7 Mistakes of B2B Marketing
NEW YORK, July 20, 2013 /PRNewswire/ — Here is a brief talk on “7 Mistakes of B2B Marketing” from B2C SooBest.com, which offers a wide range of products such as women’s clothing, men’s clothing, fashion watches, fashion jewelry, etc.
Business-to-business, or B2B, has a long history. But recently, online positioning, display advertising and marketing automation progress have lifted B2B marketing to a new level. Thanks to the Internet, it’s no longer impossible for B2B marketers to reach and educate their target audiences via online means with large scale, accurate, cost-effective technology, regardless of marketing budget.
However, despite so many opportunities and rapid progress in this area, what contributes to the success of B2B marketing is still difficult to decode. Here are seven misconceptions of a successful B2B marketing campaign and how you can turn them in the right direction.
1. Brand building in the field of B2C is not as important as in the B2B area
Actually, B2B brand building is even more important than in B2C. The reason is that in the past decade, B2B buyers’ decision-making processes have undergone major changes, making the B2B buying process longer and more complex, and also involving more decision-makers. Forrester Research’s data shows that 90% of the purchase process is almost over even before interacting with the sellers.
Under this background, B2B marketing’s winning popularity through brand building becomes more important than B2C marketing. However, many B2B people often only invest in lower sales, funnel sales or lead generation-related projects, such as search engine optimization, pay-per-click advertising, and email marketing. These channels will only reach that small batch audience ready to interact today, while investing in social marketing and positioning accurate display ads can reach and educate a wider audience.
B2B marketers need to adopt a balanced market plan to reach their target audience, and to check online content regardless of which stage of the buying process they occupy. Therefore, they need to have a global view, rather than just focus on the low-end part of the sales funnel, to ensure that your name appears on the buyer’s list of potential suppliers.
2. Last click measurement provides information about where your marketing budget can play a role in accurate analysis
Google’s data show that, on average, a buyer will make their final purchase action after interacting with the brand side 4.3 times in the final 48 hours. What does this mean? If you only take the last contact customer data into consideration to measure the value of marketing, then you are 100% wrongly invested in the market and may miscalculate ROI.
To avoid falling into this trap and to make more rational decisions, marketers can make use of every means of marketing performance data, then use a simple method to calculate each marketing channel’s value of the contribution toward the final purchase.
Different marketing strategies play a role in different parts of the entire marketing funnel, so one must use the appropriate standard to measure success. At the top, measure brand promotion activities for how they reach the target audience; for central funnel educational activities measure interaction; and for the bottom of the funnel, measure the conversion rate.
3. Appearing before the appropriate client is successful B2B marketing
This point is only partially wrong. The ability to get a message to the appropriate customers is important, but more important is that the right client is in front of the right people.
Harte-Hanks has researched the technology product procurement process and found that in most cases, only two people are involved in the ultimate research / information collection and the whole process of making buying decisions. Therefore, considering the approach of a target customer, it means you not only reach the CTO or influential people who make the purchasing decisions, but also touch upon the company’s kitchen staff. This can be a big waste of the marketing budget and campaign efficiency. For target clients, the majority of those involved are not interested in your product or service, or they have no influence on purchasing decisions.
If your ads are not able to reach the right people, then you will fail to impact those who can really help your business.
4. B2B positioning data quality is all the same
Using data-driven, audience targeting technology to reach the right potential customers online puts all those on the B2B market within reach. But is all B2B positioning data reliable? No, not all.
Online advertising data quality is often a problem, especially when using IP address targeting or behavioral targeting. Registration information quality may not be guaranteed, because a recent study showed that 88% of people provide false information when registering.
So, what should B2B marketing people do? The best data should come from multiple sources and be updated regularly, with verification of the validity of the information providers. In order to overcome the dependence on a single source of data, sources can and should include registration data, IP addresses, data line databases and messaging data. The processing of data should be submitted to third-party auditing and verification to ensure quality.
Only through different channels and third-party verification can one safely rely on positioning data.
5. Display advertising does not generate sales leads
Can B2B marketing be considered the birth of the display ad sales lead engine? One word: yes! The key question is not “Will display ads not generate leads?” but “How can display ads help generate leads?” To answer “how”, you need to rely on direct feedback branding and marketing activities.
A study from ComScore shows that potential customers who encounter search engine advertising are more likely to make an order than those who do not, and the chance is over 82%. However, the study also noted that if the search engine advertising supplements display ads, then the chance to make a successful order surged 119%.
The time and budget invested in branding will be closely related to expected return on direct feedback activities. The application of display ads can be varied and used throughout the different stages of the sales funnel process, for example, used in commercial demographics (such as job function, title, industry, company size, etc.), social ad targeting (such as LinkedIn and Facebook Advertising positioning), and re-positioning (such as customer relationship management, re-positioning, re-positioning of social audience, website re-positioning).
Depending on the adoption of specific display ad targeting methods, display ads can be at any stage in the marketing funnel, leading to the birth of selling, and can also be used to influence and educate potential customers as a tool.
6. B2B marketing should pass information to the business audience in the business environment
Businessmen will not suddenly throw away their “commercial” character when they leave the office. But although the market will depend on B2B and B2C to distinguish marketing activities, people will never use this method to distinguish themselves.
More than 80% of people still check their e-mail even when they leave the office, while 64% of people browse websites unrelated to their work during office hours. No matter where a potential customer surfs the Internet, no matter at which critical point they are for their buying decision, marketers are able to get the right information to them when they need it. In addition, marketers should also be able to maintain social interaction with the people who visit their website, the entrance pages and social pages.
Marketers also need to ensure that their B2B marketing activities not only reach the target audience, but also are part of a perfect overall marketing plan. To do so, we need to support existing marketing activities and their larger-scale systems with closer integration to reap the value of a large-scale marketing campaign.
7. Business people always want personalized marketing
Personalization has always been a very effective marketing strategy to nurture and relocate potential customers. If a potential customer and the brand have a relationship, then personalization is helpful and thoughtful.
However, personalization should be voluntary. Making personalized outreaches to a customer who does not give permission destroys trust and invades privacy. A recent study shows that before a relationship is built up, if the dissemination of information of a brand is too personal, it will do harm to the brand.
Imagine you work at Microsoft and a stranger approaches and says, “Hey! Microsoft, how are you?” Even if you really work at Microsoft, you may feel very uncomfortable. The best way to advertise is like you are talking with strangers. Marketing people need to introduce their own brand and build a relationship with potential customers, then consider personalization.
At the same time, marketing automation experts such as Eloqua and relocation specialists such as Criteo’s studies have shown that when potential customers are aware of a brand, the brand of personalized marketing can be useful. Therefore, just do personalized marketing, but only after having a relationship with your potential customers!