Month: April 2014

Simon Lawrence (pictured) shares his thoughts about how B2B businesses need to adapt to the changing nature of the B2B buyer.

“Although the industry has come a long way since the cheesy product spiels and clumsy advertising of the mid-1900s, B2B buyers are still being bombarded every single day by ‘salesy’ calls and badly thought-out marketing communications. Buyers used to be naive, falling for false promises and guarantees, but as we’ve moved into the 21st century, buyers have begun to learn how to avoid these traps and wise up. As we enter 2014, we are faced with an army of B2B buyers who can see right through the majority of sales messages. Quite simply, they just don’t believe what they’re being told anymore.

When we look at decision making, alarmingly, buyers are progressing nearly 60% of the way through this process before they even begin to engage with a sales rep*. This is a concerning figure for businesses as essentially, buyers are qualifying them out before they’re even in!  Decisions are being based more on personal experiences and the buyers own judging criteria, with buyers more likely to choose just a couple of potentials to choose from. This can pose a significant challenge if you’re not being considered by the buyer in the first instance.

In the last year, we’ve started to learn more about  the new modern-day persona of a B2B buyer. The new ‘smart buyer’ wants to just be given the relevant information and then left to sift through it in their own time – they don’t want to talk to anyone while they’re in the process of researching. This is proposing new challenges for marketers as they try to find a way of getting through to and engaging with their target audience. It is becoming commonplace for companies to be fighting through switchboards, dead lines and agitated buyers in order to engage. What’s more, popular communication channels such as social media platforms aren’t providing optimal business engagement opportunities – for example, how many MDs do you think actually take full control of their Twitter accounts? While companies may still be able to generate the occasional piece of new business via these methods, people are generally choosing their own way to be communicated to. It is down to companies to find a way of cutting through the clutter and catching buyers’ attention.

In line with this, we have seen a shift towards a buyer-focused approach, where companies are identifying prospects and attempting to reach them in more valuable ways. If buyers are basing more decisions on experiences, it is key for companies to reach buyers with more salient and meaningful messages that encourages a relationship. This could include sending invitations to communicate so that it stays on the buyer’s terms, and ensuring that communication is based on warm interactions, incentives, relevance and encouragement. Relationships create a personal link between the buyer and the company and, once established, are more difficult for the buyer to step back from. Although buyers will still be sensitive to sales messages, if they’re coming from a company they trust, they are more likely to process information that they’re being sent and tolerate being ‘sold to’ .

To establish this relationship, companies need to work towards creating communication which is capable of interrupting the buyers thoughts and making them listen. In other words, creating communication which addresses their company’s pain points, focuses on areas of interest and reaches them via their preferred method for contact. The better you understand who buys what, when and why, the better informed you are to begin tailoring a message that resonates with them. However, although a lot of companies do collect data like this about their prospects and current customers, they are not able to use it in a way that can inform their marketing efforts. This is usually down to varying factors such as incomplete or inaccurate data, a lack of customer segmentation or the amount of time taken to process data for marketing.

The inability to build a complete profile of buyers leaves companies unsure as to which messages their prospects are most likely to respond to. By bringing data together, company’s can learn exactly which factors are driving business decisions, how buyers want to be contacted and when. This information allows for enlightened communications, where marketing can be targeted to different buyer profiles based on these aforementioned preferences. If companies are able to create content that is first and foremost relevant, as well as interesting and encouraging, they will be able to get better results from much fewer messages giving a greater return on marketing investment.

*Statistic taken from ‘The Digital Evolution in B2B Marketing’ research paper by the Marketing Leadership Council

Simon Lawrence is CEO and founder of data insight and data services business Uncommon Knowledge.

As online shopping becomes an increasingly social experience, retailers are connecting with consumers in new ways via social media, but they need to be careful about how they seize this opportunity, says Luke Griffiths (pictured).

Consumers today lead increasingly blurred lives, moving seamlessly through complex purchase journeys, seeking information and inspiration from multiple sources and through a multitude of channels.

And within this 24-hour, hyper connected and consumer-driven environment, social media – in all its guises – has emerged as one of the most trusted channels for shoppers. But before jumping in, we should remind ourselves that because we live in a world where people are three times more likely to share bad news than good, it’s crucial that brands look before they leap into social campaigns. In fact, I’m sure that #badPR or #dumbcampaign are two of the most shared hashtags in the world.

So, how should brands be harnessing the power of social media to turn it into a key differentiator and, ultimately, competitive advantage?

I see three guiding principles at play. They’re not hard and fast rules but I think all brands should ask themselves the questions at the outset. The answers will be revealing.

1. Can we tap into the network and will it feel authentic?
2. Will we listen and respond to what we hear?
3. What can we see, how can we act?

Tapping into the network

Shopping is an inherently social pastime and the rise of social media has enabled brands to incorporate this into their online presence – take Nissan’s new partnership with Instagram, for example.

Engaging consumers with social media must focus on ‘pull’ rather than ‘push’ and the brands with the most successful social engagement campaigns are those that tap into the power of the network or community and let their brand enthusiasts become their ambassadors. This means devising relationships that feel ‘right’. In the UK, health brand Bupa sponsoring the Great North Run, for example, feels authentic because there are areas of shared interest.

Rewarding loyalty also feels authentic. Brands can target some of their most loyal customers with special offers that they can then go on to share with their peers via their social networks. This enables brands to tap into social as it was first intended – to share, recommend and advocate while benefiting from this endorsement.

In fact, by passing the baton over to consumers, brands record an average 55% increase in organic reach and 25% in viral reach, along with increased order values according to eBay Enterprise customer analysis.

Listening to consumer voices

The immediate nature of social media means that the customer experience matters more than ever before. In fact, as any retailer will tell you, it’s often the first place customers go to voice their dissatisfaction.

But it’s not only a place to vent frustration. It’s also a place to demand action. Recent research from NM Incite, a joint venture between Nielsen and McKinsey, shows that 71% of Facebook users expect a customer service response from a brand within a day, while 50% of Twitter users expect a response within two hours.

These individual complaints carry even greater weight than in the past, so in order to maintain (or re-establish, as the case may be) a positive relationship with customers, brands need to respond quickly and efficiently. More than a simple ‘we are sorry’, this requires effective action based on the visibility of all previous customer touch points and interactions across all channels.

This doesn’t mean conversations with customers should be limited to damage control – far from it – brands should think of social media as an evolving, real-time, unprompted focus group. Listening to what consumers are saying across the digital ecosystem and creating a cycle of communication allows brands to deepen their relationship with consumers, creating a feedback loop that builds influence and encourages loyalty.

But in doing this we can’t forget that people, not products, drive social networks. So while brands can use social campaigns to influence experiences and drive social commerce, they should always let users take the lead.

Harnessing observed insights

Beyond encouraging brand advocacy, the power of social media lies in its ability to offer sophisticated targeting capabilities around customised messaging, based on unrivalled insights into consumer interests.

This offers powerful tools to the digital marketer – tools that can drive increased campaign effectiveness, minimising wastage, driving sales and increasing ROI.

Consider a 30-year-old consumer that has both an interest in cars and who has recently been using the word ‘baby’ in posts – a gift to an automotive brand. Being able to recognise these cues, they can promote a family car, tailoring their messaging to focus on safety and economy features.

Not only that, but smart analytics can help unlock real-time insights allowing the car manufacturer to track content and prioritise top-performing campaigns, reshape creatives and allocate budget accordingly.

Online social behaviour is affecting how millions of consumers engage with brands today – a trend that is set to continue. Those who ignore it risk losing out as others learn how to ‘connect the dots’ and drive even greater value from campaigns.

Luke Griffiths is head of Marketing Solutions, EMEA at global commerce technologies and marketing solutions provider eBay Enterprise.

The sheer variety of marketing techniques now available can lead to confusion and indecision as to which element or combination of elements will prove most effective for your business. But, says Hina Sharma (pictured) get the recipe right and big results can be achieved from small budgets.

Today’s marketing cocktail should be a concoction of ingredients – web, print, social and digital – but, as any good mixologist knows, simply throwing everything together is no guarantee of results. It has never been easier for smaller companies to make a big impression and new marketing techniques have levelled the playing field, but they have also presented companies with overwhelming choice. Pitney Bowes offers some simple marketing tips that are designed to help smaller businesses and start-ups achieve a productive communication strategy.

Social media offers the opportunity to reach thousands of customers, both existing and new. The trick is to use it to engage, rather than simply to broadcast. By all means announce new products and services, but also be sure to join in conversations, to ask questions, to link to interesting articles or video content. Creating a dialogue between businesses and customers is an exclusive benefit of social media channels. Word of mouth remains one of the most powerful tools in any marketer’s box, so influencing it positively via social media can quickly get your company noticed.

Although Twitter is the site the media uses to track popular reaction and to unearth celebrity gossip (and Instagram is catching up), LinkedIn should not be viewed as a one dimensional platform. LinkedIn groups exist across a huge variety of issues and topics. So, joining (or even starting) a group that relates directly to your business immediately gives you access to a pool of people potentially interested in the products or services you offer.

However, avoid entering these group conversations with a blatant sales message, as this is a turn-off for members. Instead, speak knowledgeably about your business subject, position your business with thought-leadership authority, and make fellow group members aware that your business is informed not only within its immediate circle, but the wider business context.

Make the most of traditional mail, as it still plays a crucial role in today’s communications mix. People still appreciate receiving mail as long as it is relevant to their lifestyle and interests. Using physical mail alongside digital communications can be very powerful. For example, you might run a competition on Twitter, rewarding 50 followers with a free product. After this initial contact, entrants should be nurtured, and mail can play a big part in this. You might continue the relationship by sending participants an updated catalogue or the latest special offer coupons. Ensure that the material is relevant and appealing, as mail can help to keep your business at the forefront of your customers mind.

People often shy away from tech solutions for fear of incompetency, given the multitude of ready-made packages available. However there is little to worry about, as you just need to choose your design, focus on your message and press send. Embracing available technology can add real quality and professionalism to campaigns, helping your brand to stand-out from the competition.

Make every communication count, even the unglamorous administrative duties such as invoices and terms and conditions. These forms of communications should not be viewed as a time-consuming obligation, but rather an opportunity to make an impact. The latest franking technology can add eye-catching marketing messages to the front of envelopes at the same time as adding the correct postage amount. So, everyday transactional documents can become easy promotional vehicles.

These are just some of the cost-effective marketing techniques that our customers are using to grow their businesses. The Marketing Cocktail can be sampled among a small audience to start with and then rolled out into a larger forum once confidence is in place. The different components provide the most impact when combined, rather than on their own. The trick is to establish the correct mix based on your business needs.

Hina Sharma is head of Brand and Content Development for Pitney Bowes.