Empowering B2B growth with digital marketing and persistent client relationships
It is imperative to have a consistent client relationship if the aim is to nurture meaningful growth in any industry sector, of which B2B industries are no exception.
It is commonly assumed that the B2B customer journey is entirely different to the B2Cs, however contrary to popular belief, that is not the case. Consumers and businesses are very similar in the nature in which both of their decisions are influenced by emotion. Both, when broken down act on decisions made by people, thus it is crucial to inquire into what specifically these people want, on top of their business goals, as a B2B marketer.
So, what is it that these corporate decision makers want? Information, transparency and trust. These three factors are vital, as their decisions are made for the advancement and benefit of
their organization and that in itself carries a monumental responsibility.
In most ways, the same practices that apply with B2Cs operate the same way with B2Bs, as the goal of both is, first and foremost, developing real, meaningful relationships. However, there are
still important distinctions to be made regarding how marketers should approach B2B prospects.
What are the key principles of an effective B2B marketing strategy?
There is an increasing focus on personalized marketing, where specific niches/segments of one’s target audience is focused on and as such there is no one-size-fits-all approach. Consequently, marketers are constantly adapting to the perpetual changes that influence the appeal of different customers. In order to approach them on a professional and personal level on such a massive scale as is often strived for by many, digital channels are crucial. A new emerging need with the incorporation of digital channels in their marketing strategy is the issue of finding the right balance between approaches and genuine human interaction to ensure that the experience is still authentic and to avoid dehumanizing it.
Although there is an immense diversity in marketing, several fundamental principles set the foundation for all, which focus specifically on the psychological side of marketing.
People are generally social creatures, tending to follow the beliefs and actions of those they look up to, know and trust. This is the first underlying principle known as social proof. What’s fashionable? This question is the driving force of the consumer world. Peer pressure and a constant yearning to be fashionable is one of the strongest incentives to instigate consumer purchase decisions. However, businesses’ decision makers are far more invested in how a product can add value to their organizations. Hence, success stories and testimonials that reflect the effectiveness of the product in a real-world circumstance, which they can relate to, appeal to them.
It is always more difficult to make choices when there are a plethora of options. For any decision maker, especially for one that’s decisions influence not only themselves but a team or organization, it is easy to paralyze them into indecision, overwhelmed by choice. Instead, B2B marketers should showcase their products on a focused, personalized level that coherently conveys how its use has impacted similar companies within the same target market, as well as how it could be transitioned to help the client, specifically. A tailored offering enables faster, informed decisions.
The principle of loss aversion deals with the notion that people are inherently more concerned with preventing losses rather than gaining something new or better. This is made more prevalent for decision makers in businesses who are held accountable by their peers, superiors and organization as a whole.
It was the findings made by Daniel Kahneman, the Nobel Prize winner who showed that the pain of loss is approximately twice as great as the reward made from gains. As a result, corporate decision makers are more risk-averse, willing to take lower risks, more reluctant to take opportunities and make decisions unless they are fully informed and have a large degree of certainty.
This is also why B2B marketing must be established on the grounds of trust and transparency. Not only must B2B marketers focus on showing how they can add value to one’s organization but persuading their target audiences that their particular product/offer holds less risk and is secure can be a deciding factor.