In an earlier blog post, Rationale of Using Webinars to Generate Grassroot Demand, I touched upon the marketing communication spectrum and its relevance in generating grassroot demand for your products through webinars. In this blog, I would like to take the idea a bit further and explore its potential to boost sales.
As a B2B organization, you may be familiar with the growth matrix. This standard matrix was given by Igor Ansoff, who was a very popular Russian-American mathematician and business manager. Some say that he is the father of strategic management.
The model has products on the x axis and markets on the y axis. Products are further bifurcated or divided into new and present. What the matrix tells us is that there are four possible ways of increasing sales:
- Deeper penetration into existing markets with existing products (Market Penetration)
- Developing new markets for existing products (Marketing Development)
- Creating new products catering to the needs of existing markets (Product Development)
- Creating new products suitable for newer markets (Diversification)
If you keep the Igor Ansoff matrix in mind and the marketing communication spectrum, you will discover that a number of educational opportunities are available in each of these areas.
You need to move your prospects
- from unawareness to awareness
- awareness to comprehension followed by
- conviction and action
For these four major opportunities or areas, you can use webinars as a means to promote your idea, thought, solution or product. Once your prospects are aware of your product and understand its benefits, they are likely to follow it up by taking an action – either by purchasing it or by advocating it among their peers. Though the benefits in terms of sales may not be seen immediately, it sure would have its long-term benefits and that explains why many organizations are increasingly using webinars to introduce their products and educate their customers and key stakeholders about their products.
What is best about webinars is that in addition to having it live, you can convert them to on-demand programs and host it on your website or intranet site for your extended stakeholders to benefit from the knowledge transfer. In fact, we have been helping our clients convert their live webinars to on-demand programs and they have reported that their extended stakeholders have immensely benefited from this service. Do you use webinars to educate your partners, dealers or distributors? What has been your experience in terms of their effects on sales? Do share your experiences.