An effective B2B marketing strategy involves various critical components that can make or break the effectiveness of your marketing campaigns, from discovering your buyer personas to using the right marketing channels for your business - and it's very tricky to get it right.
Over the last 12 months, we’ve surveyed over 80 B2B tech startups and put together a list of effective B2B marketing strategies which can be implemented immediately to increase revenue and drive growth for your business.
There’s no denying that digital marketing can make or break the success of any brand. But nothing is worse than having a poorly-done marketing strategy in place.
Startups can be guilty of committing this mistake. In this case, they often rely on quick fixes and/or cut corners just for the sake of having a running campaign. What most of them fail to realize are the dramatic consequences which not only stall growth but could shorten the company’s runway by up to 4-6 months.
“For early-stage B2B, tech startups the average cost of bad marketing is $628K = 4-6-month runway for the business.” Mariya Finkelshteyn, Founder and CEO of Orchid Agency.
Great marketing is not something that happens overnight and in fact, 87% of those 80 startups that we surveyed are still actively struggling to figure out a predictable marketing model that drives ROI-positive results.
Given the current pulse on the market and data gathered from our interviews, for most companies, the top components that contribute to the cost of bad marketing include:
A mismatch between the company’s growth stage & and the hired resources.
Let's face it while someone with 30 years of experience may be able to eloquently present to the Board and develop a strategy that individual is at this point in their career used to execute on the strategy via a team of expensive resources or agencies. Most aren't able to cruise at 30,000 feet and simultaneously roll up their sleeves and program LinkedIn / Google ads campaigns or configure and execute email marketing campaigns in Hubspot, Mailchimp, or any platform of choice. And let's face it they probably wouldn't even want to do that!
A mismatch between the depth of experience & current needs of the business.
As a company's growth stage evolves the needs of the business change and that trickles down to marketing. So often companies hire a mid-level marketer that fits the budget but lacks depth and strategic and technical expertise to drive multiple marketing tactics in an effective and efficient manner. Some are great at content and have a ton of creative ideas but aren't equipped to successfully execute the strategy. Or the reverse happens when some are too technical and specialized in one channel though can't write copy, and can’t seem to grasp the strategy + execution of important channels which should be prioritized in tandem to drive growth.
Then of course there is the opportunity cost of time and lost revenue due to all of the components mentioned above which ultimately leads to a lack of trust in marketing from every level within the organization.
Although the cost of bad marketing is substantial for most companies, for startups it could be a difference of make or break and impact the company’s runway by 4-6 months. Want to learn more? Watch our recent workshop delivered for startups within the Plug and Play Accelerator and dive deeper into low-cost marketing strategies that drive results!
Marketing is an essential growth catalyst for any company. But let’s face it, most companies are still struggling to find the right mix. With all the available tactics, tools, and channels, finding the best, most effective, predictable, and repeatable strategies can be difficult.
A great B2B marketing strategy starts with clear and concise messaging including your company, products, use cases, and ultimately the value to your Ideal Customer Profile (ICP).
Begin by focusing on your website messaging. Within 5-10 seconds of landing on your home page, a prospective customer should be able to identify the products or services you offer. Aside from this, customers must also be able to know what sets your products or services apart from others, and how your differentiated products or services can meet their needs.
On average, a visitor will stay on your website for approximately 15 seconds. As a result, they must be able to quickly identify what is unique about your product/service. If not, they’ll bounce. To overcome this barrier, a highly engaging website must clearly articulate the “what and the why”- what is the product or service, and why is it valuable for the potential buyer. Carry this clear messaging through your marketing channels and you will be golden!
Start off by establishing your target audience. No matter how good your campaign is, it will never work if you’re not reaching the right people.
Your target market is a group of people that have been identified as most likely to become paying customers for a product because of their shared characteristics (i.e. such as age, income, and lifestyle.) Segmentation identifies multiple subgroups with similar characteristics that have high-yield potential – that is, those segments that are most likely to become paying customers or if existing customers then its subgroups that have growth potential. Once identified, these segments can be selected and activated via specific marketing campaigns.
Dealing with a group of buyers can be a tricky business, this is why it’s always recommended that you create a set of personas to understand how you could better appeal to the decision-makers. To create your buyer personas or ICP, study your ideal customer’s buying journey and get maniacally crisp on company-level and persona-level demographics. By doing this, it’ll be easier to tailor your presentation and messaging based on which department of a business you’re talking to.
When you’re marketing to other businesses, try to be more humanistic. Stray away from stiff corporate messaging. You have to remember that you will be talking and presenting to people, so it makes sense that you relate and communicate with them. While these people don’t make decisions based on emotions, they do value human connection.
Here are some tips to humanize your brand by building connections with your community, which typically includes employees, customers, partners and investors:
Customers today are in search of businesses that truly understand their needs.
B2B has a more complex process that allows you to create a more unique and personal experience based on what your audience likes. That’s why you need to shape up your approach to personally connect and communicate with them. Just remember that great customer experience leads to long-lasting customer relationships and loyalty.
So, which marketing channels should you personalize and how?
First, it’s important to identify which sales motion is the best for your product and then select the ideal marketing channel for each. Here are some tips on how to select your channels.
Build credibility for your company and products by showcasing use cases, social proofs, and employee stories. Delivering messages of value by using unique tactics such as gifs, memes, and stories will help you engage with customers on a more personal level.
To remain on top of the game and trends in the industry, it’s important you keep tabs on your competition. Check all the possible marketing channels out there to see how good their online presence is. By doing this, you can easily determine which type of strategies they are using. Through this, you can update and improve your existing approach so your brand doesn't get left behind.
Here are some strategies to help you stay ahead of the competition:
When running a B2B marketing campaign, you need to take some time to check and monitor the result of the whole campaign. This will help you determine whether the campaign works and if the investment is worth the cost. No matter how big or small the adjustment might be, you need to set and monitor the performance of your strategy.
Use KPIs or key performance indicators which are measurements of performance. All marketing strategies need to be measured to ensure goals are being met.
Getting started on your own marketing strategy is no easy feat, but the good thing is that we are here if you have any questions. Reach out today.