Things B2B marketers Should Do To Win (Tips from an Expert)
B2B marketing has never been more difficult, due to a tumultuous economy, the proliferation of competitors, and a marketing mindset that is still evolving. There is still hope for marketers who are savvy. This was a theme that recurred in our recent conversation. Jon Lombardo is the Head of Research at LinkedIn’s B2B Institute, a think-tank that studies new approaches to B2B sales.
Lombardo and I spoke recently to discuss the state of B2B. Our conversation was both eye-opening and enlightening as we discussed how B2B marketers currently fail and the opportunities that they have to improve. We have experienced many of the same challenges as Lombardo, in both our client work and positioning our agency. So we wanted to share his insights with other B2Bs to help them win their markets.
Five Ways B2B marketers can improve
Lombardo suggests that B2B marketers should focus on five things to improve their results.
B2B marketing can be a mysterious and murky part of business, because many businesses were not created with marketing in mind. The companies are led by either product, engineering or sales. If you look at the Fortune 500 board, there are very few directors with a background in marketing. When things are bad, marketing is usually the first thing cut.
Lombardo believes that to bridge this gap, marketers must work better with finance in order to fully understand the business plan and optimize their marketing strategy to support it. LinkedIn, for example, brought in a firm to teach their marketing team finance so that they could have better conversations with finance and sales. This type of education is essential to align both teams, improve the efficiency of marketers, and boost the health of the company.
Check out the book Marketing Is Business Is Finance for more information on how finance and marketing work together.
2) Positioning is key to segmentation.
Relevance and repetition are essential for good content marketing. Many marketers produce too much content without focusing on their target audience, and they are too narrow in their focus. Their messaging isn’t very clear or consistent. It doesn’t resonate well with their audience and is therefore ineffective.
It’s time to refine your audience and reassess the positioning you have.
Tip: Lombardo provides a simple fix to this problem.
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Use the
Framework for Category Entry Points (CEPs)
Identify your greatest opportunities to create your unique position. Begin by brainstorming 30 possible category entry points based on these questions.
- Why are they buying in this category?
- When do they buy from the category?
- Where are they purchasing from?
- Whom are they buying in the category?
- What are they buying in the category ?
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Choose 3-5 positioning statements as your core brand messages.
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Focus on consistency, differentiation, and clarity when delivering your key messages to a large audience.
You will engage your audience with a wider range of messages. If you want more information, check out the B2B institute’s guide Category Entry Points In A B2B World to learn how to create a CEP road map. )
Investing in research is a good idea.
Many marketers don’t take full advantage of data, despite it being their best friend.
B2B marketers often make decisions based on a lot of opinions, but not enough data.
LinkedIn — Jon Lombardo is the Head of Research for The B2B institute.
This is changing. While it may have been a little bit of an historical phenomenon (that solid marketing research was more readily available to B2C than B2B), this is now changing. The work done by the B2B Institute’s Lombardo team is a good example.
This is especially helpful when you’re trying to determine category entry points (see above). This is particularly helpful when you are trying to determine the category entry points.
You can use the B2B institute’s research library to find out more about your marketing strategy. I recommend you start with the How B2B Brands Grow Series.
4) Make big moves during a recession.
In times of uncertainty, many companies cut their costs – primarily through innovation. A recession can be the perfect time to invest more (not just in R&D, but also in branding and marketing).
“Uncertainty creates opportunity.” This is one of the rare times when you can gain a large market share by doing things correctly.
LinkedIn — Jon Lombardo is the Head of Research for The B2B institute.
Lombardo believes that now is the perfect time to go offensive, rather than defensive.
Tip: Focus on maximizing the value of your content, double-down on what works, and cut out what doesn’t. Data can also be very helpful because it gives you the confidence you need to make decisions.
Be flexible and adaptable.
B2B marketers are often challenged by their own intransigence. This is a problem that goes beyond market conditions and data availability. The refusal to change, whether it is driven by laziness, fear, or uncertainty, is the Achilles’ heel of any marketer, especially senior-level marketers. Lombardo says that “when they have always done it in a certain manner and built their careers on [it], then they would have to admit they were wrong if they changed and grew.”
Lombardo says that this is particularly common in industries where there are more regulations. The more regulated the industry, then the less likely it is to change. It often takes an enlightened or new leader to bring about meaningful change and find new creative solutions.
The most undervalued resource for B2B companies is creativity.
LinkedIn — Jon Lombardo is the Head of Research for The B2B institute.
There may be some silver linings if your marketing department experienced a recent turnover. New employees are more likely to be open-minded, and to want to share their ideas.
Tip: One of the best methods to encourage people to try new things or change their ways is to offer incentives. Data can also be a powerful tool for gaining buy-in. You will see real results if you create simple experiments that are tied to ROI. This will not only give you valuable insight, but can also eliminate emotional resistance in the decision-making processes.
How B2B marketers can win long-term
B2B marketing continues to evolve, but there are ways that you can keep your team focused and aligned on what matters.
- Reassessment your strategy. It is important to reassess your strategy. Regularly reassessment and revision is required. Our free B2B Marketing Strategy Toolkit will help you to put your plans down on paper.
- Know your market. Know your market.
- Content marketing is a great way to stand out from the crowd.
- Rethink your content marketing mix. When it comes to marketing content, more is not always better. Check out our tips for doing less (but better!) thought leadership.
You also need an infrastructure that is solid to make your marketing strategy a reality. You can start by searching for a partner agency with the expertise you need, or contact us if you require extra help.
Remember: You can win market share and stand out to consumers with the right team, mindset, and tools. You’ll be more successful if you combine all three.
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