AN ESSENTIAL GUIDE TO B2B MARKETING IN 2024
Dillon Allie once said, “The buyer’s journey is not really a linear part anymore. It’s more about being ready with the content that prospects need when they are making a decision”. B2B marketing is very different from B2C marketing because the target audience is different. While B2C marketing aims to speak to customers who are making buying decisions for themselves, B2B marketing targets organisations i.e. individuals who are making buying decisions on behalf of an organisation rather than themselves.
To get the best result with your B2B marketing, you first need to lay the right foundation. This ensures that all marketing activities deliver the desired results. As a B2B marketer, it is important to understand the brand/service/product you intend to sell. This is the only way you will be able to create marketing content that truly mirrors the essence of the brand/service/product.
Some brands already have this communicated either on their website, in the press or on social media while some still have some work to do and should be asking themselves the following questions:
- When was the business founded?
- Why does your brand exist?
- What solutions do you provide?
- How do you operate?
- Who are the individuals that make up the company?
- What’s important to them?
As much as it is important to know and understand what the spirit of your brand is, the way other stakeholders perceive your brand is also crucial because that is what informs their buying decisions.
So you want to ensure that the reason why you exist as a brand and the problem you solve aligns with your stakeholder’s perception of your brand.
KNOW YOUR TARGET AUDIENCE
Businesses are not individuals, so you need to know why and when the businesses that need your products or services need them and what they require from their vendors.
What are the various decision makers, influencers and what are the different buyer personas and how can you best adapt your marketing to meet their needs?
KNOW YOUR COMPETITION
Studying your competition is probably the cheapest research you can do. Because they exist in the same space as you, offer similar products or services and have similar challenges; they already have the answers you are looking for.
- What have you done in the past that worked?
- What are you currently doing and how is that being received?
- What have you done that failed?
- What is missing?
- What can you do to bridge the gap?
A properly done competitor analysis can help differentiate your marketing strategy and pinpoint pain points of your target audience that need to be addressed and this can be your key to success.
KNOW YOUR MARKETING OPTIONS
There are more marketing channels than one can count, and it is not easy to show up on all of these channels consistently and excellently.
The good news is that you do not have to. Find what channels are most important to your target audience and focus on those.
Understanding and Marketing At Every Stage of The B2B Sales Funnel
A typical sales funnel consists of four stages, guiding your target audience from initial contact with your brand to the point of purchasing a product or service, and further encompassing the outcome of their experience.
The four stages of a sales funnel are:
The Awareness Stage — This is at the beginning of your customer journey. It is the point where your target audience becomes aware of your brand. It could be that they were looking for a product or service you offer, it could be from a random ad or post on social media, or it could even be from someone else or a competitor. Whatever the case may be, before this point they had no clue your business exists. At this stage of the customer journey you want to create social media posts with clear CTAs, blog posts, infographics and podcasts that align with the buyer persona and encourage the buyer to move to the next stage of the funnel.
The Interest — Now that you’ve captured their attention, your potential customers are evaluating your products and services, ensuring they meet their criteria in terms of price, quality, unique selling points (USPs), location, ease of use, and more. During this interest stage, they actively seek information and compare your offerings with those of competitors. To engage them effectively, consider providing content like explainer videos, advertisements, newsletters, webinars, and eBooks.
The Decision Stage — At this stage, your target audience has made a decision based on the information gathered during the interest stage. They’ve identified their needs, compared a list of providers, and chosen one. This marks a critical point of value exchange. To maximise conversions at this juncture of the customer journey, marketing efforts should concentrate on channels like landing pages, gated content, case studies, testimonials, and product demos.
The Action Stage — This post-sale stage encompasses actions customers take after experiencing your product or service. The goal is to nurture loyal customers who not only return but also become brand advocates, recommending your business to new prospects who then start their own journey. Key strategies at this stage include product and service guides, video tutorials, and FAQs.
Additional Marketing Trends for 2024
As B2B marketing continues to evolve, here are a few trends to keep an eye on in 2024:
Social Media Marketing — A common error in social media marketing is channel misalignment. While many businesses prioritise Instagram and Facebook, LinkedIn generates approximately 80% of B2B leads. Despite its smaller size compared to other platforms, LinkedIn’s user base of professionals and executives, who often make organisational decisions, makes it a more effective channel for B2B marketing.
Video Marketing — The digital marketing landscape is shifting from traditional image and text content to videos, and for good reason. Videos offer a more personal touch, capture attention effectively, and provide fun, versatile options for marketing strategies. Given their enduring relevance, businesses should invest in video content to enhance their marketing efforts.
Augmented Reality/Virtual Reality — For product-based businesses, AR/VR is a great way for your customers to experience your product before they patronise it.
People-Focused Marketing — Humanise your brand. Professionally Showcasing the brains behind what you sell is a great way to build emotional connections that convert. People do business with people and as a result, it is important to continue to build connections with your target audience to keep them loyal to your brand.
In conclusion, success in B2B marketing in 2024 demands a strategic, proactive stance, integrating the latest trends and technologies.
Embracing digital tools and platforms, alongside personalisation driven by advanced data analytics and AI, is essential for staying competitive. Marketers must focus on delivering tailored experiences and content to meet customer expectations, ensuring an agile and technology-forward approach that incorporates sustainability.
By adopting data-driven strategies and keeping pace with emerging trends, businesses can achieve growth and success in the evolving digital landscape.
