Introduction
Ever looked at your B2B marketing results and thought, “There’s got to be a better way?” You’re not alone. When marketing strategies often seem engineered for simpler, B2C arenas, it can feel like an uphill battle trying to effectively market your complex B2B offerings. Here at GrowthMode Marketing, we believe in doing B2B better. Why? Because when it comes to enterprise technology solutions, off-the-shelf strategies often fall short.
Understanding the Importance of B2B Strategy
In the B2B space, the stakes are high. Sales cycles are longer, buyer committees larger, and value propositions typically need to be bespoke. And with the average B2B customer having a much higher lifetime value than a B2C customer, there is a significant potential reward for getting your B2B strategy right.
So, how can you enhance your B2B strategy to guarantee results? As professional B2B marketers specializing in the HR tech and workforce tech sectors, we’ve identified five proven methods that consistently deliver results.
The Role of B2B Better in Enhancing B2B Strategy
From implementing a modern-day marketing strategy to capitalizing on the potential of podcasts, redefining your approach to new business, bridging the gap between marketing and sales, and optimizing with account-based marketing (ABM); we’re about to explore the nuts and bolts of B2B done better.
Let’s look at a quick overview:
- Modern-Day Marketing Strategy: emphasising long sales cycles, tailored value propositions, and large buying committees.
- Podcasts for B2B Marketing: leveraging the benefits of this medium to effectively communicate your solutions.
- Redefining Business Approach: employing industry expertise to reveal critical flaws and solutions in marketing and sales.
- Bridging Marketing and Sales: building brand awareness, credibility, and trust through strategic demand generation.
- Account-Based Marketing (ABM): refining lead generation and sales alignment for an optimized B2B strategy.
Throughout this article, we’ll delve into these strategies, offer insights, and provide tactics that you can use to truly better your B2B strategy. Let’s get started.
Understanding B2B and Its Types
Before we delve into the methods to enhance your B2B strategy, have a clear understanding of what B2B means, and the different types that exist within this space.
Definition of B2B
B2B is an abbreviation for business-to-business. It refers to transactions or business conducted between one business and another, such as a wholesaler and retailer. This is different from B2C (business-to-consumer) transactions, which occur between a business and individual consumers.
B2B transactions often occur in the supply chain, where one company will purchase raw materials from another to be used in the manufacturing process. For example, an automobile manufacturer might purchase steel from a steel mill to produce car bodies.
In the B2B world, the sales cycles are typically longer, the price points are higher, and there are often multiple decision-makers involved in the buying process. This makes B2B marketing a unique challenge that requires a specialized approach.
The Four Types of B2B: Producers, Resellers, Governments, Institutions
In B2B, or business-to-business, transactions, customers aren’t your typical everyday consumers. Instead, they are other businesses. These business customers fall into four main categories: producers, resellers, governments, and institutions. Understanding these categories is vital for any B2B marketing strategy, as it helps tailor the approach to the specific needs and behaviors of each type of customer.
Producers are businesses that create products or services. These could be anything from technology companies manufacturing software to food companies producing organic snacks. At GrowthMode Marketing, we help these producers market their products or services to other businesses that could benefit from them.
Resellers include wholesalers, brokers, and retailers. These businesses buy products or services from producers and then sell them to other businesses or consumers. They play a vital role in the distribution of goods and services in the B2B market.
Governments, both local and national, are significant players in the B2B marketplace. They often purchase a wide range of products and services from businesses, often requiring a specific understanding of public sector procurement processes and policies.
Institutions encompass a broad range of organizations, including schools, hospitals, non-profits, and charities. Like governments, these institutions often have specific procurement processes and may require specialized products or services.
As a B2B marketing agency, we at GrowthMode Marketing understand the complexities of these different types of B2B customers. It allows us to create tailored marketing strategies that effectively reach and engage each type of customer. Whether it’s through targeted content marketing, lead generation strategies, or comprehensive analytics and measurement, we ensure that our clients’ products or services reach the right B2B customers.
Method 1: Implementing a Modern-Day Marketing Strategy
In the realm of B2B marketing, the old way of marketing is no longer enough. It’s not enough to simply push your product or service to the customer. The modern-day B2B strategy involves understanding the intricacies of the B2B buying process and aligning your marketing efforts to meet these unique challenges. This strategy is what we call ‘B2B Better’.
The Importance of Long Sales Cycles, Bespoke Value Propositions, and Big Buying Committees
In the B2B world, sales cycles are longer than in the B2C space. Decisions are made by committees rather than individuals, and each purchase is often a significant financial investment. This means you’re not just selling to a single customer, but to an entire committee of decision-makers. Each one of these individuals has their own needs, preferences, and concerns, and you need to address these throughout the sales process.
Moreover, B2B buyers are looking for bespoke value propositions. They don’t want a one-size-fits-all solution. They need something tailored to their specific needs and challenges. Your marketing strategy must be flexible enough to adapt to these unique requirements and demonstrate the specific value your product or service can bring to their business.
How Marketing Contributes to Revenue
Marketing plays a crucial role in driving revenue in a B2B context. It’s not just about creating awareness and generating leads. It’s about nurturing these leads through the long sales cycle, building relationships, and ultimately, contributing to sales.
According to GrowthMode Marketing, marketing teams using advanced digital tools can create highly targeted and personalized campaigns that drive results. These results are not just immediate but also have a profound long-term effect on a company’s bottom line.
Moreover, a close, collaborative relationship between sales and marketing is key to reaping these long-term benefits. It’s about understanding each other’s roles, aligning on shared goals, and appreciating the unique contributions each team brings to the overall business objectives.
In the end, implementing a modern-day marketing strategy that acknowledges the unique challenges of the B2B space is crucial for driving results. At GrowthMode Marketing, we understand this essential link and work tirelessly to ensure that your sales and marketing teams are always aligned, driving your business towards sustained success.
By embracing a ‘B2B Better’ approach, you’re not just improving your sales or expanding your customer base; you’re building a resilient business that can navigate the complexities of the market and emerge victorious.
Method 2: Utilizing Podcasts for B2B Marketing
One of the most innovative and effective ways to implement a ‘B2B Better’ strategy is by leveraging the power of podcasts. Podcasts offer a unique platform to engage your audience, build brand credibility, and develop thought leadership in your industry.
The Benefits of Branded Shows for Solution-Based Businesses
Branded podcasts are not just about promoting your products or services; they’re about providing valuable content and insights that help your target audience. This can significantly enhance your brand’s reputation and trustworthiness in the eyes of your potential clients.
For example, our work at GrowthMode Marketing involves creating branded shows that keep solution-based businesses top-of-mind and demonstrate their expertise. This approach not only enhances brand awareness but can also generate a long-term, qualified sales pipeline.
Developing an End-to-End Podcast Strategy
When it comes to developing a successful podcast strategy, it’s important to understand your audience, craft quality content, and leverage your social media channels for maximum impact.
At GrowthMode Marketing, we study your business, customers, and competitive landscape to develop a comprehensive podcast strategy. This includes determining the premise, planning the content, and identifying the most effective distribution channels.
Equally important is the continuous optimization of your podcast strategy. Running a sprint-based process, we release new episodes regularly and then analyze their performance to iteratively improve every aspect of the strategy.
Delivering a Unique Point of View on Customer Challenges
One of the key aspects of a successful B2B podcast is delivering a unique point of view on the challenges your customers care about. This approach positions your brand as a thought leader in your industry and provides valuable insights that can help your audience solve their problems.
Furthermore, inviting industry influencers to your podcast can provide unique insights and attract new followers. The goal is not just to promote your business but to provide valuable content that educates your audience and helps them overcome their challenges.
A successful B2B podcast strategy should be a part of your broader ‘B2B Better’ approach. By combining the right format, quality content, and social media integration, you can significantly enhance your B2B marketing efforts and drive substantial revenue growth.
Method 3: Redefining Approach to Winning New Business
In the ever-evolving world of B2B marketing, businesses must continually reassess and adapt their strategies to stay ahead. This can often involve redefining the approach to winning new business.
The Role of Industry Experts in Identifying Flaws in Marketing and Sales
As a B2B company, it’s important to recognize that sometimes, we can be too close to our own processes to see the flaws. This is where industry experts come into play. At GrowthMode Marketing, we leverage our deep understanding of the industry to identify where marketing and sales may be falling short in your business.
The B2B buying process has shifted dramatically, with 90% of B2B buyers starting their buying journey with an online search and more than 50% through the buying process before reaching out to a potential vendor. This change in behavior means that traditional marketing methods may not be as effective as they once were.
Strategies and Solutions for Fixing These Issues
In order to adapt to these changes and make your B2B strategy better, we recommend implementing a digital-first, customer-centric marketing strategy. This involves continuously evaluating and reinventing your online presence, optimizing your site for mobile experience, and refining your virtual event strategies.
Furthermore, we assist in harnessing the abundance of data available to understand your customers better and target your campaigns more effectively. It’s not just about gathering data, but about using it effectively to shorten sales cycles and make a greater impact in less time.
At GrowthMode Marketing, we believe in evolving capabilities through a structured, three-phase approach that includes assessing your current state, designing and testing new strategies, and implementing these strategies while tracking results. This approach focuses on improving key capabilities such as thought-leadership content marketing, dynamic customer experience, unified digital platforms, experimental testing, and results-driven innovation.
By redefining your approach to winning new business in this way, your B2B marketing strategy becomes not only adaptable to the current digital landscape but also primed for future changes. We strive to generate more value at lower costs and help your business thrive in the challenging yet exciting world of B2B marketing.
In the next section, we will discuss how to bridge the gap between marketing and sales, another crucial aspect of enhancing your B2B strategy.
Method 4: Bridging the Gap Between Marketing and Sales
In the process of enhancing your B2B strategy, an essential aspect to consider is the alignment between marketing and sales. These two departments are often seen as separate entities within a company, but in reality, they should function as a cohesive unit. Their collaboration ensures a seamless transition for potential customers as they move from awareness to consideration to decision-making.
The Importance of Demand Generation in B2B Marketing
One of the key strategies to bridge this gap is demand generation. Demand generation is about creating a predictable pipeline for your sales team. It is not just about generating leads; it’s about generating the right leads. High-quality leads are those who have shown genuine interest in your product or service and are more likely to convert into customers.
At GrowthMode Marketing, we understand that every lead isn’t a good lead. We focus our efforts on attracting prospects that fit your ideal customer profile, ensuring that the leads you receive are not only interested in what you offer but are also a good fit for your business, product, and price point. This approach, anchored in real data and evidence, paves the way for shorter sales cycles, higher close rates, and lower customer acquisition costs.
How to Build Brand Awareness, Credibility, and Trust
Brand awareness and credibility play a pivotal role in the B2B buying journey. It’s not just about getting our name out there, but about creating a positive and lasting impression on potential customers. When your brand becomes synonymous with industry expertise, it strengthens your authority and builds trust.
To build this trust and credibility, we utilize strategies such as authentic customer reviews and a robust content strategy. Tailored, timely, and valuable content aids in building your industry expertise, answering buyer concerns, and providing solutions at every stage of their purchase journey.
Our comprehensive approach helps to frame value for buyers by integrating digital content aligned to their objectives, resulting in a more engaged and confident customer base. This ensures that your customers feel confident and in control of their purchase decision, while also advancing them to the next step in their purchase process with clear calls to action.
In the next section, we will delve into Account-Based Marketing (ABM) and how it can further optimize your B2B strategy.
Method 5: Optimizing B2B Strategy with Account-Based Marketing (ABM)
Understanding ABM and Its Role in B2B Marketing
Account-Based Marketing (ABM) is a highly focused marketing approach that zeroes in on a small number of key accounts rather than casting a wide net with broad marketing efforts. This approach can be a game-changer for your B2B strategy, especially if your business deals with high-value accounts or operates in a niche industry.
As per the research, an impressive 87% of B2B marketers reported that their ABM initiatives outperform their other marketing investments in terms of ROI. This is because, with ABM, you’re not just shooting in the dark. You’re focusing all your energy on those accounts that have been identified as having a high potential for conversion.
Furthermore, 91% of companies using ABM increase their average deal size, with 25% reporting an increase of more than 50%. ABM allows for highly personalized marketing activities, which, in turn, can lead to better conversion rates .
Implementing ABM for Better Lead Generation and Sales Alignment
Successfully implementing ABM requires more than just identifying key accounts. It requires a deep understanding of these accounts, their needs, their pain points, and their buying processes. It also requires a close alignment between marketing and sales.
Here’s a step-by-step guide on how to implement ABM to optimize your B2B strategy:
- Identify Key Accounts: This is the first and most crucial step. Use your customer data, industry knowledge, and market research to identify accounts that are most likely to convert.
- Understand Their Needs: Once you have identified your key accounts, strive to understand their needs, pain points, and buying processes. This will allow you to tailor your marketing efforts to their specific needs.
- Develop a Personalized Marketing Strategy: Based on the insights gained in the previous step, develop a personalized marketing strategy for each key account. This could include personalized content, targeted email campaigns, and more.
- Align Marketing and Sales: A successful ABM strategy requires a tight alignment between marketing and sales. Both teams should work together to ensure consistent messaging and to track progress.
- Measure and Optimize: Finally, measure the effectiveness of your ABM strategy and optimize it based on the results. This could involve tweaking your messaging, targeting different accounts, or changing your marketing channels.
At GrowthMode Marketing, we believe in the power of ABM and its potential to transform your B2B strategy. We can help you implement an ABM strategy that not only drives customer retention but also increases revenue by focusing on high-value accounts.
In conclusion, enhancing your B2B strategy involves a mix of modern marketing strategies, podcasts, redefining the approach to winning new business, bridging the gap between marketing and sales, and optimizing with ABM. By implementing these strategies, you can drive brand loyalty, increase revenue, and ensure continuous growth in an increasingly digital and personal marketing world.
Conclusion
Recap of the 5 Methods to Enhance B2B Strategy
In order to make your B2B better, it’s crucial to incorporate a combination of strategies that align with the evolving demands of the market. The five methods we’ve outlined in this article provide a comprehensive approach for enhancing your B2B strategy to drive growth and revenue:
- Implementing a modern-day marketing strategy that focuses on long sales cycles, bespoke value propositions, and big buying committees.
- Utilizing podcasts as a powerful tool for B2B marketing, delivering unique perspectives on customer challenges and developing an end-to-end podcast strategy.
- Redefining your approach to winning new business by identifying flaws in marketing and sales, and implementing strategies to fix these issues.
- Bridging the gap between marketing and sales through demand generation, which is crucial for building brand awareness, credibility, and trust.
- Optimizing your B2B strategy with Account-Based Marketing (ABM) for better lead generation and sales alignment.
The Future of B2B Strategy: Continuous Improvement and Adaptation
As the business landscape continues to evolve, so too should your B2B strategy. To stay competitive and relevant, continuous improvement and adaptation are key. This involves staying abreast of the latest industry trends, harnessing data effectively, and evolving capabilities through a structured, three-phase approach of assessing your current state, designing and testing new strategies, and implementing these strategies while tracking results.
At GrowthMode Marketing, we are committed to helping you navigate these challenges and guide you through the hurdles of B2B marketing for maximum success. Whether it’s adapting to digital empowerment and changing customer behavior, harnessing data and shortening sales cycles, or evolving capabilities, we’re here to support and guide you every step of the way.
As we move forward into the future of B2B marketing, it’s clear that the game has changed. The need for a high-quality digital customer experience is now a non-negotiable standard. By working with us, we ensure that your B2B marketing strategy is not only adaptable to the current digital landscape but is also primed for future changes.
We strive to generate more value at lower costs and help your business thrive in the challenging yet exciting world of B2B marketing. For further insights and strategies for B2B marketing, check out our blog and learn more about our B2B demand generation services.
