 1). Furthermore, Batra and Kotler add that marketing communication is a crucial part of today’s marketing and it has become more complicated due to Internet and other digital tools (as cited in Povolná, 2017, p.1). Indeed, correct implementation and execution of such changes can be very tricky, as research shows that, in general, 70% of digital transformation initiatives in a business do not reach their desired goal (Zobell, 2018).
The second long-discussed issue for many B2B companies has been the misalignment between marketing and sales departments. Sales typically blames lower performance on the poor quality and volume of leads assigned from marketing, whereas marketing puts the blame on sales for ignoring their leads or not trying hard enough to convert them into deals. Smooth cooperation between these two is crucial for achieving corporate goals, and especially important now, in the era of smart and connected customers. One of the concepts which can promote a better alignment between marketing and sales activities, as well as leverage data, technology and digital tools is the digital demand generation. In B2B demand generation activities are sometimes covered by centralised hubs, often referred to as demand centres (New Breed, n.d.). There is, however, a lot of confusion regarding what demand generation actually entails and how it can
increase sales. Many smaller companies do not possess any demand generation specialists, since demand generation activities are typically fragmented among sales and marketing teams.
Thirdly, the ongoing transformations of B2B buyers caused by generational change and digitalization is often overlooked. Thanks to the access to reliable information, internet-fuelled market transparency and presence of social media, customers’ expectations and bargaining power have significantly increased (A. T. Kearney, 2015). According to a study by Google, B2B buyers complete two-thirds of purchase journey before even talking to sales and thanks to the digital empowerment, they can make decisions faster (as cited in Travis, 2018). Furthermore, 77% of the business buyers claim that technology has significantly changed their expectations of how companies should interact with them, and 80% expect companies to respond and interact in real time (Salesforce, 2016). Furthermore, due to these shifts in business buyers’ mentality and influences from B2C markets, the role of emotions and company’s brand is becoming increasingly more relevant in B2B, contrasting the prior emphasis on purely technical and rational side of products’ features and functions (Keller, 2013).
In order to keep their offerings innovative, big tech companies, like SAP, need to constantly invest in R&D and product development. At the same time, they must meet the elevated customers’ expectations by communicating, interacting and selling their brand and products in a way that allows them to compete with tech businesses already able to leverage integrated digital communication and brand building in the B2B market. Nowadays, companies across all industries race to “render their organisations more customer centric” and provide a seamless, effortless and cost-effective sales experience (A. T. Kearney, 2015, p. 6). Orchestration of sales and marketing activities, customer data and digital tools along with collaborative efforts with external partners are crucial to create “must-have” situations, where customers discover and recognize the need for specific products or services even before talking to the salesmen (A. T.
Kearney, 2015).
1.2 Research question
The aim of this thesis is to explore the concept of digital demand generation in the context of the B2B software industry. This paper will specifically analyse case of a software giant, SAP, which is incorporating a digital demand generation team in their Czech branch in Prague, as part of SAP’s global digital transformation initiative. Steps towards more digital demand generation practices should be co-driven by local SAP CR Partners, which sell, implement or service SAP solutions in the Czech Republic. SAP CR’s indirect sales model, used primarily for smaller and midsize business customers, makes any change management and efforts to alter certain processes in the company and across the partner network even more complex. Besides tackling the organizational complexity, the thesis will also attempt to address the issue of transferring global practices and knowledge to local subsidiaries, which can face a very different business environment and local specificities. The research question of this thesis is hence following:
RQ: What is the current state of demand generation and the key success factors for implementing digital demand generation activities in the Czech branch of SAP, a B2B software giant?
In order to reach the research aim in a comprehensive manner, the two separate sub-questions will be addressed in the following way. Firstly, the current state of demand generation practices of SAP CR Partners will be investigated to understand the prevailing situation. The second part of the question will identify the critical success factors, i.e. the most important elements which should be addressed in order to achieve the desirable outcomes from launching digital demand generation activities at SAP CR. Both of these sub-questions will be addressed using the knowledge gained in literature review, secondary data, personal communications, and through the quantitative and qualitative empirical research methods.
Initial motivation for choosing this particular topic stems from author’s prior working experience at SAP’s digital transformation office in Barcelona, where the digital demand generation for EMEA region was initiated. Currently the author works at SAP’s Prague office, and helps with implementation of the digital demand generation team for the Czech market. Results from this analysis will, therefore, be beneficial for SAP CR, within the project preparations and the implementation processes. Apart from the practical motivations and uses of this paper, the author seeks to draw more attention to the topics of B2B sales and digital demand generation, which are critically under-researched and underestimated in the academic field. Furthermore, the increasing importance of using digital platforms and media to connect with business buyers seems to go unnoticed by many Czech B2B companies. Contributions towards filling these gaps are especially important given the role these topics play in a company’s future profit-making abilities, overall performance and adaptability to changing innovations and trends in the B2B market.
1.3 Structure of the thesis
The research question will be approached in the following way. Firstly, existing knowledge and research conducted in relevant fields will be reviewed to attain a solid understanding of the topics discussed. The literature review section will start by exploring specificities of the B2B market, deep diving into general B2B marketing theories, business buyer behaviour, the role of B2B branding and, finally, explanation of B2B sales. The subsequent chapter will shed light on what actually digital demand generation entails and how it is linked to marketing and sales alignment and internal demand centre hubs. The third section of this thesis will focus on recent trends and landscape of the B2B market, exploring the ‘new’ B2B customer, the importance of digital communication and content, social selling phenomenon and the latest technology applications in B2B marketing. Finally, the last chapter of the theoretical part will focus on more pragmatic organizational topics such as how any internal company reconfigurations should be handled and how knowledge sharing among subsidiaries can be managed.
The second main section of this thesis consists of the practical part focused on the studied company, SAP CR. Firstly, the methodological philosophy, approach and methods used to address the research question will be explained. Next, in order to comprehend the study context, the company’s background including their philosophy, business model, marketing and brand strategy, will be described. Then, the structure of SAP CR will be presented, along with a description of the idea behind establishing the digital transformation office. The results from the empirical research will then be presented and linked to the literature review and the research questions in the discussion section. Finally, in the concluding part, summary will be outlined, and the research questions will be addressed. Subsequent chapter will discuss the paper implications, limitations and difficulties. In the very last section, references and any additional information and illustrations used for the study will be attached in Appendix.
2 Literature review
The following sections will provide an overview of the current knowledge, findings and more recent trends related to the B2B market with references to the tech and software industries. The chapter will use both more traditional academic sources and models, as well as more recent articles and studies by practitioners and consulting companies to gain most relevant and up to date insights.
2.1 Specifications of B2B market 2.1.1 B2B Marketing
B2B markets are markets where transactions are conducted between businesses, rather than between businesses and final consumers, which are called B2C markets (Chen, 2019). B2B marketing (also business or industrial) hence refers to marketing of products or services to other businesses, which use them in their production process, general business operations, or for resale to other consumers, such as wholesaler selling to a retailer. Although B2B market is substantially larger in terms of money it generates, historically, more attention has been given to B2C marketing “which qualifies as the dominant or traditional paradigm while remaining the internal yardstick, i.e. the standard that is used as a basis for comparison” (Cova & Salle, 2008, p. 4).
Since 1970s a movement towards establishing industrial marketing as an autonomous field began (Cova & Salle, 2008). The opposition to the criticized “universalistic pretensions” offered by the traditional consumer marketing management lead to the so-called B2BC dichotomy, which emphasizes distinctive characteristics between industrial and consumer markets requiring different marketing techniques (Cova & Salle, 2008). According to traditional scholars (Bonoma
& Johnston, 1978; Corey, 1976; Webster, 1979; as cited in Cova & Salle, 2008, p. 4) „industrial marketing situations show unique characteristics that must be distinguished from consumer marketing: a small number of customers for any given supplier, buyer-seller interdependence and the existence of the durable customer supplier relationship”. Furthermore, due to the nature of the market, complexity of the decision making and the notion that “organizational buyers need more face-to-face contact” (R. Solomon, 2013, p. 396), traditional B2B marketing emphasizes personal selling and direct marketing as main forms of B2B promotion. At times, marketers also use advertising campaigns targeted at final consumers in order to boost the derived demand for their products – for example, “Intel inside” microchip campaign (Armstrong, Kotler, Harker, & Brennan, 2009). Table 1. summarises the main distinctive features of B2B as opposed to B2C markets.
Table 1 - Main B2B market distinctions
Distinctive area Description Market structure and
demand
Far fewer but larger buyers Buyers power typically high Higher geographical concentration Derived business demand
Nature of the buying unit More decision participants
More professional purchasing effort
Note. Adapted from Armstrong, G., Kotler, P., Harker, M., & Brennan, R. (2009). Marketing an Introduction. Harlow, Essex, United Kingdom: Pearson Education Limited. R. Solomon, M. (2013). Consumer behaviour - buying, having and being. Harlow, Essex, England: Pearson Education Limited. Table created by Author, 2019.
Nevertheless, with evolvements of both B2C and B2B marketing over time, many marketers argue that B2BC dichotomy no longer holds. Wilson (2000, p. 1) asks “why should we assume that separate theories are necessary to explain the exchange behaviour adopted by the same individual when placed in different contexts?” Wilson further proposes that advances in customer sophistication and ICT (information and communications technology) along with rising competitive pressures among suppliers, have eroded any possible differences between these two markets. Lesley Bielby, from DiMassimo Goldstein, supports this view by stating that
“Technology-in particular mobile-has resulted in most of us living integrated lives, where our work and non-work lives are intertwined throughout any given day” (Conlon, 2014, p. 24).
Overall, it seems that as consumers’ and business buyers’ purchase habits evolve, they take on more of each other’s characteristics, creating an opportunity for B2B and B2C marketers to learn from each other (Conlon, 2014).
2.1.2 Business Buyer Behaviour
In order to explore the state and potential developments on the B2B market, it is essential to first revise the classic B2B marketing and buyer behaviour theory. Compared to consumer buyers, business buyers have been traditionally considered as more rational, adhering majorly to economic and functional benefits during their purchase decisions (R. Solomon, 2013).
Practitioners such as Dupre (2015) and Kramer (2017) question this claim, highlighting that, organisational buyers are also humans with consumer-like expectations and desire for convenience, personalization, and seamless shopping experience. Wilson (2000, p. 183) further adds “of course, the reality is that organizational purchasing is both professional and behavioural, to differing degrees, just as is consumer buying”. A study by CEB & Google (2013) challenged this status quo even further by proposing that B2B purchasing is actually more personal than B2C purchasing due to the higher personal risk involved and fear of losing time, credibility (in case of unsuccessful purchase) and ultimately losing the job. According to the study, the more personal risk is involved, the more emotional buyers feel and are likely to attach to brands, which
More rational buying decision
Decisions nature and process More complex decision-making process
Riskier decision process (in a sense that purchasing team decisions are judged)
Larger sums of money and volumes involved Complex technical and economic considerations Interactions among many people at many levels within the buyer’s organisation
More formalised buying process
Higher dependence and interaction between buyer and seller
Higher product customisation and after sales
can provide value and eliminate risk (CEB & Google, 2013). Nowadays, many progressive B2B marketers do recognise the role of emotions and the relevance of brand loyalty, long-term relationships and aesthetic preferences in business buying decisions (R. Solomon, 2013).
Marketing theory distinguishes several factors which influence business buyer behaviour and decision making, as shown in Figure 1. Environmental factors play a major role and cover events such as changes in levels of primary demand, inflation, economic outlook, and others. The culture and custom component of environmental factors is mainly relevant in international marketing environment, where reactions to marketer’s behaviour and strategy can be especially location-dependant. Organisational factors include rights or restrictions imposed by company on the buyers and shape the formal design of the buying process. Interpersonal factors refer to the power dynamics among the buying centre participants and can be very difficult to assess from the outside. These factors are often very subtle, as participants with the highest rank do not necessarily have the most influence. Business marketers must understand existence of such dynamics and develop relevant strategies. Finally, individual factors include any personal motives, preferences and perceptions that every participant brings to the business buying decision process.
Note. Adapted from Armstrong, G., Kotler, P., Harker, M., & Brennan, R. (2009). Marketing an Introduction. Harlow, Essex, United Kingdom: Pearson Education Limited. Figure created by Author, 2019.
Collective decision making, where more than one person chooses specific products or services, used by multiple consumers, is typical for organizational buyers (R. Solomon, 2013). For this reason, businesses are often compared to families, where members of the decision-making unit (DMU) take on specific roles. Such roles include (Friesner, 2014):
▪ Initiators – individuals who recognise a specific need or a problem to be solved and bring up the idea (e.g. replace equipment to improve efficiency, etc.);
▪ Gatekeepers – persons who search for information, control the flow of information and deliver recommendation to the rest of the group; sometimes can be seen as stalling the decision-making process (e.g. person who identifies and compares possible vendors);
In te rpe rson al
O rg an isat io na l In di vi du al
E nv ir on m en ta l
Economic developments Supply conditions Technological change Political and regulatory developments Competitive developments Culture and customs
Objectives Policies Procedures Org.
structure Systems
Authority Status Empathy Persuasiveness
Age Income Education Job position Personality Risk attitudes
Buyer
Figure 1 - Major influences on business buyer behaviour
▪ Influencers – individuals who may have persuasive influence on the deciders and who can try to sway the decision outcome, members of other roles can also be partly influencers (e.g.
specialists giving recommendations, consultants employed by businesses, lawyers offering legal advice);
▪ Buyers – individuals responsible for purchasing, who are typically given a brief with stated criteria to evaluate potential products or services and suppliers, typically responsible also for sourcing and negotiation;
▪ Users - those who actually put the service or product into operation, after deal has been made, their opinions are important in the post-purchase evaluation of the buyer decision process;
▪ Deciders – the ones responsible for final deal and decision making, responsible for placing the order (e.g. senior managers), review information from buyers, gatekeepers and original initiators.
Table 2 shows the Buy grid model developed by marketing researches Robinson, Farid and Wind (1967). This model helps to comprehend the dynamics of the business buying behaviour by considering the “buy classes”, i.e. different buying situations and the “buy phases”, i.e.
respective stages of the procurement process (as cited in Mawson & Fearne, 1997). In general, there are three types of buy classes. New task is the situation when company buys a product or service for the first time, which in general represents the greatest difficulty for management (Mawson & Fearne, 1997). The greater the cost and risk involved, the larger the amount of decision makers will participate in the buying decision process and the greater the need for information collection will be. New task represents the biggest opportunity and challenge for marketers, which will try to reach as many key influencers as possible and provide information and help (Armstrong, Kotler, Harker, & Brennan, 2009). Modified rebuy is when changes in product specifications, prices, terms or suppliers are required by the buyer. This situation typically involves fewer decision makers than the new task and can be more of a routine. In- suppliers1 can feel slightly pressured to do their best to satisfy and protect their account and out- suppliers2 can see this situation as an “opportunity to make a better offer and gain new business”
(Armstrong, Kotler, Harker, & Brennan, 2009, p. 174). Straight rebuy is ordering without any modifications and is typically handled automatically by the purchasing department. Buyers reorder products from the existing suppliers’ list, based on the past satisfaction. In-suppliers try to maintain their product and service quality and often offer automatic reordering systems to save reordering time. Out-suppliers seek to exploit dissatisfaction or offer something new to the buyers (Armstrong, Kotler, Harker, & Brennan, 2009, p. 173). In many cases, instead of buying separate components from different suppliers and putting them together, companies prefer to buy packaged solutions from a single seller, which typically also takes care of the package or system assembly. This type of situation is called Systems selling and is also adopted as marketing strategy of suppliers seeking to holistically respond to a customer problem. Firms which provide
1 “Suppliers who are already well known to an organisation and from whom they will purchase with confidence”
(Monash Business School, 2018).
2 “Suppliers with whom the buying organisation has not had dealings previously and therefore considers risky”
(Monash Business School, 2018)
the most complete solution are typically the ones able to win and hold their accounts (Armstrong, Kotler, Harker, & Brennan, 2009, p. 174).
Table 2 - Buy grid model
BUYCLASSES
BUYPHASES
New task Modified rebuy Straight rebuy Problem
recognition Yes Maybe No
General need
description Yes Maybe No
Product
specification Yes Yes Yes
Supplier search Yes Maybe No
Proposal
solicitation Yes Maybe No
Supplier selection Yes Maybe No
Order-routine
specification Yes Maybe No
Performance
reviews Yes Yes Yes
Note. Adapted from Sinha, S. (n.d.). Buying situation comparisons and buy grid framework.
Speech. Retrieved July 25, 2019, from https://www.coursera.org/lecture/marketing- project/buying-situation-comparisons-and-buygrid-framework-2BP3s. Table created by Author, 2019.
Robinson et al (1967) also defined eight phases of the business buying process, visible in Table 2. New task situations typically require conducting all activities starting from problem recognition to performance review, while modified rebuy and straight rebuy cover only some of them. Problem recognition can result from internal stimuli, such as production department requirement for a new machine to produce new type of product, or external stimuli, such as supplier proposing a new IT solution at a trade show or a call from salesperson. In this stage, business marketers typically alert customers to potential problems and show them possible solutions (Armstrong, Kotler, Harker, & Brennan, 2009, p. 178). After the need has been recognised, the second stage is determination of the characteristics (e.g. how important is durability, price, reliability, etc.) and quantity of the required item (Mawson & Fearne, 1997).
Thirdly, technical specifications, often supported by value analysis3, are defined. Marketers often use value analysis to convince customers about a suitability of their solution. After the product specification stage, buyers conduct the supplier search. Companies nowadays often start this search on the Internet, giving a great opportunity to companies which are not long established in the market, but are visible online. During the proposal solicitation, companies invite the
3 “Examination of each procurement item to ascertain its total cost of acquisition, maintenance, and usage over its useful life and, wherever feasible, to replace it with a more cost-effective substitute” (Business Dictionary, n.d.)
identified suppliers to submit their proposals. Furthermore, documents such as RFI, RFP and RFQ are often used in search for more information and evaluation of the best offer (for more details see Appendix A). Business marketers should be able to write and present the company’s offer not only in technical terms, but also in a way to differentiate themselves from competition and inspire confidence in the customer (Armstrong, Kotler, Harker, & Brennan, 2009). After receiving offers, the supplier selection occurs where proposals are reviewed, and winning supplier selected. The buying centre typically states selection criteria (e.g. quality, on time delivery, repair capabilities, etc.) with different weights, indicating their relative importance. Further negotiations for better prices and terms of cooperation can also take place. Order routine specification is the final order of specific items along with technical specifications, quantities, expected delivery times, return policies and warranties, repair and operation items, and other details. Companies can use a so-called blanket contract, which ensures a periodic supply at agreed prices for a set time without ordering products manually. Finally, in the performance review buyers should ask users for their evaluation in order to continue, modify or drop the company’s arrangements with the suppliers. At the same time, in-suppliers need to do the same in order to constantly review customer’s satisfaction and manage the total customer relationship (Armstrong, Kotler, Harker, & Brennan, 2009).
2.1.3 B2B Branding
According to the American Marketing Association (AMA), brand is a “name, term, sign, symbol, or design, or a combination of them, intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competition” (Keller, 2013, p. 30).
Although some of the world’s most successful and respected brands such as GE, Hewlett- Packard, IBM, Intel, Microsoft, Oracle, etc. belong to business marketers, many B2B companies believe that purchasers are so rational and well-informed that brands behind specific solutions are unimportant when selecting suppliers. This is often the case of high-tech companies, managed by technology specialists, who focus solely on product innovations and technical specifications while completely underestimating or lacking any knowledge about designing and following a brand strategy (Keller, 2013). While specific product reputation matters, without investments towards the corporate crossover brand, companies can suffer at any time in their potential growth (Kapferer, 2008). Kapferer also warns that any discussions regarding B2B branding are very context dependant, since the notion ‘B2B’ itself is ‘illusory’ and “does not reflect a homogenous reality” (2008, p. 113); for example, a Soho4 business customer will purchase differently than a high voltage electrical equipment company requiring formal tender procedures. Nevertheless, Kotler & Pfoertsch (2007) suggest that brands in business markets have exactly the same purpose as in consumer markets, since they;
▪ facilitate identification and differentiation of products, services and businesses (Anderson &
Narus, 2004; as cited in Kotler & Pfoertsch, 2007);
▪ serve as “an effective and compelling means to communicate the benefits and value a product or service can provide” (Morrison, 2001; as cited in Kotler & Pfoertsch, 2007, p. 358),
4 “Short for small office/home office, a term that refers to the small or home office environment and the business culture that surrounds it” (Beal, n.d.)
▪ and “are a guarantee of quality, origin, and performance, thereby increasing the perceived value to the customer and reducing the risk and complexity involved in the buying decision”
(Blackett, 1998; as cited in Kotler & Pfoertsch, 2007, p. 358).
A study on sensitivity to industrial brands by Kapferer & Laurent, proposed that the key B2B brand’s functions are reducer of risk, guarantor of quality and an instrument of pride, which can increase “the brand’s potential to attract and earn loyalty” (as cited in Kapferer, 2008, p. 114).
In B2B market, every ingredient adds up to the final offer. This, on one hand, places great importance on the quality of the components used, hence the supplier’s reputation. At the same time, there is a great pressure on costs, since the B2B purchasing typically constitutes the cost price of another product. This is the reason why B2B market often inclines towards commoditisation5 based solely on price competition, affecting “the brand function, the brand weight, and the brand’s point of application” (Kapferer, 2008, p. 114). Nevertheless, Kapferer (2008) argues that:
The B2B brand is a relational brand. Other than in commodities markets, people do not buy a product, but rather a supplier, with a view to durable joint development.
Wholesalers themselves do not just stock a brand – they represent it, and are thus committed to it. They therefore expect it to behave like a brand, with a guarantee, innovation, services with added value, development of markets through communication, and activation of networks (p. 117).
In order to move away from the commoditization and downward pressures on prices from distributors or professional buyers, B2B companies should focus also on their marketing efforts and dedicated sales force besides only emphasizing tangible factors such as technical characteristics or price of their products and services. Brand influences the corporate reputation “composed of awareness and the image of power, commercial dynamism, innovation and ethics” as well as the final supplier selection, especially in cases of substantial decisions in terms of finance and commitment length (Kapferer, 2008, p. 113). Customers are readier to seriously consider a company with a strong brand instead of basing their decision purely on the lowest price offered.
A study by CEB & Google (2013) showed that 60% of business buyers were willing to pay a price premium when having ‘high brand connection’ (measured by trust, unique and positive image, and industry leadership), as opposed to only 2% willing to pay more when there was no brand connection.
Figure 2 shows the relationships between brand identity, brand positioning and brand image.
Brand identity sets the core values and essence of the brand (elements of the brand Identity prism model are shown in Appendix C). Brand positioning emphasizes why the brand is unique and how it differs from the competition. Positioning should relate to consumer expectations, desires and needs, which change throughout time with new trends as well as consumers’ age. Therefore, while the company should keep their brand identity and promise consistent, they must constantly
5 “Almost total lack of meaningful differentiation in the manufactured goods. Commoditized products have thin margins and are sold on the basis of price and not brand. This situation is characterized by standardized, ever cheaper, and common technology that invites more suppliers who lower the prices even further“ (Business dictionary, n.d.).
increase their relevance to be perceived as up to date (Kapferer, 2008), which can be done through changing the brand positioning. Nevertheless, such brand repositioning should not be done too often, Kapferer proposes an approximate frequency of 4 to 5 years (2008, p. 272).
Figure 2 - Simplified theoretical model of Brand identity, positioning and image
Note. Adapted from Silveira, C. D. (2017, November 18). Brand building and Brand Management Strategy. Session 14 notes [PowerPoint slides]. Brand Management course. Nova School of Business and Economics, Lisbon, PT. Figure created by Author, 2019.
Positioning also sets expectations for customers - a gap between these expectations and customer experience leads to dissatisfaction. Companies need to constantly monitor whether the brand image reflects their brand identity and positioning in a desired way, i.e. whether consumers perceive their brand as the company would like them to be perceived (Silveira, 2017). Therefore, the choice and design of marketing tools such as brand elements (brand name, logos, symbols, slogans, packaging, …), marketing programs (product strategy, pricing strategy, channel strategy, etc.) and communication programs (event marketing, promotions, etc.) are crucial. Potential success or failure of these tools can determine whether the recipient - customer, receives the intended message from the sender - the company or whether the message will be misinterpreted or lost. Delivering company’s message in the right way is important, since once brand image is embedded in customers long term memory, it is very hard and time consuming to change it (Kapferer, 2008, p. 36). Overall, in order to manage the complexity and high risk of B2B markets with an effective branding strategy, Keller proposes the following six specific guidelines (2013, p. 40):
▪ Ensure the entire organization understands and supports branding and brand management.
Special regard is put on the sales alignment, which is usually the main profit driver in B2B.
With a correct branding strategy, target customers will recognize the brand’s benefits sufficiently to pay a price premium.
▪ Adopt a corporate branding strategy if possible and create a well-defined brand hierarchy.
▪ Frame value perceptions. Firstly, understand how customers think of company’s brand and choose among different products and services. Make sure customers realize all the benefits or cost savings offered and more actively shape how customers view the brand.
▪ Link relevant non-product-related brand associations. Differentiate on factors beyond product performance, such as superior customer service or well-respected clients.
▪ Find relevant emotional associations for the brand. Do not overlook the power of emotional associations like sense of security (e.g. solution reducing risk), self-respect (e.g. satisfaction from working with top organization) or peer approval (e.g. being seen as working with top organization or brand). These emotions can all be linked to the brand and become the key sources of brand equity6.
▪ Segment customers carefully both within and across companies. Within organizations, people can be segmented according to the various roles they take within the purchase decision process, i.e. initiator, user, influencer, decider, approver, buyer and gatekeeper, while across companies, businesses can differ according to industry, size, technologies used, purchasing policies, risk and loyalty profiles, or other capabilities. In order to build tailored marketing programs, brand building must take these different segmentation perspectives in mind.
Furthermore, companies with international presence need to consider how their communication programs in respective markets will affect their brand image and whether some local adaptations need to be made. Generally, there are three main types of international communication strategy (Král, Machková, Lhotáková, & Cook, 2016):
▪ Global communication strategy - cross-cultural differences are ignored, same message, claims and communication channels are used; minimum adjustments such as translation to local language are made; results in lower costs, higher control but risks of low local responsiveness and local managers’ dissatisfaction.
▪ Differentiated/ localized communication strategy – communication is adjusted according to the local target markets; local managers use creativity, local market knowledge and experience to build communication campaigns; use of local language, local agencies; results in higher costs, risk of brand confusion, less control, but ability to target precisely and respond to local competitors strategies.
▪ ‘Glocal’ communication strategy – strategy is formed in HQ, but can be localised where necessary; includes more expensive communication tools with more impact on brand perception done globally (TV ads, websites, etc.), less pricy activities created locally respecting the global standards; results in more control than localised strategy, brands’
positioning remaining consistent, local managers more empowered and motivated, but higher costs.
CEB & Google (2013) also analysed how the types of messages communicated by marketers affect different buy phases of the buying process introduced in the previous chapter. As shown in Figure 3, suppliers nowadays try to use emotional messages to catch buyers’ attention in the early stages of purchase initiation, then they “switch to rational, business value-oriented messages in the nurturing phases (i.e., when buyer enthusiasm dips) and only provide a personal touch at
6 „Brand equity is the added value a product accrues as a result of past investments in the marketing activity for the brand“ (Keller, 2013, p. 21).
the end of the process—typically through sales interactions (i.e., when buyer enthusiasm jumps again)” (CEB & Google 2013, p. 10). In order to minimize the drop of purchase probability in the middle of the purchase process, “marketers should use emotional, personal value messaging throughout, not just at the start and end. To do so, marketers should exploit video and social media channels” (CEB & Google 2013, p. 10). Research proved that customers engaging this way during nurturing, showed up to 20% higher likelihood to purchase a product or solution at any given purchase stage (CEB & Google 2013). The study also showed that messages which are personal, but also somehow disrupt “customers’ status quo by teaching them something new about their business needs” are the most impactful in differentiating the company and their unique business value from competitors.
Figure 3 - Purchase probability by purchase stage
Note. Adapted from CEB & Google. (2013). From Promotion to Emotion. Retrieved from https://plan2brand.com/wpcontent/uploads/2015/07/CEB_Promotion_to_Emotion_whitepa per.pdf.
2.1.4 B2B Sales
In the corporate world, sales and marketing are two distinct business functions, traditionally constituting two separate departments of an organisation. Sales encompasses all activities that lead to the selling of goods and services, whereas marketing helps to spark interest in the goods and services being sold (Hart, 2019). Traditional marketing theory, on the other hand, considers sales as an integral part of marketing. Specifically, it places sales under the promotion component (also called marketing communication mix) of the marketing mix (also called 4Ps, 7Ps, etc.) shown in a simplified overview in Figure 4. Furthermore, there has been a shift towards more integrated marketing communications, where all channels in the communication mix should be optimized and coordinated, leading to increased communication efficiency, brand value and ultimately financial returns (Luxond, Reid, and Mavondo; as cited in Povolná, 2017). According to Lindsay, “any communication stimulus represents the brand” (as cited in Povolná, 2017, p.1), emphasizing the role of all company’s employees who directly communicate or somehow interact with the company external environment, as brand ambassadors forming the image of the brand. Also, sufficient knowledge of the market environment and latest trends are essential to make the communicated information or message targeted and relevant for the desired audience;
this message should be also shared instantly across all employed channels (Povolná, 2017).
Note. Adapted from Armstrong, G., Kotler, P., Harker, M., & Brennan, R. (2009). Marketing an Introduction. Harlow, Essex, United Kingdom: Pearson Education Limited. Page 30. Figure created by Author, 2019.
According to Armstrong et al (2009, p. 404) unlike in consumer markets, B2B companies tend to invest more in “personal selling, followed by sales promotion, advertising and public relations”, and direct marketing. Furthermore, many B2B companies rely on push promotion strategy7 to create consumer demand, as opposed to more inbound marketing techniques, pulling demand inwards. While personal selling and direct marketing both attempt to reach prospects directly, there are several differences. Personal selling refers to “personal presentation by the firm’s sales force for the purpose of making sales and building customer relationships” (Armstrong et al, 2009, p. 398). It is a direct line of communication between a salesperson a consumer, which can occur face to face or through different media such as phone, social media platforms, and others. Direct marketing, on the other hand, refers to “direct connections with carefully targeted individual consumers both to obtain immediate response and to cultivate lasting customer relationships…” (Armstrong et al, 2009, p. 398). Instead of speaking with customers directly, direct marketing sends emails, fliers, mail, etc. and is able to reach large numbers of prospects at one time.
7 Opposite to the pull strategy, „A "push" promotional strategy makes use of a company's sales force and trade promotion activities to create consumer demand for a product: it takes the product to the customer - the customer knows about the product when they buy it.“ (Tutor2u, n.d.)
Marketing analysis
Research market place and customer needs and
wants
Marketing strategy
Segmentation Targeting Positioning
Marketing tactics
"Marketing mix"
Product Price
Place Promotion
"Communication mix"
•advertising
•sales promotion
•publicity
•personal selling
•direct marketing
Figure 4 - Simplified model of marketing process
Personal selling
Personal selling is the two-way interpersonal communication with the client, which can be more adjusted to the very specific customers’ needs and situation. Salesperson is “an individual acting for a company by performing one or more of the following activities: prospecting, communicating, servicing and information-gathering” and often is the only direct contact with the company (Armstrong et al, 2009, p. 604). The sales force both represents the company to customers by communicating information about products and service, finding and developing new customers, presenting and selling products by approaching customers, answering questions, negotiating terms and prices and closing sales (Armstrong et al, 2009). At the same time, sales representatives represent the customers by learning about their needs and managing the buyer- seller relationship. Salesforce management is “the analysis, planning, implementation and control of sales force activities” and is concerned with the decisions outlined in Figure 5 (Armstrong et al, 2009, p. 440).
Figure 5 - Sales force management steps & terminology
Note. Adapted from Armstrong, G., Kotler, P., Harker, M., & Brennan, R. (2009, p. 442).
Marketing an Introduction. Harlow, Essex, United Kingdom: Pearson Education Limited.
Figure created by Author, 2019.
Sales management has to decide whether to set up an inside or outside sales team, or a combination of both. For example, inside sales can support outside sales by focusing on smaller accounts8 and freeing them to focus on major deals or new business development. Furthermore, telemarketers or web sellers can provide support by using phone and Internet to detect new leads, qualify prospects or sell to accounts directly. There have been discussions regarding the distinctions between telemarketing and inside sales. Cyriac (n.d.) and Ye (2017) argue that whereas telemarketing is a scripted, single call sales approach passed on as a closed or lost deal, inside sales is more complex. Inside sellers are highly trained professionals, who thoroughly research the market and industry, identify qualified prospects, and seek to understand their needs,
8 “Account refers to a record of primary and background information about an individual or corporate customer, including contact data, preferred services, and transactions with your company” (Altschuler, 2017).
pain and willingness to engage. Unlike telemarketing, inside sales is “multiple call or touch points-close sales approach” (Cyriac, n.d.). Pre-sales also play an important role in the sales force, especially for companies selling technically or scientifically advanced products or services. While sales persons of such solutions should have some technical knowledge, their skills are more closely tied with relationships building, trust development and deal closure skills. Pre-sales, on the other hand, is mainly focused on which solution exactly is needed and how it will solve specific customer’s problem. Pre-sales often accompany sales in sales meetings, requests for proposals or demonstrations for customers to take care of the technical aspects and answer any particular inquiries (Cook, 2019). Furthermore, companies have the option to sell their products directly by their own sales reps or indirectly, through third party intermediaries and partners (Hayes, 2019). There are several types of indirect channels such as resellers, which are common for tech industry and often interact with the customer in face-to-face sales on behalf of a company.
Another common type of intermediaries for tech industry are system integrators, which are both consultants, offering tech advice and resellers selling hardware and software products. The main risks of indirect sales model can include added fees, reduced control over brand image, and inconsistent customer service.
Key account management (KAM)
Due to the growing concentration of buying power, for many companies over 70% of sales is coming from several key accounts (Jobber & Lancaster, 2009). In order to harness these valuable customers and turn them into long term business partners, special strategy is required. KAM is an important term in B2B and refers to “a strategy used by suppliers to target and serve high- potential customers with complex needs by providing them with special treatment in the areas of marketing, administration and service” (Jobber & Lancaster, 2009, p. 282). The key account selection should not be based solely on how much revenue they bring, but also on factors such as product fit, solvency, existing relationships, possibility of becoming a channel partner, cultural fit, geographic alignment, purchasing process or revenue potential (Frost, 2019). Key account managers then have to ensure that relationships with these customers are built through establishing personal trust (via frequent contact, site visits, social activities, keeping promises, etc.), providing technical and resources support (via training provision, credit provisions, etc), improving service levels and reducing risk (via free demonstrations, product guarantees, etc.) (Jobber & Lancaster, 2009). Key accounts must be regularly monitored and the revenue they bring must be periodically compared to the costs of key account treatment. The long-term objective is to transform the purely transactional selling, focusing on short term one-off sales, towards collaborative selling, where synergies with consumers can be created (Jobber &
Lancaster, 2009).
2.2 The role of demand generation 2.2.1 Marketing & Sales Alignment
In order to tackle the digital demand generation, it is first necessary to understand how marketing and sales are interconnected. In academic theory, selling is an integral part of marketing activities - it therefore seems imperative that these two areas should complement and cooperate with each other. In practice, however, marketing and sales are two separate functions of a business which typically do not get along, hurting the overall corporate performance (Kotler, Rackham, &
Krishnaswamy, 2006). The importance of aligning these two functions have been widely known, yet many B2B companies are still struggling with putting better alignment practices in place (Stoltz, 2018). The importance of, so-called, smarketing9 is backed by research, which shows:
▪ “Misalignment between sales and marketing technologies and processes costs B2B companies 10% of revenue or more per year” (Ye, 2017a, par 4).
▪ “79% of marketing leads never convert into sales. Lack of nurturing is the common cause of this poor performance” (Hubspot, as cited in TAS GROUP, 2015, slide 12).
▪ “60 – 70% of B2B content is never used. Most cited reason why is because the topic is irrelevant to the buyer audience” (Content Marketing Institute, as cited in TAS GROUP, 2015, slide 11).
▪ “61% of B2B marketers send all leads directly to Sales; however, only 27% of those leads will be qualified” (MarketingSherpa, as cited in TAS GROUP, 2015, slide 22).
In order to correct any interdepartmental malfunctioning, it is essential to identify and understand its roots. Marketing academics such as Kotler et al. (2006) and Cespedes (1994, as cited in Rehme
& Rennhak, 2011) identified key areas which cause conflict between marketing and sales departments, summarized into economic, cultural, informational and organizational factors.
▪ Economic factors are related to the budget allocation among different functions, which also reflects which department shows more power (Kotler et al., 2006). Without proper alignment measures, marketing often becomes an independent player, competing with sales for funding. Furthermore, marketing often pushes for higher prices, to hit revenue goals, whereas sales seeks lower prices to be able to sell more easily (Kotler et al., 2006). As opposed to B2C, sales departments in B2B sector are often dominating, as they are perceived as driving revenues (Cermak, Hancock, Hatami & John, 2014). Marketing’s activities are generally linked to company’s longer-term strategic goals and their short run impact is often hard to measure. Therefore, B2B companies typically invest more in sales departments, which can yield tangible, short term results (Kotler et al. 2006, 71).
▪ Kotler et al. (2006) then identify cultural conflicts, which are caused by a clash between two different mentalities and mindsets working together. Marketers tend to have more analytical skills, ability to work with market data, and think in terms of long-term marketing strategy and brand building (Rehme & Rennhak, 2011). Sales, on the other hand, are more action driven to close deals, spend more time talking to existing or potential clients and are used to rejections (Kotler et al., 2006). This often results in sales claiming that marketing is too far away from the customer, and, marketing thinking that sales people are too short-term oriented (Kotler et al., 2006).
▪ Thirdly, informational conflicts are related to communication and information sharing constraints between sales and marketing (Rehme & Rennhak, 2011). Such problems are usually linked to physical separation of the two departments in the office or if the teams work completely separately due geographical distances (Dawes and Massey 2005, as cited in Rehme & Rennhak, 2011). Conflicts also arise due to mismatch in data and technologies used. Marketing most often complains they need more updated information and consistent use of internal systems from sales, whereas sales would require more timely availability of
9 „The term "smarketing" refers to alignment between your sales and marketing teams created through frequent and direct communication between the two“ (Kusinitz, 2018, par. 1).
information and better-quality leads (InsideView, 2018; Cespedes, as cited in Rehme &
Rennhak, 2011).
▪ The fourth area of conflicts faced by marketing and sales are organizational factors. They refer to confusions around sales versus marketing responsibilities and existence of conflicting goals, incentives and performance measurements, which can distort cooperation and create tension (Rehme & Rennhak, 2011).
According to a study on the biggest challenges of sales and marketing alignment in 2018, 43%
of B2B firms struggle with “lack of accurate/ shared data on target accounts and prospects” and communication issues (InsideView, 2018). Furthermore, the study shows that what sales would require the most from marketing is “better quality and more leads” (InsideView, 2018, p. 8).
Marketing, on the other hand, would need more consistent use of systems and a better lead follow up from sales (InsideView, 2018, p. 8; for more details on study results see Appendix C).
Marketing specialists propose several ways how to solve the misalignment issues. Professor Chris LoDolce from the Hubspot Academy (2015) proposes (1) setting same or interdependent organizational goals; (2) tying the marketing pipeline to sales quotas; (3) making each other’s goals visible; (4) setting compensation based on shared marketing and sales goals and 5) ensuring continual communication and education about buying personas. Furthermore, it is generally agreed that clearly defined and mutually understood stages of funnels and pipelines are the baseline for an effective cooperation between sales and marketing. Sales pipeline shows the specific actions a sales person has to make in order to move a deal from start to close (Freshworks, n.d.). A funnel shows different stages of the selling or buying process and can be described either from the selling company’s or from the buyers’ perspective (Kotler et al., 2006). The former typically includes the following stages, which a potential customer goes through before becoming a real customer: Visitor -> Lead -> Marketing qualified lead (MQL) -> Sales qualified lead (SQL) -> Opportunity -> Customer; with the marketing/sales handover between MQL and SQL stages (Hubspot Academy, 2015). Figure 6 shows the buying funnel from buyer’s perspective, consisting of different events before and after customer buys a product or service.
The separation of different stages nicely illustrates, which aspects marketing and sales teams should influence along the buyers’ journey (Kotler et al., 2006).
Note. Adapted from Kotler, P., Rackham, N., & Krishnaswamy, S. (2006, July-August). Ending the War Between Sales and Marketing. Retrieved from https://hbr.org/2006/07/ending-the- war-between-sales-and-marketing. Figure created by Author, 2019.
As shown in Figure 6, marketing conventionally creates the marketing plan and takes responsibility for the first four stages of the buying funnel (Kotler et al., 2006). In the early stages of company’s presence on a market, the main task of marketing is to make customers aware that the company exists. The so-called brand awareness refers to the situation where consumers are able to recognise and recall company and, ideally, can associate it with certain products or services (Crowne, n.d.). Next, marketing should target their activities to make the brand relevant to the customer and different from others in order to build brand consideration and preference. For example, content marketing10 advocates propose to provide interesting and educative content to create awareness, e.g. placing an expert article on company’s website (De Baere, 2013). The, to make the prospect smoothly enter the consideration phase, there should be a call to action (CTA)11 button, taking the prospect to a different content which would be gated, i.e. requiring contact details (e.g. option to download an eBook by filling in an email address) (De Baere, 2013). This would enable lead generation12, possibility to test the campaign effectiveness and calculate marketing ROI. Next, once the lead is generated, it is handed off to sales for execution and follow up. Such division enables marketing to focus more on strategic tasks and sales on individual sales opportunities. Nevertheless, hand over is also the place where the ‘blame game’
10 „Content marketing is a strategic marketing approach focused on creating and distributing valuable, relevant, and consistent content to attract and retain a clearly defined audience — and, ultimately, to drive profitable customer action“ (Content Marketing Institute, n.d.)
11 CTA is „the part of a story, webpage, advertisement, or piece of content that encourages the audience to do something. In marketing, CTAs help a business convert a viewer, visitor, or reader into a lead for the sales team.
CTAs can drive a variety of different actions depending on the content's goal“ (Leaning, 2019)
12 “Lead generation is the process of attracting and converting strangers and prospects into someone who has indicated interest in your company's product or service.” (Kolowich, 2019)
Figure 6 – The Buying funnel
