Prepare to have your mind blown. Certain "facts" you thought you knew about B2B marketing may not be true. It's time to separate fact from fiction and take advantage of proven principles that can propel your business forward.
Myth #1: B2B marketing is boring with a capital B
We're not sure where this originated from but there is a deep-seated belief that B2B marketing is dull, stale, and impersonal. Perhaps there is a little truth to that; industrial equipment is not as thrilling as a luxury car, but it doesn't have to be that way!
The fact is B2B marketing is not that different from B2C. At the end of the day the goal is to attract customers to buy from you. What gets B2B companies tripped up is they forget they are selling to a person, not a business. And all people are driven by human emotions. Realizing that empathy and entertainment impact buying decisions far more than facts and figures, will greatly improve your marketing.
Still skeptical? Consider how Volvo got the world buzzing when it launched a new truck back in 2014. Instead of boasting the technical capabilities of its dynamic steering system, Volvo artfully showed the precision and control of the vehicle by having Jean-Claude Van Damme do an “Epic Split” between two of the trucks driving backwards! The commercial gained massive attention, helping Volvo increase its online presence, and more importantly influenced the perception of truck drivers and buyers by appealing to both their heart and brain. In a post-campaign survey, almost half of potential buyers who saw the video stated they would be more likely to buy a Volvo next time they were looking to buy a truck.
Myth #2: The market is saturated
The average American is exposed to 4,000-10,000 ads per day. With retail and CPG brands dominating the marketplace, B2B companies question how they are supposed to compete. After all, no business wants to waste money on initiatives that won't produce results. But with the internet, advertising has become a level playing field.
The fact is you don't have to be a big brand with a big budget to compete. Unlike traditional advertising where more money equates to more coverage, digital marketing offers equal reach, no matter the investment. Targeting techniques allow marketers to specify exactly who they want their ads to deliver to, which reduces wasted ad spend. Additionally, pricing models provide better control over costs by letting companies pay for only the ads that get in front of their target audience.
As a B2B company, don't limit yourself to one form of advertising. If you want to be successful today, you must have a multi-channel approach. This includes social media, email outreach, content marketing, paid search, programmatic display and video, as well as traditional methods, like word of mouth and industry trade shows. The goal is to expand your reach and impact exponentially through the power of multiple platforms working together at once. In other words, work smarter, not harder.
Myth #3: What works for B2C doesn't in B2B
Though there are key differences between B2B and B2C marketing, the fundamental principles and overall goals are quite similar:
- Both require an understanding of customer needs, preferences, and behavior.
- Both require segmentation, targeting, and positioning in order to be effective.
- Both should be geared towards effectively communicating the benefits of the product or service and addressing potential objections.
But somehow B2B companies have bought into the notion that their business is so specialized and niche that basic marketing techniques won't work for them. As a company that has successfully served digital media for thousands of B2B brands in the last 20 years, we can assure you that's not true. The fact is B2B can benefit from the same strategies as B2C. While the application may look a bit different, copying these best practices will enhance your marketing efforts and create a better experience for your customers.
Myth #4: Marketing is only about driving leads
It's easy to think that if the sales pipeline is full, marketing's job is complete. But that's short-term focused. Acquiring and keeping customers is a process which requires time and attention. The fact is the purpose of marketing in B2B is to build lasting relationships.
Since B2B has a longer sales cycle, companies need to stay top-of-mind throughout the entirety of the customer journey. Creating multiple touchpoints along the way as well as consistently providing industry-related content will keep customers engaged while continuing to build your brand. Neglecting to do so, runs the risk of a competitor swooping in and stealing your business.
Developing client relationships is a win-win. The B2B market is constantly evolving and expanding. Leveraging the power of your B2B partnerships can help you stay up to date on industry and marketing trends, build brand loyalty with your clients and reach a wider audience through word of mouth. By capitalizing on those trusted relationships, you can amplify your message to a larger audience and increase the visibility of your brand, ensuring you stay relevant in the industry and can continue to provide effective solutions to your clients.
