Chances are, you know established B2B companies that have achieved a decent level of success without spending much time or energy on marketing. Maybe yours is one of them.
Sure, you may have dabbled in email marketing, invested in a website, and attend a trade show or two each year. The problem is, you are missing a very big payoff by avoiding a more focused marketing effort.
Fact is, the digital space has changed the way people do most everything – communicate, research, educate, work and buy. Businesses that have embraced this change are reaping the rewards and those that have not are most likely seeing their efforts of “business as usual” becoming harder and harder to maintain.
So what’s stopping you?
I believe the biggest issue for most business leaders is the overwhelming nature of marketing, especially as it pertains to technology. Many think about tactics such as social media or pay-per-click but have no idea how to get started. Or, they mistakenly believe these tactics can’t produce results for their business.
“We have a large sales team and it’s their job to get new business.”
Yes and no. A salesperson can only sell a well developed, strong product or service for a company that is clear in its brand, message and audience. Everyone knows it is much harder for salespeople to open doors the same way they did 15, 10 or even 5 years ago.
Businesses that don’t invest in marketing research have no way of knowing about everything that impacts how and why their buyers make decisions when searching for solutions (both off and online). Without that intelligence, you are missing key information that your sales team needs and wants to be effective.
“Our buyers are not on the internet.”
Everyone is on the internet, all day, every day!
In today’s world, you can find most anything at your fingertips on any device at any time. That means your business can reach your audience online, too. You just need to know where they are, what they are looking to learn, and how they want to be engaged.
“We’ve tried SEO and it didn’t work.”
Yes, it is really, really hard to wait for search engine optimization to work. It takes the patience of a saint. And for some it may not pay off at all depending on the competitive nature of your business.
SEO might not be everything you need to succeed. But in this day and age, it is important for the long-term success of any business to have a professional, current digital presence.
“We don’t have the technology in place and it’s too disruptive or costly to start now.”
Ok, technology can be expensive. However, it can also save you a great deal of time which can save you money. The right technology can not only streamline many parts of your business but also provide you with data and insights about your prospects, buyers and overall business. Those insights help you make better business decisions moving forward, again translating into dollars.
Technology is not going away, you must adapt to stay competitive.
“Marketing is an expense we cannot afford.”
Whether or not you specifically call it marketing, everything you and all of the people in your organization do every day to gain customers and maintain relationships, is in essence marketing.
The efforts you make to:
- attract new business (the way you position and promote the company),
- engage new clients (make it easy for them to work with you),
- delight your customers (deliver outstanding customer service),
… it is all marketing!
So like it or not, you are already spending time, resources, and money on marketing. The question is, are you doing it effectively, and are you getting the best bang for your buck?
If you don’t have FOMO yet, here’s why you should…
When it comes to attracting new business:
- 67% of the buyer’s journey is done digitally (Medium Corp.)
- 70% of consumers want to learn about products through content as opposed to traditional advertising methods (MDG Advertising)
- 75% of B2B buyers use social media to support their purchase decision (HubSpot)
- 84% of B2B buyers are now starting the purchasing process with a referral (HBR)
Cost of doing nothing: People are solving problems by doing their research first and talking to solution providers second. You need to be one of the solution providers they find. If you are not visible to them, they will not know your business is an option. How much market share are you missing out on?
When it comes to engaging new business:
- At least half of all B2B researchers are millennials (Think with Google)
- It takes 18 dials to connect with a buyer (TOPO Blog)
- In a typical firm with 100 to 500 employees, an average of 7 people are involved in most buying decisions (Peak Sales Recruiting)
- While 64% of the C-suite have final sign off, 81% of non-C-suiters have a say in purchase decisions (Think with Google)
Cost of doing nothing: Most B2B sales cycles are longer and more complex than ever. Multiple stakeholders with differing needs and pain points makes it critical that marketing uncover information about the buyer’s and influencer’s journey to support the sales process with appropriate content. Do you know why deals are not closing, what your conversion rate is, how much you are actually losing?
When it comes to delighting clients:
- 68% of customers are lost because of indifference or perceived apathy (Blender)
- It is 5 times more expensive to acquire a new customer than it is to retain an existing one (Invesp)
- 80% of your future profits will come from just 20% of your existing customers (RESCI)
- 83% of customers are willing to refer after a positive experience, yet only 29% actually do (Referral SAASquatch)
Cost of doing nothing: Getting more business from current customers costs you less than winning new ones. And, if current customers are “delighted” by your products and services, they will sing your praises driving even more business your way. Do you have processes in place to offer the right options at the right time to your customers? How much are you leaving on the table?
“We just don’t know where to start, it’s overwhelming.”
I get it, sometimes it’s just easier to do nothing than add another thing to your plate that may cause anxiety and cost money.
My best advice here is to shift your thinking about marketing, call it “business improvements” if it makes you feel better. Begin by looking at your business from the attract-engage-delight continuum, uncover the areas that are easiest for you to address and make a positive impact.
Have questions or want to learn more? I am happy to chat, just give me a call at 973-214-5942 or send an me an email.