For the last few years, I have been considering the question; is the B2B sector really embracing marketing? Are B2B organisations giving marketing the focus and investment it deserves? Or is it seen as an add-on or even a necessary evil? From my own experience of working with companies across the B2B sector, it seems the bias is towards the latter. A bizarre thought, especially when you consider that companies which incorporate marketing campaigns into their daily activity enjoy 60% more business than those who don’t.
Let’s look at this a bit closer.
Many of us will have come across a small to medium company in the UK that does not consider marketing as part of their actions instead, relying on ‘word of mouth’ and repeat business to generate revenue. Often these companies are doing just fine – there’s no doubt that word of mouth is an effective marketing tactic, but will it stay this way?
Others, of course, will invest the bare minimum in B2B marketing, building a website and potentially placing some advertising, and generally think that this is good enough. But are they missing out on additional sales by failing to invest further?
The new age customer
If you consider the new generation that is growing up around us and the way they interact with the world, search for information or purchase goods, then you will notice a significant shift that happened when you weren’t looking.
Today’s word of mouth happens online; on search engines, social media platforms and review sites. The first step in the sales funnel is Google search and your company website. The human interaction between a buyer and salesperson may not happen until a Linkedin connection has been established, for example. And often that will come after the ‘new age’ customer has researched you and your competitors and knows exactly what she or he is looking for.
In fact, a huge 87% of people say they trust online reviews from strangers as much as their friends. They come educated, armed with the latest data and news, aware of your market, competition and weaknesses. Are you ready for this new generation of customers? Are you promoting your business effectively and through the right channels?
B2B marketing 101: Which path to take?
I have worked with many businesses throughout my career faced with choosing one of three options:
Option 1. “Things are fine, my product is good, customers know it I don’t need all this marketing stuff.”
If you’re steering towards option 1, then my advice is to be careful. Whilst you’re certainly not the only company taking this approach, time is moving fast and your competition is not standing still. No matter how big or small you may be it is essential to be visible on the market.
As the old saying says; ‘if you stand still then you are moving backwards’. Don’t let yourself be overtaken by others and lose your business. Don’t lose sales leads and potential customers only because they can’t find you in places they are looking.
Option 2. “Maybe there is something in this. Perhaps I should look into marketing as a way of getting more leads and new customers.”
If you’re in the option 2 group, well done – you made the first step. You decided to implement marketing in your company strategy, all you need now is a good marketing plan, created for you with a bespoke focus on your market. It’s time to move forward, up your game, increase visibility, get more leads and drive new business. You are on the right path and with some additional activity you can grow your customer base, showcase your company and increases profits.
Option 3. ”I really see the value in B2B marketing. Our website performs well, we’re visible in the key trade press, we create content on a regular basis and we’ve got an effective B2B social media strategy in place.”
Congratulations! You just need to continue the good work. Keep doing what you’re doing, review your marketing plan periodically, adjust it to the market conditions and you can reap the benefits of being leaders in your market.
Sales and marketing: Are we really together?
It’s important to remember that marketing is a supportive discipline for sales activity. B2B marketing – or any marketing for that matter – creates a buzz, generating interest and the need to know more. It creates the feeling of need, trust and anticipation, which sales on its own will never be able to deliver. The sales team taps into this interest, promotion and hype and converts it into hard cash. Simple, but achievable – and if you decide to skip marketing in your activities, you’re making the sales process that bit harder.
I think it’s fair to say that we have a way to go to unlock the potential of B2B marketing. We are not as agile in the B2B sector as those in fast moving goods or B2C in general. But remember, all they do is react to the market around them. Shouldn’t we do the same?
Join the conversation
I’d love to hear your thoughts on this subject. What are your own experiences from B2B organisations? Leave a comment and tell me what you think.
If you need any support in developing a marketing strategy for your B2B business, click here to see how I can help.