by Fronetics | Mar 9, 2016 | Blog, Content Marketing, Marketing
The other day a client called to express his frustration with content marketing. Not only was he disappointed with the number of leads that his company had obtained to date, he was also disappointed with the number of sales. He was ready to call it quits and pull the plug on all content marketing efforts.
This client was not the first to call and express frustration, nor will he be the last. Unfortunately, there is a misconception that as soon as a company incorporates a content marketing into their strategy, they will be flooded with leads — leads served on a silver platter and leads all boxed up and tied with a bow. I wish content marketing could do this — it can’t. That being said, walking away from content marketing is a big mistake — content marketing is an effective strategy that companies should employ.
The buying process for B2B buyers has become more complex and longer. The 2015 B2B Buyer’s Survey Report found that 53% of respondents reported their purchase cycle was longer than it was the previous year. The buying process has gotten longer because the majority of buyers (82%) are using more sources to research and evaluate products and services, and they are spending more time in the research phase itself. A full 80% of respondents reported they spend more time on research alone — this is up from 58% in the previous survey.
Social media and vendor-focused content are two key places where buyers turn to conduct research. More than half (53%) of survey respondents reported that social media plays in their research process, and 86% of respondents reported that content such as case studies and product data sheets influence purchase decisions.
The increased focus on research has changed when the buyers engage with a sales rep. Today, the average buyer progresses nearly 60% of the way through the purchase decision-making process before engaging with a sales rep.
Back to my client. I walked my client through these facts, and then we walked through the metrics we track on the monthly basis. Since my client had started using content marketing, traffic to his company’s website had increased significantly, visitors to the website were spending longer on it than they had before, and they were looking at more pages. Additionally the company’s social reach had grown and engagement — with customers, prospects, and others within the industry — had increased considerably. All of these things, I pointed out, were positive. I then reminded my client that the typical sales cycle for his company and industry was 12-18 months — far longer than the few short months that he had been using content marketing.
I spent the next few minutes going over the company’s content marketing strategy. We decided to make a few tweaks, and then discussed both goals and expectations going forward.
It is important for companies to recognize that content marketing should be a part of their strategy — more than ever, B2B buyers are looking for information and are using that information to make buying decisions. Companies need to be using social media. Companies need to be creating and curating quality content. It is equally important, however, for companies to realize that content marketing is not magic. Content marketing doesn’t shorten the buying process; rather it changes it. Moreover, content marketing doesn’t deliver sales — sales people still play a large role in lead nurturing and closing deals.
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This was originally published on Electronics Purchasing Strategies.
by Fronetics | Mar 3, 2016 | Blog, Content Marketing, Marketing, Social Media, Strategy
Source: Rosaura Ochoa | Flickr
Here’s how marketers can launch a B2B social media program that grows business.
A recent Harvard Business Review article discloses that a number of B2B CEOs still believe social media isn’t right for them, that it’s a tool for the B2C segment. In reality, many B2B marketers successfully leverage social media to engage potential customers, gather market intelligence, build brand awareness and reputation, discover and intercept customer problems, and influence purchasing decisions before sales calls are ever made.
In short, if you are not in the B2B social media game, you are missing out on enormous business opportunities.
Getting started with social media can seem like an intimidating task, especially if your C-suite is skeptical of the benefits. Here are six steps to launching a B2B social media program that will grow your business to its full potential.
1) Speak in the right terms.
Convincing management that you want your team to spend more time on social media to gain “followers” or get “shares” might be a hard sell. To win support, focus your argument around the factors that are most important to them. Lead generation, lead nurturing, conversions, sales, ROI, profits: this should be the vocabulary with which you approach this conversation.
2) Create a strategy — and put someone in charge.
Only 11% of companies without a documented content marketing strategy find their efforts to be successful, compared to 60% of companies with a strategy in place. And that number rises to 86% when the company designates someone to lead the strategy. Working with an experienced marketing consulting firm, like Fronetics, you can develop an inbound marketing strategy that aligns with your business objectives. And whether someone on your team heads up execution or you outsource that responsibility, the leader should continually monitor analytics and tweak the strategy accordingly. Which brings us to…
3) Determine which analytics to track.
In the B2B world, it’s not about shares, likes, or impressions, though those numbers speak to your brand exposure. (Read more about so-called “vanity metrics” here.) Leads generated, conversion rates, sales, and ROI are going to be the things you’ll want to track. If you have a good, flexible strategy in place, these metrics will help you adjust your efforts to ensure you’re achieving your business objectives.
See: The Six Marketing Metrics Your Boss Actually Cares About.
4) Develop quality content.
Twenty-seven million pieces of content are shared every day — and a large portion of it is crap. A social media presence could be pretty pointless unless you’re using it to push content that is original, high quality, and representative of your brand. One of the biggest mistakes B2B companies make is using social channels to push a sales pitch. You’ll quickly lose your audience, who is turned off by a strong sales pitch. Social media is about engaging your audience, building brand awareness, and offering valuable information.
See: Three Elements of Good Content.
5) Decide which channels are right for your business.
Who are you trying to reach, and what are you trying to tell them? These are good questions to ask when trying to determine which platforms will comprise your social media program. There’s a wealth of information out there about which channels are used by whom and when. You’ll also want to choose channels that you’ll be able to maintain regularly and which play to your strengths. As an obvious example, if you don’t have the capability to make videos, YouTube probably isn’t for you. Remember, you’ll likely want to work through several different channels to reach a maximum number of potential customers.
See: Which Social Media Channels Should Your B2B Business Use?
6) Follow your competitors.
Following your competitors is a great way to stay up to date on what they’re doing, especially if you don’t have a ton of time or money for competitive research. And when I say “follow,” I don’t mean “copy or imitate.” I mean subscribe to their blogs, engage with them on social media, and like and share their content that you find meaningful for your audience. This way, you become part of the industry conversation happening online, and you know exactly what your potential customers are seeing from (and how they’re reacting to) your competitors.
See: The Role of Social Media in Supply Chain Intelligence.
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by Fronetics | Mar 2, 2016 | Blog, Internet of Things, Strategy
B2B sales must recognize and accommodate buyers at various levels of self-sufficiency in the purchasing process.
Widespread access to the Internet has changed life as we know it. Not only are once-token errands like trips to the supermarket and holiday gift shopping increasingly shifting online, but B2B buyer behavior is occurring most often in the digital space, as well. In fact, an Acquity Group study found that 94% of B2B buyers in the U.S. conduct research online to make purchase decisions.
An Internet search can yield thousands of results when a B2B buyer goes to research a specific product or service. What’s more, the buyer can access online sources reviewing and comparing different suppliers’ products, streamline purchasing through self-service shopping portals, and access digital training and support tools without ever talking to another human. Essentially, “buyers can take over many steps of buying that salespeople once cherished as their source of value,” says a Harvard Business Review article.
But this doesn’t eliminate the need for salespeople in B2B sales completely. Rather, the authors suggest that today’s sellers must develop new competencies that better serve customers with more access to information.
How B2B sales are changing
Information technology and digital channels create buyers at various levels of self-sufficiency. While some are able to gather all of the intel needed to make a purchasing decision, some are more overwhelmed than before and need help sifting through all the available information. Most buyers fall somewhere between the two ends of the spectrum. Additionally, customers can be at different levels at different times and for different products.
Therefore, salespeople need to be able to recognize where customers fall on the self-sufficiency scale and match their selling approach to the customers’ needs.
Salespeople must also be competent in various technologies that help manage customer information and outreach. CRM systems, analytics, and various infrastructures are just a few examples of digital tools sales teams have at their disposal.
New platforms like social media and email also supplant the need for traditional face-to-face selling but require an all-together different skill set. Video conferencing, podcasts, and webinars — these are also tools that sellers can use to accommodate buyer preferences and level of knowledge, should the seller be fluent in these technologies.
And with so many options to adapt to customers at various levels of self-sufficiency, salespeople must be able to coordinate communications across multiple channels. “Salespeople need competencies as orchestrators who can ensure an effective and efficient connection,” the authors suggest.
Salesforces, too, must adapt to the information age in terms of structure, training, compensation, and more.
How has your business adapted to B2B selling in the information age?
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by Fronetics | Feb 17, 2016 | Blog, Content Marketing, Manufacturing & Distribution, Marketing, Social Media, Supply Chain
The US manufacturing index is at its lowest level since 2009. This is sobering news for the industry and for the economy. Within the industry, it is clear that the road ahead is not flat, straight, or even smooth. For companies to not just survive, but to also succeed, action needs to be taken.
In August 2015 Bruce McDuffee, Principal at Knowledge Marketing for Industry, released the second edition of the Manufacturer’s Growth Manifesto. If you haven’t read this, you need to do so – today. In the Manifesto, McDuffee spells out how manufacturers can achieve growth rates of 10%, 20%, and even 30%.
The key to attaining a double digit growth rate is changing your marketing strategy and adapting to buyers’ new habits. Specifically:
- Stop pitching products and start helping people.
- Start educating your audience utilizing your particular experts and expertise for FREE.
- Stop advertising product features and benefits of a product.
- Start promoting your useful, helpful papers, webinars, seminars, videos, etc. (not product information) to foster meaningful engagement.
- Admit to yourself and your team that your products are perceived as a commodity and it will take more than product revisions, releases and enhancements to gain the attention of your target audience.
McDuffee concedes that for those who have not previously embraced and engaged in this approach to marketing, “You may be thinking, WTF?”
It may seem counterintuitive, but the results are real. Your company will be able to achieve those double digit growth rates and realize these benefits:
- Reciprocity, credibility and trust in the minds of the people in your target audience.
- Top-of-Mind Awareness (T.O.M.A.) in the minds of your prospective customers so they remember your firm first when the day comes around and they need to buy.
- Higher prices, more sales, more market share, and higher growth rates.
Success, however, depends on believing in this approach and incorporating it into your overall business strategy.
Research conducted by the Content Marketing Institute (CMI) found that while 82% of manufacturers use content marketing, only 26% say that their efforts are successful. A lack of buy-in/vision from higher ups is one of the key challenges identified by CMI. Another challenge that was reported was creating and executing a strategy; only 20% of respondents reported that they had a documented strategy. Notable though, is that 58% of the most effective companies reported that they have a documented strategy.
This approach is not relevant only to manufacturing. Companies across industries and verticals should take notice. Cerasis, a top North American third party logistics company offering logistics solutions with a strong focus on LTL freight management, shifted their marketing strategy and realized positive results. Within 25 months Cerasis realized a 14% increase in revenue. This increase was directly attributable to inbound marketing. In addition to this stream of revenue, the company’s sales team was able to generate revenue totaling $20 million during this period – more than double the previous two years combined.
Those numbers are not small potatoes. If you haven’t checked out the Manufacturer’s Growth Manifesto, make the time.
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This was originally published on Electronics Purchasing Strategies.
by Fronetics | Feb 1, 2016 | Blog, Strategy, Supply Chain
Reverse logistics presents unique challenges and opportunities. To meet these challenges and take advantage of these opportunities, companies need to be both prepared and flexible.
Ikea, a company known for innovation, is facing the enigma of reverse logistics head on. As part of the company’s sustainability strategy, Ikea is challenging the perception that its products are disposable by creating opportunities to recycle and reuse products.
In a recent interview with Fast Company, Chief Sustainability Officer Steve Howard outlined several of the company’s initiatives. They include programs that allow consumers to return plastics, batteries, furniture, compact fluorescent light bulbs, mattress, and textiles to the store. These items are then sold “as-is” or recycled.
These programs have proven successful. For example, in just a few months, over 6 tons of batteries were collected in Moscow, and 25 tons of used textiles were collected in Norwegian stores last year.
Ikea is looking at other ways it can provide end-to-end supply chain solutions. One idea is to take returned products and recycle them into other products. In his interview with Fast Company, Howard shares: “We would basically be taking old bookshelves, old furniture, or an old door that’s finished its first life and sending it into new products. You’ll have a kitchen that used to be a bookshelf, without seeing any visible difference in them. It’s not a revolution, but you have to actually fundamentally change your supply chain to do that.”
Ikea has recognized that old, broken, and unwanted products are an opportunity. Through these innovative reverse logistics initiatives, Ikea is not only acting in a more sustainable manner and reducing the company’s environmental footprint, it is also increasing engagement with consumers and creating positive economic opportunities for the company.
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