Do you make these 6 mistakes in your B2B marketing? 

No business sets out to fail, yet the sad reality is that more than half don't survive past five years. While there are multiple factors that contribute to businesses having to close their doors, including lack of capital and poor leadership, one of the key reasons is unsuccessful marketing initiatives. As a company with a vested interest in our clients' success, we want to help business leaders avoid some of the common pitfalls when it comes to B2B marketing. As you aim to reach new customers and increase brand awareness, beware of these 6 mistakes that can prevent you from moving your business forward. 

1. Not setting a marketing plan 

As the saying goes, "if you don't know where you're going, you'll end up somewhere else.”  Whether you're a Fortune 500 company or a one-woman show, a marketing plan is foundational to the success of your business. Developing an effective marketing strategy that works for your business must be based on market research to stay on schedule and within budget. There are many resources available to help you create the right plan for your business. Here are some key components that your plan should focus on: 

• Analyze the market
• Identify your target audience
• Determine marketing strategies
• Define goals & KPIs
• Set your marketing budget

2. Not recognizing the value of your current customer

On average, it costs $526 for a B2B company to acquire a customer. What happens after? The next step is to consider what it takes to retain them and develop a lasting relationship with them.  

This relationship brings a value to your business that can’t be bought in the form of brand advocacy. This can take shape anywhere from testimonials to reviews on sites such as Yelp or Google. In 2022, Global Newswire published a report showing that 95% of consumers read online reviews before making a purchase. 58% would pay more for a product from a brand with good reviews.  

Listening to your customers’ needs doesn’t stop after securing a prospect. Showing your customers that you care and value their opinion can amplify your initial acquisition cost in a priceless manner.  

3. Failing to keep up with current trends

Staying up-to-date and relevant also attracts new customers. Keeping up with trends will transform your business. They allow your business to break boundaries in the market, which also creates new opportunities. Now, what are trends worth paying attention to that could become industry-standard? 

• AI tools & integration 
• Data privacy and protection
• Account-based marketing
• Social media 

4. Using the wrong social media platform

What was once considered a fad, social media has now been embraced by businesses as a primary engagement and lead generation tool. However, with so many platforms to choose from, finding the right one to invest in can be overwhelming. Don't make the mistake of creating a profile just because it's the new popular platform. Be strategic and consider first where your audience spends their time. 

5. Not making every advertising dollar count 

With marketers being held to a higher standard to prove ROI, it's critical to know where your advertising dollars are going. Yet, a recent report from the Association of National Advertisers (ANA) found that ad spending is "rife with waste." Just how rife? Another report estimates that as high as 26% of advertising budgets are used on ineffective strategies.  

To ensure campaigns are performing and reaching company goals, marketers must take a more active role in their media investments. This involves continuous monitoring and optimization, where they use data to assess campaign effectiveness and use these insights to make more informed decisions. Which leads us to our final point. 

6. Not tracking your results

From revenue to customer service metrics, it's critical to keep track of results to know what's working for your business. But with endless numbers circling a business, the real challenge is selecting the right metrics to pay attention to.  

Consider establishing KPIs for the marketing tools your business invests in. This can range from programmatic KPIs to creative performance and beyond. Not only will this give your team metrics to reflect on, but it can save your business money by understanding when and where to adjust when needed to.  

Conclusion 

It's never too late to reflect on the marketing mistakes you could be making. Once you're on the right track, you can focus on the right areas to improve. How will you take these steps for your business? 

Editor’s Note: This post was originally published in February 2024 as a MultiBrief and has been updated for accuracy and comprehensiveness.