How B2B digital Leaders Succeed to Grow Faster than their Peers
The B2B industry is never going to stop growing; same is the case with pioneers of the industry who know how to maintain a benchmark in such competitive niche. Use of digital techniques and technologies is rapidly increasing to keep online customers engaged and everyone in the industry is aware of it, but B2B digital leaders go much further. They know how to superficially get involved with B2B marketing innovations and dramatically transform the organization’s marketing functions.
To take advantage of an explosion of B2B Marketing techniques and deliver personalization at scale the leaders of B2B digital world are seen emphasizing on predictive analytics, content and market automation and retooling of existing marketing strategies along with keeping a consistent customer experience maintained.
Attention to Consistent Offline and Online Experience
Consistency in customer experience can be maintained better after understanding the buying behavior of customers. Stats by Mckinsey suggest that B2B buyers are most likely to spend more when they interact with multiple channels like ecommerce store, field sales etc as compared to those who engage with one channel only. This triggers the need of cross channel integration but that also makes the entire process complicated. The fact that average B2B buyer uses six different channels during the decision making journey make B2B companies struggle with disjointed selling models.
In addition, mobile devices are most used by the buyers during their decision process. Study suggests that 90% of B2B buyers use mobile phone at least once during decision making. On the flip side, less than 10% of B2B organizations observe a compelling mobile strategy. Such difference means being ineffective in terms of providing buyers with easy access to functions over mobile devices ultimately pushes you three times backward from the top performing organizations.
B2B leaders are taking things to a whole another level. For instance, corporate clients that belong to leading B2B organizations have a single point access to features like personalized reporting and real-time account overviews along with the ability to hedge transaction and make payment from anywhere across the globe. They stepped forward and overhauled their customer data processes so that the information and solutions can be automatically updated across all channels.
Emphasizing on Data Collection
The secret behind successful targeting of top performing B2B companies is advanced analytics tool that cater to enhanced insight generation. After these tools are put to work the sales force get a clear picture of what kind of content, services and offers will hit the right notes. Moreover, they can easily keep track of the customer’s decision making journey and respond prospects with tailored offers and advice.
Introducing a Culture grounded on Innovation and Execution
Research reports that one-third of B2B companies move from the idea of a digital initiative to its implementation in one year span but only 15% consider methods that shortens the learning process and cater to prototyping at a faster pace. Cutting the learning curve short required for innovation and customer satisfaction accelerates the implementation of an effective digital initiative and in no time you move to a whole another level before anyone else gets there. For instance, to deploy agile development practices in short time leading B2B companies take advantage of digital hackathons – a social coding event where diverse programmers gather to improve an existing software program or build a new one.
Transforming the Organizational Structure
Increased awareness and a transformed buying behavior of B2B customers grounded on research and purchase through digital channels has expanded the role of marketing. Effective marketing strategies are responsible to shape the customers buying journey and lead them towards a successful solution. Digital B2B leaders never refrain from reworking their marketing budget and spending mix and strongly adhere to shift more resources towards digital channels, to stay ahead of their peers.
Retooling Existing Capabilities
Reviving existing digital capabilities must never go out of the picture to ensure the lead. These are some basic marketing practices that require transformation with passing time.
Brand – Branding can be further enhanced by opting for methods other than traditional options like TV and print ads. For example, brand story telling is not just innovative but also known to leave a lasting impression.
Events – General B2B events are one of the most important elements of marketing and makes up to 20% of marketing budget. Fusing in digital technology can maximize the impact. For instance, participation from people outside the convention hall makes a difference and that can be done be encouraged through digital and social channels. Webinars can also be used reduce costs and increase audience engagement.
Digital Presence - Introducing mobile apps influences the ease of use by catering to personalization and engagement
Overall, the key to generate revenue and is transformation as it is the major approach of leading digital B2B leaders. The consistently changing face of B2B marketing clearly indicates that for any organization to lead, a journey through faced processes is required to be made to revive and evolve.