The market is ever-changing. And the changing market demands newer and innovative strategies. The main aim of any marketing strategy is two things – generate leads and traffic. The aim may remain constant but the means to achieve the aim are always changing. The constantly shifting market dynamics demand the latest strategies for effective marketing. What used to be a completely new strategy 2 years ago is now a standard business practice. Here are some of the effective marketing strategies for B2B clients in light of the recent economic and market state.
What is B2B Marketing?
B2B or Business-to-business marketing strategy is the process of selling certain goods produced by one company to the other.
The strategy is essentially the same as B2C where a business sells the product to the customer. However, there are some added dimensions to the process. B2C exclusively focuses on selling to the individual customer on a retail basis. But a B2B marketing strategy aims to sell to a business on a bulk basis. It can be both services and goods.
In hindsight, it may feel like the B2B market is small. Since the number of retail customers is much more compared to the number of businesses. In reality, B2B is the largest market transaction-wise. The sheer volume of products that changes hands makes the market such a large and vital one.
A simple example would make it clearer. IBM, one of the largest electronic manufacturers and service providers in the world spends over 60 million dollars per day to ensure a smooth supply chain and operation of their businesses. The story is the same across all the large to small-scale businesses in different sectors.
Since the transaction volume is large, the marketing strategy requires additional fine-tuning to make sure it’s perfectly tailored for the targeted business.
Effective B2B marketing strategies in 2021
Now let’s look at some of the established and effective B2B marketing trends for 2021. Note that not all marketing strategies are time-dependent. Some highly successful marketing strategies tend to be in action for a long time.
Account-Based Marketing or ABM has been around for over 5 years now. This successful strategy has one of the highest conversion rates in the market.
A traditional marketing approach focuses on the number of lead generation to assess success. ABM takes a different approach. Rather than going after volume, ABM focuses on certain targeted accounts.
This is essentially a targeted marketing strategy. The job of the salesperson becomes a bit easier and also difficult depending on how you look at it. ABM isn’t about creating a campaign and using the same one for leads after leads. Rather it’s a specially curated campaign keeping in mind all the requirements of a targeted client. ABM has a high conversion rate because of its targeted marketing strategy.
Live Chat Strategy
Live chat is looked upon as a solution for customer queries. In reality, it can serve a far greater purpose than that. Live chats are designed to ensure customer satisfaction by addressing their issues and queries. A successful deliverance of queries tends to convert a prospective lead to clients.
Webchat reports that the platform has seen 2.8% more conversions than the business that doesn't use live chat support. It has also reported a 60% increment in B2B sales simply because the customer had live support throughout the purchase period.
Word of Mouth
Word-of-mouth is probably the oldest marketing strategy still in existence today. Global marketing leader McKinsey and Company reports that over 20-50% of all purchasing decisions are based solely on word of mouth. This is a huge tappable opportunity for any business. In addition to asking for reviews for the service or product, businesses can take other innovative approaches like referral programs to ensure business propagation.
Long Content Pieces
Long-form content has historically generated high leads for businesses compared to other traditional marketing like outbound ones. It also costs less compared to other marketing strategies. However, it’s not about creating content alone. The Long pieces should be engaging and highly curated to target the specific business profile.
Podcast has seen a surge in its listener base during the pandemic. A survey shows that approximately 155 million people listen to Podcasts in the US. This makes for a huge opportunity for curated podcast content. It’s an easy and effective way to reach a broader prospective client base.
AI Marketing Strategy
Customers don't know that they need a product until they see it. The same holds for B2B sales. The key here is to make effective and curated suggestions to the customer. AI can make the perfect suggestion based on the previous purchasing habit of the customer.
E-mail Marketing Strategy
E-mail marketing is another veteran marketing strategy with some of the highest returns on the market. With over 122% lead generation, email marketing is easily one of the top strategies to leverage. However, the success of the strategy depends on the targeted nature of the marketing. A one for all marketing strategy likely won't work as every business has its own set of preferences.
The boom of video-sharing platforms like TikTok has given rise to a new generation of influencers. Influencer marketing is nothing new. But the recent developments have made influencer marketing more effective thanks to the ability of the platforms to reach a wider client base.
This strategy can be considered as the direct product of the pandemic. With global lockdown and social distancing, virtual events can be a key player for targeted marketing. It’s easy to conduct and requires minimal logistical support. But it can help to reach a wider base of targeted audience compared to physical events.
A targeted marketing strategy works only when there is a unified approach to the target base. Omnichannel marketing helps to target the specific client base through several different channels to bring in a unified marketing campaign. It helps to reduce buyer friction and tends to generate more leads compared to outbound strategies.
The marketing landscape is ever-changing. The only way to stay ahead in the mix is through proven and leading marketing strategies. The global pandemic has reshaped marketing strategies across the globe. But the opportunity to tap into new strategies remains open as ever. In this article, we have provided a guideline for B2B marketing stategies. Hope it helps!