Advertising is to market your product to public by putting a spotlight on a product, service or business through paid broadcasting – print or digital.
2. What is B2B (Business-to-Business) and B2C (Business-to-Consumer)?
B2B is an adjective used to describe companies that sell to other businesses. For example, Google and Oracle are primarily B2B companies.
B2C are the companies that sell directly to consumers. For example, Amazon, Apple, and Nike are primarily B2C companies.
3. Can the company grow faster selling to current customers or new ones?
If you're already selling a product, you may be able to grow faster by selling new products to your existing customers. Or faster growth may come from selling your current products to a new group of customers.
4. What new products can we sell to existing customers?
If you decide that the best growth path may be from selling new products to your current customers, here are four steps that will help you build the right product:
a. Ask your customers to tell you their goals and the biggest barriers to achieving them.
b. Brainstorm new product ideas that would help your customers leap over these barriers.
c. Build a prototype of the best ideas and get customer feedback.
d. Turn the most promising ideas into your next product.
5. Which new customers should we target and what should we sell them?
If you decide that selling the same product to new customers is the way to go, which new customers should you pick? They might be people who have the same issues, needs and wants as your existing customers--say people in some other cities who you have not yet tried to contact.
Here are four steps to get you started on sourcing growth from new customers:
a. Brainstorm four groups of potential customers.
b. For each of the four, conduct focus groups of six potential customers to explore the fit between their needs and those of current customers.
c. Estimate the potential revenue from the customer groups that fit.
d. Execute a marketing strategy to take share from those groups.
6. What is Customer Relationship Management (CRM)?
CRM is a system that manages a company’s interactions with current and potential customers by using technology to organize, automate, and integrate sales calls and emails.