Let’s face it: marketing effectively can be challenging to get right. The reason for the difficulty is not far-fetched. Think about a highly resonating campaign that does not cost an arm and a leg and gets published on the appropriate channels—no wonder the thought of resuming work after a restful weekend brings on a bit of a headache.
As a B2B company, there are usually many factors to juggle when developing your marketing strategy, the biggest of which is your audience. When creating a marketing strategy, you need to know your ideal audience and tailor your marketing strategies to them. Failure to do this is equivalent to winking in the dark. You might as well close both eyes and lay back on your pillow because nobody sees you.
The target audience for a business that services another business will be different from that of a business that markets to individuals. Understanding this is the key to creating a highly effective B2B marketing strategy. Once you know your buyer persona, the next step is to create a highly converting marketing campaign that will resonate with your audience and ultimately convert to revenue generation for you.
This article details all you need to know about creating an effective marketing strategy that will give your B2B company the leverage it needs to thrive in your industry. You will learn what B2B marketing is, how it works, effective B2B marketing strategies in 2021, and tips you can use to create your own effective marketing strategy. In short, this article is a complete guide to B2B marketing and the solution to your marketing needs.
What is B2B Marketing?
B2B marketing, also known as business to business marketing or B2B sales, refers to marketing products and/or services to other businesses and/or organizations. In simple terms, it means marketing your company’s products or services to another company that needs to purchase them to maintain or improve its operations. Thus, it is quite different from B2C marketing, where you sell directly to individual consumers.
When creating content for your B2B sales campaign, you have to keep the content as straightforward and informational as possible. This is because your buyer persona will base their purchase decisions more on logic and financial bottom-line than emotions, as is usually the case with individual consumers in B2C marketing. Because of this, a typical B2B marketing campaign targets the individual with control or most considerable influence on the purchase decisions. However, sometimes, the purchase decision is not in the hands of an individual. Instead, it may encompass a chain of command ranging from a low-level researcher to the “top floor”.
All of this makes B2B marketing a complex and occasionally challenging terrain to navigate. However, evolving data sources into more robust and accurate versions makes it relatively easier to map out a buyer persona and reach them with relevant and personalized information.
How B2B marketing works
We have established that B2B marketing targets companies instead of individuals. So to create a B2B sales campaign that works, you have to understand your target audience’s business needs.
With this understanding, you can fashion your campaign to convince your target business that your products or services will yield a great return on investment (ROI) for them. To do this successfully, you have to focus on strategies that focus on building relationships with these other businesses and highlighting how doing business with you will ultimately add value to their bottom line.
The exact way to do this varies based on the type of business you are running and your B2B marketing plan. For example, take a digital marketing firm that specializes in content marketing and social media management. Here, the B2B sales campaign will focus on how retaining the business’s services will eventually yield more significant revenue for its prospective client.
Having said this, what tactics have proven to be the best practices of B2B marketing in 2021?
Best practices for B2B marketing
Before going into the most effective tactics for attracting B2B sales, we will briefly discuss best practices for securing the most significant impact possible as a B2B company.
One way to get details of your ideal audience is by leveraging demographic information from social media platforms like Facebook’s audience insights. You can also get audience information from your own Google Analytics. With this information, you can whittle down your target audience into those who are “ready to purchase now”. The data also allows you to create marketing campaigns that are “lean and fast”.
Understand your target businesses
Consumers, and this includes business-to-business audiences, prefer transacting with companies that understand their business. One survey showed that 80%1 of their respondents preferred working with companies that offered personalized approaches2. What this means for you as a marketer is that you cannot approach a prospect with a conversation opener like, “Can I ask you a few questions?” Businesses that have blazed the trail with B2B marketing typically open conversations with something like, “We noticed that you’ve been showing interest in…”
To get the kind of insights that will enable you to operate like this, you have to follow social media threads and give your best shot at understanding who might be on the purchase committee. Of course, this is no walk in the park, especially since it is only an average of about 6.8 people that are involved in purchase decisions3. However, if you can do this, you will position your B2B company as an authority figure in your industry.
Keep prospective buyers engaged
It is not enough to have made contact with a potential client. You must ensure that their engagement does not wane by providing information that continues to be of value to your prospect. One way to be sure you are hitting the mark is by using tools that will allow you to monitor your interactions with your prospects and see where they dig in and where they ignore. With this feedback loop, you can tailor your B2B marketing plans to that buyer persona needs.
As an offshoot of understanding your audience, derived demand helps you provide more excellent value for your audience by understanding their customer. Derived demand understands that for every B2B product, a consumer ultimately pays for it. Although this sounds a bit like incorporating B2C marketing into your sales campaign, it really isn’t. In fact, not factoring in the end-user when developing marketing strategies is a mistake that lots of B2B companies make. Could you not join them?
A company that produces cars will rely on several other companies for the different parts that make up the car. Likewise, a building contractor will depend on several other businesses for the building materials to complete the project. By factoring in the end-user and aiming to provide services that will give them better purchase experiences, you will be able to give your own customer more fantastic value for their bucks.
6 most effective B2B marketing strategies in 2021
There are several B2B marketing tactics that businesses have employed in getting in the face of their target audiences. However, getting impressive results is a function of knowing these tactics and applying them correctly all through the different stages of the buyer’s journey. Some of the tactics we will name will undoubtedly be familiar to you, and you might have even applied one or more during your marketing campaigns.
1. Email marketing
Don’t be lulled into thinking that email marketing has gone obsolete, though it may seem like it. On the contrary, it is a crucial digital marketing strategy that still yields impressive results. Emails give you a unique opportunity to reach your prospective clients right in their inboxes. Statistics have shown that 93% of B2B marketing specialists use email marketing to establish and nurture new business relations.4With an effective email marketing strategy, you will also maintain your relationships with your current clientele, keeping them apprised of upcoming events and deals.
2. Content Marketing
Before you can attain top-of-mind status with your clients, both new and old, you must have got them to know, like, and trust you. This is commonly known as the KLT factor. In getting a prospect to know, like, and trust you, you must have helpful information on your…
Read More:A complete guide to B2B marketing