Tag Archives: B2B firms

Why Your B2B Marketing Isn’t Working

Inconsistency Kills Most B2B Marketing Strategies

Inconsistency Kills Most B2B Marketing Strategies

There are two major reasons why marketing is ineffective at B2B firms, regardless of size or industry:

  1. Marketing is viewed as triage. The company applies a collection of tactics (often labeled as a “marketing campaign”) only in response to a problem; typically involving the loss of a key client, or decline in revenue. When business is good, little or no time is invested in marketing. When business (inevitably) takes a dip, marketing becomes a priority. This classic behavior is depicted in the “Sales / Service Volatility Curve” chart above.
  2. Marketing is expected to deliver immediate results. Either because the company views marketing on a cause & effect tactical basis, or because marketing triage must quickly revive an ailing company, the marketing function is given little time to produce tangible results. It’s no surprise that Chief Marketing Officers have the shortest tenure of any corporate function.

Individually or collectively, both of these circumstances drive the #1 reason why B2B marketing does not work:

INCONSISTENCY

The sad truth is that very few B2B firms either understand the marketing function, or have the discipline to design, implement, measure and stick with a marketing approach that builds brand equity and market engagement on a consistent basis.

As an alternative to changing careers, and to establish the infrastructure and internal culture necessary for the discipline to succeed, we offer marketers (and B2B business owners) the following simple path:

  • Create a Written Marketing Plan. Include goals, strategies, responsibilities, timelines, budgets and ways to measure results. Without a Marketing Plan you will not succeed. And unless it’s a written document, you do not have a Marketing Plan.
  • Gain Senior Level Commitment. The corner office must understand, endorse and support the Marketing Plan. The Plan must also be properly staffed and funded upfront.
  • Do a Few Things Very Well. Marketing’s success will be based on the quality and effectiveness of a limited number of strategies / tactics. Less is usually more.
  • Build and Nurture your Database. Direct and easy access to your company’s clients, prospects, referral sources and opinion leaders is essential. Without this pipeline, the marketing value of the content you create is close to zero.
  • Create Meaningful Content. Self-serving white papers and client case studies have very limited appeal. Generate content that validates your company’s intellectual capital, on topics that target audiences have a genuine interest in.
  • Drive Top-of-Mind Awareness. Leverage your thought leadership content by sharing it directly with target audiences on at least a quarterly basis. More importantly, use content to initiate two-way conversations that build relationships in advance of sales.
  • Connect with the Sales Force. There’s no better way to find if and how well your marketing strategies are working, or to gain an understanding of the marketplace.

Most importantly – with apologies to Glengarry Glen Ross – B2B firms must:

A…..Always

B…..Be

M…..Marketing

…for the discipline to be effective. Otherwise, the traditional short-term, hair-on-fire approach to marketing will keep your B2B firm from ever reaching its full potential.

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How WebMD Has Changed B2B Marketing Forever

webmd2Many B2B companies, and professional services firms in particular, do not succeed at marketing for two major reasons:

  • Failure to understand that the vendor selection process has fundamentally changed.

Prospective customers now turn to their personal networks and publicly available information — via digital and social media channels—to self-diagnose their problems and to self-prescribe their own solutions. In this new WebMD World of B2B Marketing, making the short list of potential vendors relies heavily on being visible and appearing smart in appropriate online channels on a consistent basis.

To appreciate the magnitude of this shift in how customers select outside resources, consider 2012 market research conducted by the Corporate Executive Board’s Marketing Leadership Council, which surveyed more than 1,500 customer contacts (decision makers and influencers in a recent major business purchase) for 22 large B2B organizations spanning all major NAICS categories and 10 industries. As depicted below, the survey revealed that the average customer had completed nearly 60% of the purchase decision-making process prior to engaging a supplier sales rep directly.  At the upper limit, the responses ran as high as 70%.

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The implications of this research are clear: B2B companies that fail to “show up strong” in the online world are missing engagement opportunities with potential as well as existing clients.

  • Failure to respond properly to the new vendor selection process.

Unfortunately, many B2B companies that understand the new dynamics of vendor selection have responded in knee-jerk fashion, by saturating every possible online / digital channel and social media platform with content that neither reaches nor resonates with decision makers in their target audiences. Although buyer selection habits have changed, when it comes to brand awareness and positioning of a company’s value proposition, less is still more. And this chart explains why:

Attention Web

The online world makes it easy to obtain information, but extremely difficult to gain attention over all the noise. Increasingly, B2B firms are learning that simply having all the online visibility tools – company blog, Twitter account, Facebook page, LinkedIn profile, etc. – does not guarantee marketplace attention. They’re also learning that tactics designed to feed those online beasts – most often “currated content” from 3rd parties – can be akin to the “throw some shit on the wall and hope something sticks” marketing approach.

The firms benefitting most from the new WebMD World of B2B Marketing apply traditional marketing disciplines: they stake out intellectual territory that supports their brand with insights that are relevant and interesting to clients, prospects and referrals sources; they drive top-of-mind awareness (and new business inquiries) by ensuring that those target audiences receive their insights on a consistent basis; they create opportunities to engage, rather than talk at, decision makers; and they use online tools to enhance, rather than replace, direct communication with existing and prospective customers.

 

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An End to B2B Social Media Madness

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Rapid, lemming-like adoption of social media tools by small and medium-sized B2B firms – fueled by an army of self-proclaimed social media experts – has resulted in wasted dollars, missed opportunities and heightened distrust of the marketing function in the C-suite. As if CMOs needed another cause for termination.

The past decade’s social media debacle is akin to introduction of desktop publishing in the early 1980s, when personal computers arrived in the business world. New software programs enabled companies, for the first time, to design and produce their own graphic materials in-house. Every company needed desktop publishing; corporate bean counters promoted the cost savings; anyone who learned how to use the software claimed to be a graphic designer, and the trend resulted in the most unprofessional and ineffective marketing & sales collateral every produced. Over time, even the bean counters came to understand that misapplied technology can be very costly.

The impact and potential of social media is far more significant than desktop publishing, but this also means that its range of casualties and cost of misapplication are exponentially greater. Simply, there are far too many B2B companies that are either:

–  using inappropriate social media tools,

–  not using appropriate social media tools correctly, or

–  missing opportunities to use appropriate social media tools.

At the risk of generating a firestorm of debate from social marketing gurus armed with clicks, likes, re-tweets and other forms of meaningless ROI validation, and based on the social media casualties we’ve seen or treated first-hand, the following guidelines are suggested for small and medium-sized B2B firms:

  • Focus on Your Website. This is the online mother ship of your brand. Don’t bother with social media tactics unless this tool is all that it can be. If your website has not been refreshed and updated in the last 3 years (which means more than simply sticking press releases in the “News” section), then your company is due for an overhaul.
  • Blog Correctly, or Don’t Have One. A company blog is the most effective way to leverage social media. But if you are unable or unwilling to generate meaningful content on a consistent basis (at least twice a month), or to merchandise your blog content properly (which means taking specific steps to promote the content with target audiences), then do not start a blog. If you already have a blog and you’re not meeting those goals, then shut the blog down. It’s a brand liability.
  • Forget Facebook, Twitter and Google+. These are primarily personal and B2C social media platforms, and there are few good reasons why most B2B firms should be investing any time or resources there. In terms of demographics, it’s telling that Twitter’s top 3 profiles belong to Justin Bieber, Lady GaGa and Katy Perry, but if your B2B firm needs quantitative evidence to support dropping these social media platforms, here is some recent research from Pew Research Center:

PRN_landscape_social_media_users

  • Use YouTube Selectively. YouTube can be a very effective social media channel for B2B firms. But your video products must be sophisticated, professionally produced, and no longer than 3 minutes. Resist the temptation to include sloppy, home-made productions, or hour-long webinar presentations. They reflect poorly on your brand, and few people will watch them. Ensure that you develop ways to drive consistent traffic to your YouTube channel.
  • Build Your LinkedIn Presence. LinkedIn is 3x more effective for demand generation than either Facebook or Twitter. LinkedIn has become an essential part of the business world’s due diligence process, and your company is conspicuous by its absence. Unfortunately, few companies take full advantage of LinkedIn’s social media potential. Their corporate profiles often do not contain adequate information, they do not merchandise blog-related and other relevant content, fail to connect through industry user groups, and their employees’ profiles are inconsistent and sometimes unprofessional. Most B2B companies would be well served to invest 100% of their social marketing effort through LinkedIn.

Very often, the root cause of dysfunction and disappointment related to the application of social media tools by B2B firms has less to do with the shortcomings of the various platforms, and more to do with the lack of a coherent and articulated marketing strategy. Chances are, if a B2B firm is spinning its wheels in the morass of social media, they’re having similar challenges with traditional marketing communication channels as well.

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Jimmy Webb and the Power of Storytelling for B2B Companies

Music critic Miss Universe on "A Hard Day's Night" movie set

Songwriting legend Jimmy Webb has written some of pop music’s most enduring ballads, including Wichita Lineman, By the Time I Get to Phoenix, Galveston, The Worst That Could Happen and the rock cantata MacArthur Park (simultaneously heralded as a musical masterpiece and the worst song ever written.)

The 66 year-old Oklahoma native now lives in Long Island and performs year-round at small venues in the US, Canada and abroad. Baby boomer fans pack the room to hear Webb strain to hit his own songs’ high notes, to listen to his tales of life on the road, and to get the real stories behind how and why he wrote specific songs.

At a show last weekend in New Jersey, Webb told fans about his first trip to London in 1964, where he fell in love with Miss Universe, who he met on the set of the Beatles movie, A Hard Day’s Night. According to the rambling story, in his attempt to impress the beauty queen – who had been cast as an exotic dancer and appears for 6 seconds in the film – Webb invited her back to his hotel room, where he sat her down next to him on the piano bench and performed his then unrecorded version of MacArthur Park. Unfortunately for Webb, the 7 ½-minute song failed to put her under his spell. She told him it was a silly song and left. Or so Webb’s story goes.

For the 450 people who heard Webb’s London adventure, all of whom have listened to MacArthur Park for decades, their musical experience has been forever re-shaped. When they hear that song in the future, it will provide a different context or a different meaning. Now, instead of cakes left out in the rain, they’re more likely to envision Jimmy Webb serenading Miss Universe in London. That’s the power of storytelling.

Social media and technology provide efficient ways for people to tell stories. But according to Dr. Pamela Rutledge, Director of the Media Psychology Research Center, “The human brain has been on a slower evolutionary trajectory than the technology. Our brains still respond to content by looking for the story to make sense out of the experience.”

Writing in Psychology Today magazine, Dr. Rutledge notes that, “When organizations, causes, brands or individuals identify and develop a core story, they create and display authentic meaning and purpose that others can believe, participate with, and share. This is the basis for cultural and social change. This is a skill worth learning.”

Increasingly, in B2B communication, companies focus on the medium and the technology, rather than the underlying message, its meaning or purpose.  In our world of websites, blast emails, podcasts, webinars, analytics, blogs, Facebook, Twitter, marketing automation, smart phones and mobile apps…it’s easy to forget that the quality of a company’s narrative drives people to notice, participate or care about what’s begin sold – whether that be a product, service or a philosophy.

We’re all familiar with how the big brand companies such as Harley Davidson, Jack Daniels, Levi Strauss, IBM and Ben & Jerry’s have leveraged their corporate narratives to build awareness and market interest. But most small and medium-sized companies, and B2B firms in particular, are at a loss to understand how the power of storytelling can showcase their core values, mission and marketplace differentiation. But this goal can be accomplished…not by cooking up elaborate tales about the company’s founders or its early struggles… but rather, by pulling back the curtain on how and why the company makes decisions, and by using real-life examples and incidents to provide interest and context.

A great example of effective storytelling involves Davidson Trust Company, a Devon, Pennsylvania-based investment manager with around $1 billion in assets under management. In a series of columns published in the Philadelphia Inquirer, Davidson’s CEO Alvin A. Clay III used stories to establish relevance for his thoughts on issues of importance and likely interest to his firm’s current and prospective investors.

In one of his columns, Davidson’s CEO described how his father – a longtime professor at Villanova – had been the beneficiary of kindness as a young man, and had devoted much of his teaching career returning the favor to others. In another, Mr. Clay recounted a heated debate he had experienced with other business leaders, and how that exchange had shaped his decision-making process regarding publication of his company’s ethics statement on its website. In all of Clay’s columns, he used storytelling to deliver insight and to position the Davidson brand in a genuine, credible and memorable manner.

At his concerts, Jimmy Webb spends more time telling stories than he does on singing his songs. And these events typically end with a 10-minute standing ovation.

Earlier this month, Davidson Trust Company received its own standing ovation. Publicly traded Bryn Mawr Bank Corporation (NASDAQ:BMTC) announced plans to acquire Davidson.

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