Tag: marketing
B2B Marketing Exchange East: our takeaways for a challenging new marketing landscape
If you’ve been looking at the B2B stats lately, you might be tempted to panic.
Only 27% of sales reps are making their quotas (according to the EBSTA and Pavilion 2024 B2B Sales Benchmark Report). Discovery meetings are down by 30%. And the average B2B customer sales cycle is a lengthy 1.5 to 2 years.
The tech industry in particular has been subject to layoffs, disruption, and new tech that’s sent its sales on a downward trend.
These were the facts and figures presented at B2B Marketing Exchange (B2BMX) East. And at first glance, they can feel a bit alarming…
So, what’s a marketer to do?
The answer—which you may already know because I know a lot of you have been in this game a long time—starts with staying the course.
You’re a B2B marketer: you already know long customer journeys like the back of your hand. Even if your company’s have gotten a bit longer, we believe you’ve got this. You know how to stay the course. You know how to adapt. And this is another opportunity to prove it.
Now, in addition to sticking to our guns, what are some practical shifts we can make? Here are 5 suggestions:
- Push pause and analyze the sales funnel.
What is no longer working? Where are the slowdowns? Where are people dropping off? You’ve likely done this work before, but now is the time to refresh your understanding of the current funnel. Things are changing across the industry and the more data we have about our own sales funnels, the better we can roll with those punches.
- Figure out where sales can use your help.
We’ve always been on team “sales and marketing need to work more closely”—but every year that seems to become even more true. So once you analyze that sales funnel and see where the gaps are, it’s time to find a way that marketing can help fill them.
Does sales need more qualified leads? How can you shift marketing efforts to get them? Is the problem closing deals at the end of the funnel? What can marketing do to support the close? Do they need help with custom messaging? Segmenting their audiences? Creating better presentations? Telling better stories?
There are so many ways marketing can step into the gap to help sales win.
- Assess your tools.
Do you have great sales enablement tools? Are your teams using them to the fullest? Are there tools they need and don’t have? Training on the current tools that would be useful?
Setting aside time to figure it out and put the right tools in place will set you up for success in the long-term.
- Take notes from your B2C colleagues.
We’ve said this one ‘til we were blue in the face, but it remains true: most B2B marketing is boring. In fact, one 2023 survey found that a whopping 82% of the c-suite find B2B marketing boring and repetitive.
If you want to stand out, you’ll need to take more B2C approaches. Be bold! Evoke emotion! Show visuals. Speak to people like humans. Try something a little crazy. Break out of the standard B2B boxes.
- Remember who you are.
What does your company stand for? What’s the mission underneath all the noise? What is your unique point-of-view? Marketing needs to ground itself consistently in those truths if you want to walk beside buyers for the entire (lengthy) sales journey.
And if you need some help? We are (obviously) always here for it. Reach out anytime.
Your marketing is getting ignored. Here’s how to fix it.
One of the tactics YouTube uses to drive engagement with its ads is to occasionally replace an ad with a survey question. If you answer the question, you can skip the ad faster.
It’s a clever way of gathering some basic information. Who is behind the screen? What kinds of ads best serve that person? Are you serving them optimized campaigns?
On its face, this sounds pretty darn smart.
Except…
Multiple times recently, YouTube has served me up a survey asking “how relevant was the previous ad to you?”
A good question…but the truth was I couldn’t answer it.
Because I didn’t remember the previous ad. I wasn’t paying attention.
And that’s the rub.
Currently, PPC ad click-throughs average just five in a thousand. The average person probably sees about 100 ads in a day (and recalls very few of them). And we’ve reached a saturation point where many of us are actively avoiding advertisements. In fact, Neilson found (in 2023) that 64% of consumers were taking active measures to avoid ads on streaming services (a figure likely to extend to other types of ad avoidance).
So, how are marketers supposed to get the attention of new customers? How do we get the word out about new offerings? How do we avoid getting lost in the endless noise?
The answer isn’t necessarily in the survey questions, because by the time we ask them, the ad has already been ignored. The answer, instead, lies with advertising differently. Employing mindsets and tactics that data tells us still work.
Here are three truths to get us there.
First, a mindset: You are in this for the long haul.
Customer loyalty isn’t built in a day. Viral sensations often aren’t the first tactic someone tried. The marketing that succeeds is the marketing that builds over time, showing customers that you care about solving a problem, will treat them well if they stick around, and have staying power.
The second truth is that ads still work when they feel personal.
Personal can mean more than one thing, so let’s unpack that.
:: Neilson found that 59% of people said they’d be more likely to buy something recommended by an influencer they trust.
:: Based on that same research, 63% of people are likely to buy a product when the company provides useful information for free.
This means sharing your knowledge with customers with no strings attached. Like a cookware company that makes free cooking videos. A B2B project management software that offers a white paper on best practices for project management. A self-publishing company with clear, easy-to-find, easy-to-follow instructions for formatting a book.
And our third truth: brands thinking outside the box are still winning in the attention economy.
From Taco Bell’s retirement community concept to Snoop Dog as the Olympics spokesman, unusual and authentic marketing is still racking up its fair share of wins.
One of the keys to these successes is thinking like a journalist. What is worth a headline? What do people want to talk about (for better or worse)? What is so wacky that news outlets can’t bear not to talk about it? How can you, in other words, introduce a marketing effort that organically spreads. Not through the paid ads your customers are ignoring but through the influencers, journalists, friends, and social media channels they trust.
If you’re nodding along but need help finding your weird, viral idea, tracking down the right influencers, or helping your team get on board with new mindsets, we’d love to help. Reach out anytime.