A quick look at some of the top performing B2B marketing strategies and how they have grown in importance over the years
Someone has rightly said: “Strategy without tactics is a daydream and tactics without strategy is a nightmare.”
When it comes to marketing, it’s important to remember that marketing tactics and marketing strategies are two different concepts and should not be confused. It also suggests that one cannot exist without the other. Strategy must lead, tactics must follow. After all, a good marketing strategy and process is the foundation of everything in marketing.
What are the marketing strategies? It can mean different things to different traders. Technically, a strategy is a way in which your brand is determined to approach the market and how your business takes action to create the brand’s presence and image in that market.
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When it comes to marketing strategies, there is always a slight difference between B2C and B2B marketing strategies. Business-to-business (B2B) marketing has evolved from a product-based concept to a story to tell. Today, it is more a question of knowing which product to position, how to position it, when, where and to whom to present it. The best part about B2B marketing is that brands already know their target audience, B2B marketers just have to come up with the right value argument that works for particular customers.
Marketing strategies keep evolving to be engaging, competitive and, of course, profitable.
B2B marketing strategies that are often the basis of most B2B marketing plans:
1. Creation of a formal marketing plan for a defined period:
In an encouraging and significant change in the B2B marketing mix over the past few years, around 68% of B2B marketers use a formal marketing plan, over a period of time (eg: two quarters) to assess whether it is working well or not. Marketers are moving towards a more strategic than tactical marketing plan approach, where the former will involve in-depth market research combined with situational brand analysis.
2. Plan to spend 10% of your income just on marketing:
Each organization has different marketing goals. Despite the importance of marketing, many management teams still expect marketing to reduce marketing acquisition costs. On the other hand, marketers believe it is more essential to focus on developing and executing strategies in order to build brand awareness and positioning. Marketers need advanced, automatic tactics, interactive content personalization, and the ability to create new user experiences, and all of these require a larger slice of a company’s budget.
3. Account Based Marketing:
Account Based Marketing (ABM) is the need of the hour. It is the practice of tailoring marketing and sales strategies into a unified platform which in turn creates a huge impact on the organization’s ROI. ABM doesn’t care how many followers you have on Instagram; it only cares about how many deals you can close from that list. In a study conducted by Sirius Decisions, 42% of merchants say they have used ABM in the past 6 months. In their ABM approach, their deal size was 35% larger than deals made without using ABM.
4. Adopt automation and more from Martech:
A plethora of innovative marketing technologies are available in the market to make life easier for marketers today. These Martech tools are used to improve marketing capabilities, marketing automation platforms help you reach your prospects, deliver personalization at scale and improve communication with customers. Reviewing old-fashioned marketing techniques can reduce business costs if the right marketing automation is in place.
5. Harness the power of big data:
Delivering consistent experiences to your customers is crucial for long-term survival in the market. Marketers who can harness the power of advanced data analytics and big data algorithms to reach the precise customer based on their intent can always find more appropriate ways to stay ahead of the game. With such information, you know what your customers are looking for and can identify the best ways to reach them. Big Data is truly redefining the marketing landscape. It helps drive business by improving the quality of sales leads, improving the customer experience, coupled with actionable insights to make well-informed business decisions.
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Marketing won’t get you results until you have your audience’s needs in mind. Your marketing strategy should be able to show how your business can help consumers.