Businesses have always been selling to other businesses, but with advancements in technologies in recent years, the B2B marketplace has escalated to new heights. Online has been the number one reason for this, offering everything from low costs to measurable data which has allowed B2B marketers the opportunity to educate and reach their clients.
That said, knowing which marketing strategies to actually use is still a challenge and there have been several misconceptions about what makes B2B marketing successful.
Here are 3 common mistakes to take into considering, and ways to avoid wasting marketing efforts.
Fallacy #1: The last buyer action provides an accurate idea of where to invest budget
Saying that B2B marketers measure only the last buyer action – ie. A click or a purchase – within the entire campaign may sound inane. However, a vast number of B2B marketers fail to take into consideration that buyers interact with a brand on an average of 4.3 times in the final 2 days before making a purchase, according to Google analytics.
That means that if you’re measuring the value of a campaign only by the last marketing push, your measurement o ROI is over 100% incorrect.
Today, marketers have the ability to tap into a variety of online systems in order to track the entire buyer journey and make better informed marketing decisions.
For instance, a buyer may see something in their inbox which directs them to a webinar that prompts them to make a purchase via your website a week later, after evaluating all of the options.
There are various marketing strategies that work to your advantage, at different times, in order to help guide a buyer down the purchasing funnel. So, marketers must measure all of the metrics, which include: branding via social media campaigns, lead generation through informative campaigns, to buyer engagement at the ‘bottom of the marketing funnel.
Accurate ROI comes from the measurement of an entire campaign as a whole, across all marketing channels and not just the final action.
Fallacy #2: Just have the right company see you and you’re geared for success
It is true. Reaching the right company is vital for B2B marketing success, however, it’s more important to get in front of the right people at the company.
If according to Harte Hanks’s survey, just 15% of company staff are involved in the decision-making process, it would make little sense to get your business in front of just anybody at a company, regardless of how ‘right’ the company is for your business. The survey shows just two or three people are responsible for making purchases for the business and if your marketing efforts aren’t reaching these people, then they’re going to waste.
Fallacy #3: B2B marketers should only deliver messages to business people, during business hours
Your target market is made up of ‘business people, correct. But these people don’t, in fact, take off their business jackets and forget about work when they leave the office.
In another survey released by Good Technology last year, 80% of respondents said that they continue to work when they get home and another 69% said they won’t sleep until they’ve checked their emails. This trend doesn’t end at night: 68% of respondents admitted to checking their emails before 8 am in the morning.
People within a business don’t draw the line at the office door, which is why it’s important for B2B marketers to deliver a message at whatever time their prospects are looking. In looking at the figures, email comes out at the top for communicating with buyers, but there should be a healthy balance between email marketing, social media and PPC campaigns, to name a few.