How to Ensure B2B Marketing Success in a Digital Economy
B2B marketers usually find it challenging to discover simple and smart solutions for running successful B2B online marketing campaigns.
The article covers a sequence of steps that will reveal how to ensure B2B marketing success in digital economy.
As you may know, marketers are rapidly moving towards the digital marketing channels for the following reasons.
- Online media has rich data of customers as compare to offline media.
- Online marketing is usually cheaper than offline marketing.
- People tend to spend more time on digital mediums rather than offline mediums.
These three elements not only give rise to the digital entrepreneurship but also influence the corporate world to utilize the opportunity to avail digital marketing tools for sales, marketing and branding. Now, the question hammers upon digital marketers and novice B2B entrepreneurs that from where they need to start.
Do Marketing Research
Most B2B companies believe that they do not need any proper research and development. Their decisions are solely based on hunches, experiences, observations and assumptions. We are living in the age where digital trends and consumer needs are changing and shaping rapidly. To cope with the raging digital marketing pace you must be aware of:
- What are current and future digital trends and technologies pertaining to your product, industry and consumer preferences?
- Which trends and technologies can give a breakthrough and which ones are required to be deployed?
- What are the real needs of your clients? What solutions can successfully exceed their expectations?
- What regions, demographics and psychographics belong to your target audience?
- What are the online platforms where you can find masses of your target audience cost efficiently?
- Which digital marketing online paid and organic tools are most effective for your marketing campaign in terms of sales and branding?
- What timing will be more suitable for your marketing campaign?
- How will you test, measure and monitor your marketing campaign in terms of sales and brand?
These questions will not only organize your efforts but you will also feel a sense of uniformity during your journey towards the execution of digital marketing strategies. When you design your plans and strategies according to the data that you get with empirical support and research evidences your chances of success are brighter than those who make decisions based on hunches and assumptions.
In your research you can take the help of online research agencies, experts and your clients. You can further perform SWOT analysis then design your marketing objectives, plans and strategies.
Design a Value Proposition
In the light of above research questions, B2B marketer needs to design a value proposition of their products or services. Value Proposition is a set of benefits that you will promise to deliver to the client in the form of product or service offering. The value proposition consists of performance, problem solving ability, economical status or other remarkable elements in your product offering. Here you also need to decide the kind of positioning (an image of your company or product) that you want your consumers to hold about your brand. Certain B2B products are cheap in price and quality and some boast best quality. You can choose the positioning area by determining your resources, capabilities and studying the sentiments of your consumers (what appeal them the most).
Shaping Product or Service Process
In order to be successful in value proposition you need to dissect every benefit in your product or service offering. Moreover, in order to be successful in value proposition you need to dissect every benefit and cost in your product or service offering Benefits are solution of problem, customer support (quick and reliable) and image (social recognition).
Cost is value paid by the customer in return for good or service acquired. Let’s breakdown the cost of the product or service:
Money: It is monetary cost of a client. The customer pays to get the product or service.
Time cost: This is the quantity of time customer has to wait for product or service delivery.
Psychological cost: It is the duration of an effort and mental energy that customer bears to get your product or service.
When you are planning to establish the USP (Unique selling proposition), competitive advantage and positioning of your product or service. You have to work out how you can raise the number of benefits and reduce the quantity of costs to increase the perceived value (benefit) i.e. attractiveness towards your product offering in the mind of the customer.
Establish Particular Market Segmentation
Once you are done with product or service offering and value proposition, you need to identify the different group of customers in the light of demographics and firmographics.
Highlight the sets of your prospects that are easily accessible, responsive, profitable in terms of purchasing power and willing to buy your product or service.
Generally B2B segmentation is applied on the clients who are price conscious, quality conscious, time conscious, negotiators and range prospects. Here, B2B marketers need to establish separate profiles for customer and markets in relationship with the products or services offered and purchased.
Establish a Strong Website
Once you have designed your product offering, USP, positioning and competitive advantage you can head towards establishing a strong, responsive, eye catchy website for your clients. Make sure that your website features a user friendly interface that allows visitors to easily navigate and experience a highly responsive error free browsing.
The website should carry detailed information about your products in form of catalogues, social media links and videos. The website must appeal to business needs and solutions of the customer, aligning their needs with your product offerings.
Website interface must influence the visitor to browse more relevant pages. The sign up process should be easy, time saving and simple to gather quality data of the prospect. You can add an option of buying product or buying need in the section of sign up process. In this way, user can express which product or service he wants to buy.
You can also add the list of satisfied customers to your website to gain trust and confidence of fresh prospects.
Payment Friendly Site
The website must be user friendly and capable to receive payments if the customer is willing to pay online. It must be strong enough to execute multiple transactions at the same time as well. In addition, multiple modes (FOB, CIF, LC etc.) and mediums (PayPal, Western Union etc) can be offered to the client in order to make the online payment method convenient for the customer.
If you can add a video to the website representing product information and details associated with consumption to packaging, delivery and payment method. It can play a vital role for establishing trust and confidence of client to your B2B digital brand.
Establish Best Automated Software CRM
The B2B website must be efficient in coordinating inventory management with stocks purchase, sales, delivery of goods and executing financial transactions. Therefore, back end links must be strong enough to support each and every function executed in the website.
The automated software must be capable to track and keep record of all activities. It must help in maintaining statistics of:
- Impressions, Clicks and sign ups.
- Browsing of relevant and irrelevant pages.
- Number Visitors browsing your website.
- Number of qualified and unqualified leads.
- Number of sales deliveries.
- Sales follow up activities (like call, chat and emailing, follow up and chasing fresh prospects),
- Number of email verified and unverified emails.
- Recording demographics and behavior graphics activities of visitors, users, prospects, customers.
- Number of repeat purchases vs. non repeat purchases and keep track for both of them.
Similarly, the automated software must also be able to keep track of cost and sales for each activity executed for organic and paid online marketing campaigns including social media marketing, SEO, SEM, PPC, content marketing, and mobile marketing. Though CRM highlights cost per client with statistics and indicate which forums are time and money wasters and which are efficient and profitable. Consequently, CRM will help in forecasting which online marketing channel will comply with upcoming digital trends and why B2B marketer must opt for them.
Consequently, these statistics will help in quantification of cost, revenue and net profit on daily, weekly, monthly and quarterly basis. This quantification is extremely significant in forecasting, marketing, sales planning, budgeting and cost cutting.
In addition to this, the record of reasons and causes for every activity can be further used for research purpose by identifying strengths and loopholes in the digital marketing and sales mechanism.
Capitalize the Best Digital Marketing Tools
Here you need to identify which organic and paid marketing tools are most effective for boosting your brand and sales.
The image shows a range of tools that are generally utilized by B2B marketers for digital marketing. Here’s a quick guide on how to make the most of these digital marketing techniques.
SEO and Web Optimization: It is a cost efficient way to rank your site on top of search engine results and generate quality traffic. The SEO resource must be skilled to give you desired results.
Content Marketing: Find out conversion, engagement and traffic statistics of your target audience and figure out what engages your target audience then deploy relevant content and target your audience at the right place in right time.
Video marketing: Use videos in your paid and organic marketing campaigns. They are rich resource of retention according to Vidyard.
Mobile marketing: Capture your target audience on their smart phones. Though research shows internet users generally use smart phones for browsing as compare to computers, laptops and notebooks. Therefore mobile ads can play more effective role for reaching target audience at their location more than any other device and marketing tool.
Social Media Marketing: Identify social media platforms where your audience is most active then target them with content that complies with their business and entertainment needs. Entertainment is a crucial element in establishing a strong bond with your audience according to research studies.
The key to success in digital economy and B2B sales lead generation is keeping track of marketing and sales activities in terms of profit and costs. You can design your digital strategy by anticipating future consumer preferences, digital trends and capabilities of your company. In addition, effective SWOT analysis and digital strategies grounded on it will be a plus point.