A quietly kept secret among business owners that can grow at a pace 3-5 times faster than their competitors is surprisingly still a little-known fact in most industries. That’s easy to understand because there are so many different opinions out there on the which b2b marketing strategies businesses should be implementing that it leaves the reader overwhelmed with it all; making them hesitant to decide on any form of strategy execution.
For that reason alone, that should be enough for me to emphasize and point out 3 simple b2b strategies that if more businesses implemented… they wouldn’t be searching for this topic and reading this article. Instead, they would be focused on trying to keep up with the growing demand for their products and services.
But for those of you that aren’t there just yet, but are hoping to get to that point with your business… take a look at the strategies listed below.
WARNING: The below list of b2b marketing strategies are more focused on the mentality you need to have during this process, rather than a step by step guide on which strategy you should be using. Why is that? The short answer is that different b2b industries succeed and fail with various tactics, and without knowing your specific industry… I would be forced to assume what’s best for you; frankly, that’s a waste of everyone’s time.
So here are the 3 b2b marketing strategies (or mindsets) you can’t afford to overlook:
1) Competitor Analysis & Comparison
Some companies don’t understand or appreciate how important this is when it comes to marketing; in many cases due to pride. As business owners, it’s easy to feel that our expertise and experience in our given industry is more than enough to come up with a marketing strategy to be executed that will be a success. And while that is usually true, one of the best ways to ensure success with your desired marketing strategy is to get a look at what your top competitors are doing.
Please keep in mind that I don’t just mean any competitor, I mean your competitors that are taking some of your new business opportunities and might even be performing better than you. If you focus on and understand what those competitors are doing when it comes to marketing, you can then get a sense of how your business, strategy, and goals measure up to what they are doing.
An added benefit is you can quickly get a sense of what they’re doing well as well as what they’re doing wrong. In a way, it’s a free consultation from someone that knows and understands your industry.
With that information, you can strengthen and improve your marketing strategy that is going to bring in new b2b clients ultimately.
2) Aggressive Marketing Budget
One of the most common, yet disappointing, things I find among businesses hoping to increase and improve their customer acquisition rate in the b2b space is when marketing is treated as an expense rather than an investment.
The problem with this is that when a business that forgets marketing is an investment, they begin to throw money at the wall, and usually not enough of it, only hoping for a measure of success. On the other hand, businesses that are willing to invest in a marketing strategy, and hopefully doing so aggressively, significantly reduces the chance that they’ll agree to an approach that isn’t ROI driven.
Most of the companies I’ve seen that are looking for help with their marketing in the B2B space are trying to compete with other businesses that are generating 10s of millions if not 100s of millions of revenue each year. For these successful competitors of theirs, staying in that position and expanding it is usually a large part of the short term and long term goal for the company, and as a result, they are aggressive with their marketing strategy.
When a new or smaller competitor comes in and wants a piece of the market share, or is even interested in taking the spot of some of the largest companies… that have to have the mindset that their marketing budget will be commensurate with their measure of success. So if you’re wanting to compete with a company that is spending 100s of thousands if not millions of dollars each year on their marketing team and strategy, please don’t assume that a few thousand dollars (or worse yet, a few hundred) is going to move the needle.
3) Deliberate Strategy Execution
This is probably one of the primary reasons companies that are not succeeding with marketing strategies in the b2b space; failure to EXECUTE their marketing strategy. Far too many companies are so focused on and vested in their brand, their product, and what other companies in other industries are doing; rather than getting a clear sense of what they need to do, and then just doing it.
However, if you have identified the b2b marketing strategy that your company needs to both grow and stay in business; it’s critical that you make sure an on-going execution process is your #1 priority.
With that said, I hope you can make sure these 3 reminders will help you reach your business goals in the b2b space. Sadly, there are too many companies that ignore these tips, and even more “marketing experts” that don’t remind their audience and clients enough about their importance.
If you have more questions about any of these, or you are looking for more specific tips on the type of marketing you should be doing in your b2b industry; feel free to leave a comment below or contact us. Nomvo!
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