Best Practices in Business Development Success
It’s no secret that in today’s world, to achieve success, companies need to apply a variety of business development strategies. That’s because it is essential for enterprises to stay current, as their competitors may already utilize many of these strategies to increase their revenue and market share.
But these strategies are numerous, and not all of them may be effective.
In this article, we will discuss the best strategies and practices that contribute to boosting a company’s success in business development.
These strategies are marketing automation, social outreach through LinkedIn, retargeting, and pay-per-click (PPC) advertising.
As the name suggests, the goal of marketing automation is to automate and simplify repetitive marketing processes and actions, such as sending emails and managing social media.
According to a survey done by Three Deep Marketing and Ascend2, 71% of companies have already extensively incorporated marketing automation into their business processes.
The majority of those who don’t utilize this strategy yet, plan to start doing so in the near future.
Marketing automation helps in three ways.
- Marketing automation significantly increases a company’s effectiveness
Due to the fact that marketing automation helps eliminate repetitive processes, it contributes to optimization of working processes and overall improvement of the company’s performance.
According to a report from Adestra, “Marketer vs. Machine,” 74% of marketers say that marketing automation allows them to significantly save time. 68% state that its use leads to increased customer engagement.
In considering effectiveness, 58% of marketers think that automation contributes to more timely communication and providing more promising opportunities, including effective follow-ups, up-selling, and more.
2. Marketing automation enables fast results
Integrating marketing automation is challenging, as it requires a lot of time and money, but these efforts pay off.
The same survey from Three Deep Marketing and Ascend2 revealed that the majority of the companies surveyed expect to realize the benefits of their automated marketing systems within 6 months of implementation.
3. Marketing automation makes it possible to outpace competitors
Marketing automation provides advantages over competitors.
According to Lenskold’s “Lead Generation Marketing Effectiveness Study,” out of all the businesses that manage to outgrow their competitors, 63% employ automation marketing strategies.
Thus, marketing automation helps significantly on the way of achieving business development success.
Social Outreach through LinkedIn
LinkedIn is a social network that is used mainly for professional purposes. Its user base numbers more than 450 million people accessing the social platform from 200 countries. Due to its popularity in business, it is considered to be the most B2B-centric social platform.
Social outreach is the process of utilizing a social network to increase awareness of a company’s brand or product.
Social outreach through LinkedIn provides benefits in the following ways.
● Social outreach through LinkedIn helps increase B2B sales effectiveness
LinkedIn is a great tool both for distributing business-related or commercial content and increasing sales rates. That’s why it is extremely popular with B2B marketers.
According to the Content Marketing Institute, 94% of B2B marketers use LinkedIn to share and distribute content.
At the same time, 63% report improvements in their sales process effectiveness.
● Social outreach through LinkedIn helps build trust with customers, making them more willing to purchase
With the help of the content distributed on LinkedIn, companies are able to demonstrate their expertise in an industry to their target audience.
“The Sophisticated Marketer’s Guide to LinkedIn” revealed that 80% of LinkedIn users are more willing to connect with and buy from a company once they engage with it on the platform.
At the same time, if a company is considered as an influencer in an industry, people are more likely to trust that company.
According to statistics, 92% of B2B buyers want to engage with sales professionals who are accepted as industry influencers.
● Social outreach through LinkedIn helps to spread the information about a new product
LinkedIn can help build awareness of a new product through publishing and sharing content about it.
According to polling conducted by Regalix, 81% of B2B marketers employ LinkedIn to increase awareness when launching a new product.
● Social outreach through LinkedIn improves conversions
According to a “LinkedIn for B2B Lead generation” infographic done by Oktopost, LinkedIn is the most effective social platform for B2B lead generation.
In fact, 80.33% of leads and conversions are generated with the help of LinkedIn, compared to Twitter at 12.73%, Facebook at 6.73%, Google+ at 0.21%.
LinkedIn discussion groups drive the largest percent of conversions (86.30%) while company pages are responsible for 10.07% and personal profiles 3.63%.
Retargeting means following a website’s visitors all over the Internet with the help of cookie-based technology.
Retargeting is a powerful tool that delivers benefits in the following ways.
● Retargeting provides the most brand lift
According to research conducted by comScore and ValueClick Media, retargeting is the display ad placement strategy that enables the most brand lift of all types of ad placements.
● Retargeting allows effective customer targeting
Digital Remedy discovered that retargeting can help increase response from the target audience on an advertisement by up to 400%.
And this figure can be even larger.
Yankee Candle Company reported that through retargeting strategies they were able to increase their conversion rate by 600%, at the same time, they managed to cut the cost-per-conversion in half.
● Retargeting contributes to increasing conversion rates
Research from Criteo revealed that visitors to a company’s website who later see a retargeting advertisement are 70% more likely to convert.
● Retargeting helps increase a company’s effectiveness
According to “The Retargeting Barometer Report” by Chango and Digiday, retargeting contributes to increasing brand awareness, website engagement and acquiring new customers.
Despite the challenges associated with retargeting, such as difficulty in integration with other marketing efforts and lack of transparency, marketers are still likely to utilize retargeting strategies to acquire new customers.
Pay-Per-Click Advertising (PPC)
This is a type of advertising based on companies paying a fee each time somebody clicks on one of their advertisements.
PPC provides benefits in the following ways.
● PPC contributes to an easier selling process
PPC employs keywords that are relevant to the target audience, and consequently, the selling process becomes easier.
According to Unbounce, visitors driven by PPC are 50% more likely to buy a company’s product than those originating from organic traffic.
● PPC enhances the company’s brand
Google states that paid advertisements can boost brand awareness by about 80%. Moreover, PPC can potentially contribute to providing so-called “top-of-mind awareness” of a brand, meaning the brand that search users think of first.
People are also more likely to become aware of a business if its link is placed first on Google.
According to Wordstream, the top three advertisements that appear on the first search results page get about 40% of all clicks.
At the same time, it was estimated that the first advertisement position has a click-through rate of about 8%, while other positions have click-through rates of 2% or less.
Furthermore, out of all search results, sponsored advertisements get 65% of clicks of relevant keywords, while organic results account for only 35%.
Achieving business developments success is not an easy task, but it is extremely important in order to maintain progress and not lose market share to competitors.
The four strategies in this article illustrate how companies can achieve success in the following ways:
- Marketing automation improves a company’s productivity, allowing fast results to be achieved and letting the company stay ahead of competitors.
- Social outreach through LinkedIn helps increase B2B sales effectiveness, build trust with customers, quickly spread information about a new products, and increase the number of conversions.
- Retargeting provides the most brand lift, increases conversion rate, and improves a company’s effectiveness.
- PPC advertising contributes to easier selling and enhancement of the company’s brand.