In this video we introduced to save model of International B2B marketing as an alternative to the 4P's. Over many decades 4P's have proven to be extraordinarily helpful for framing, consumer oriented B2C marketing. But much less or less appropriate for B2B marketing. Trying to apply the 4P's to B2B marketing seems like trying to pound a square peg into a round hole. In response to this difficulty, the save model was explicitly developed to provide the alternative model in template for B2B marketing. >> The SAVE model suggests that international firms should devote B2B marketing efforts on finding ways to add value for customers. Rather than on moving them through a marketing funnel. Instead of the 4P's, the SAVE model proposes solutions access value in education. Comparing the 4P's model to the SAVE model, we find that instead of product, SAVE focuses on solutions and needs to be satisfied. Instead of place, SAVE focuses on access and the entire transaction journey of a customer or client. Instead of price SAVE focuses on value in benefits. And finally, instead of promotion, SAVE focuses on education by providing relevant information, data and expertise. Let's look at each of these components in more detail. >> SAVE proposes that B2B marked manager should define product offerings by problem solved and not by features, functions or technological superiority. There's an old trope that customers don't want a 10 millimeter drillbit, but they really want a 10 millimeter hole somewhere. Therefore, managers should take customer's centric view with B2B transactions and understand that customers want solutions, not products. We could define solutions as a value, added combinations of products, services, plus software plus training. Plus any other attributes that add value for customers. We should also think of offering services rather than selling products. For example, business software today is often sold as a subscription service rather than as a one time product buy. With SAVE, access is defined as an integrated cross channel strategy for customers entire purchase journey. Instead of emphasizing purchased locations in specific channels. In other words, company should provide customers with easy access for all transactions on their journey. From first interest through post sales service and support. This will often require multiple modes of B2B communication and interaction. Such as websites, email, trade fairs, online information and help via phones and online chat. There was an example of this several years ago, my University undertook a study of what it took for newly admitted students. To actually enroll in the University. They found that he took up to 15 or 20 steps in order to enroll. This meant visiting 15 or 20 different websites not connected. So with a lot of work with the University put together a single platform where enrolling students could get all that work done. One place. Keep track of what they've done, what they hadn't made it much simpler. That's the sort of access in the journey that we want to provide for our customers. With value B2B manager should focus on benefits relative to price. Rather than stressing how price relates to production costs, profit margins or competitors prices. For the focus on benefits, we might stress increasing market share, time savings that are product brings, our quality control. Reduce complexity and lower overhead costs, lower costs of production or service delivery. Better communication with clients and customers and achieving larger corporate objectives. Such as market share, customer service and revenue goals. The ultimate objective of this approach is to rationally demonstrate to a customer that the benefits received of a product or service will be greater than the price paid. Finally, the SAVE education component suggested that B2B transactions provide information relevant to a customer specific needs. Rather than relying on general advertising PR in traditional promotions. This could be accomplished by building trusted personal relationships rather than engaging in impersonal promotion. So that customers will seek us out to provide expertise and integrative and creative ideas. To successfully accomplish this. We need to understand the needs of all stakeholders, including buyers, engineers, designers, executives. And anyone else with an interest in the transaction. Further, we can develop a reputation for expertise in good ideas using multiple venues for education. Such as one-on-one sales presentations. Trade shows and conventions. Professional meetings, and articles in trade journals. In summary, the SAVE model suggests that B2B marketing efforts be devoted to finding ways to add value for customers. The SAVE business oriented model is a substitute for the consumer oriented 4P's model. And it's especially useful for large complex B2B projects and transactions. With the SAVE model the focus is on finding solutions for customer problems, providing multiple means of access and communication. Delivering value of expertise and creative ideas, and on providing valuable information expertise in education. The SAVE model has gained significant traction among B2B managers over the past decade. Since it provides a more coherent and constructive approach to business to business transactions. Then does the classic 4P's model for consumer marketing. SAVE model, therefore belongs in the tool chest of any business managers engaged in international B2B marketing.
