Monday, October 18Welcome

Tips for B2B Marketing Success in a Digital Economy

Marketers are rapidly moving towards digital marketing channels for the following reasons:

  • Online media has rich customer data as compared to offline media.
  • Online marketing is usually cheaper than offline marketing.
  • People tend to spend more time on digital mediums rather than offline mediums.

These three elements not only give rise to digital entrepreneurship but also influence the corporate world to utilize the opportunity to avail digital marketing tools for sales, marketing, and branding.

Now, the question hammers upon digital marketers and novice businesses listed on a leading Chinese B2B Marketplace. Do they mostly seek responses for where they need to start? Here are four tips to get you started.

4 Best Ways to Ensure B2B Marketing Success in Digital World

1. Shaping product or service process

To be successful in the value proposition, you need to dissect every benefit in your product or service offering. Moreover, to be successful in the value proposition, you need to scrutinize every benefit and cost in your product or service offering.

Benefits are the solution tothe problem, customer support (quick and reliable), and image (social recognition).

Cost is the value paid by the customer in return for goods or services acquired. Let’s breakdown the cost of the product or service:

  • Money:It is the monetary cost of a client. The customer pays to get the product or service.
  • Time cost: This is the quantity of time a customer has to wait for product or service delivery.
  • Psychological cost: It is the duration of an effort and mental energy that customer bears to get your product or service.

When you are planning to establish the USP (Unique selling proposition), competitive advantage, and positioning of your product or service, you have to work out how you can raise the number of benefits and reduce the number of costs to increase the perceived value (benefit), i.e. attractiveness towards your product offering in the customer’s mind.

2. Establish particular market segmentation

Once you are done with product or service offering and value proposition, you need to identify the different groups of customers in the light of demographics and firmographics.

Highlight the sets of your prospects that are easily accessible, responsive, profitable in terms of purchasing power, and willing to buy your product or service.

Generally, B2B segmentation appliesto clients who are price conscious, quality conscious, time conscious, negotiators, and range prospects.

Here, B2B companies listed on a leading Germany B2B Platform need to establish separate profiles for customers and markets in relationship with the products or services offered and purchased.

3. Establish a strong website

Once you have designed your product offering, USP, positioning, and competitive advantage, you can head towards establishing a reliable, responsive, eye-catchy website for your clients. Make sure that your website features a user-friendly interface that allows visitors to easily navigate and experience a highly responsive error-free browsing.

The website should carry detailed information about your products in the form of catalogues, social media links, and videos. The website must appeal to business needs and customer-centric solutions by aligning their needs with your product offerings.

The website interface must influence the visitor to browse more relevant pages. Yet, the sign-up process should be easy, time-saving, and simple to gather quality data from the prospect. You can add an option of buying a product or buying needs in the section of the sign-up process. In this way, the user can express which product or service he wants to buy.

You can also add a list of satisfied customers to your website to gain the trust and confidence of fresh prospects.

4. Establish best-automated software CRM

The B2B website must be efficient in coordinating inventory management with stock purchase, sales, delivery of goods, and executing financial transactions. Therefore, backend links must be strong enough to support each and every function implemented on the website.

The automated software must be capable of tracking and keepinga record of all activities. It must help in maintaining statistics of:

  • Impressions, clicks, and sign-ups
  • Browsing of relevant and irrelevant pages
  • Number Visitors browsing your website
  • Number of qualified and unqualified leads
  • Number of sales deliveries
  • Sales follow-up activities (like call, chat, and email, follow up and chasing fresh prospects
  • Number of email verified and unverified emails
  • Recording demographics and behavior graphics activities of visitors, users, prospects, customers
  • Number of repeat purchases vs. unrepeated purchases and keeps track of both of them

Similarly, the automated software must also be able to keep track of cost and sales for each activity executed for organic and paid online marketing campaigns, including social media marketing, SEO, SEM, PPC, content marketing, and mobile marketing.

CRM highlights cost per client with statistics and indicate which forums are time and money wasters while which are efficient and profitable. Consequently, CRM will help in forecasting which online marketing channel will comply with upcoming digital trends and why B2B marketers must opt for them.

However, these statistics will help in cost quantification, revenue, and net profit on a daily, weekly, monthly, and quarterly basis. This quantification is exceptionally significant in forecasting, marketing, sales planning, budgeting, and cost-cutting.

In addition to this, the record of reasons and causes for every activity can be further used for research purposes by identifying strengths and loopholes in the digital marketing and sales mechanism.

Conclusion

The key to success in the digital economy and B2B sales lead generation is keeping track of marketing and sales activities in terms of profit and costs.

You can design your digital strategy by anticipating future consumer preferences, digital trends, and the capabilities of your company. Besides, effective SWOT analysis and digital strategies grounded on it will be a plus point.