Two Keys to More Effective Marketing in 2014 - Part 1

Two years ago this month, I published a post here titled Five Ways to Improve Your Marketing in 2012. With the end of 2013 now only a month away, I thought it would be a good time to revisit this topic with 2014 in mind. How much of what I wrote in 2011 is still relevant, and what would I change about (or add to) my 2011 post.

In my earlier post, I made five recommendations:

• Develop a marketing strategy
• Shift primary responsibility for lead generation from sales to marketing
• Increase the number of leads you acquire via inbound marketing
• Develop and implement a sound lead management process
• Implement a content marketing strategy

These recommendations are as valid today as they were two years ago, although I believe that the number of B2B companies using some or all of these practices has increased substantially over the past two years.

So, what are the most critical actions that B2B marketers should take in 2014 to boost marketing performance? There are several plausible answers to this question, but I suggest that two actions stand out in importance. In this post, I'll discuss why technology has become all but essential for effective B2B marketing in 2014, and my next post will describe how marketing content must change in 2014.

Why Marketing Technology is Essential

I don't write frequently in this blog about marketing technology for a couple of reasons. First, there are many other good sources of information on that topic. In addition, the hype surrounding marketing technology can easily create the erroneous impression that technology is a "silver bullet" that will automatically improve marketing and sales performance.

It's clear, however, that marketing and technology are deeply entwined and that it's now practically impossible to build and execute effective marketing programs without the use of technology. For example, unless you're working with a very small number of prospects, it's extremely difficult and highly inefficient to run sophisticated lead nurturing programs without the right technology tools.

B2B marketing automation (aka lead management) software enables companies to execute personalized and behavior-driven lead nurturing programs. These technologies also typically enable extensive data collection regarding lead behavior and the use of automated lead scoring systems. B2B marketing automation solutions are typically integrated with CRM solutions, and this combination of technologies can significantly improve the effectiveness and efficiency of both marketing and sales efforts.

The good news is, both marketing automation solutions and CRM solutions are now widely available as hosted solutions, they are relatively easy to use, and they are affordable for most B2B companies. These factors, combined with the pressing need to improve marketing performance, have made B2B marketing automation software extremely popular. David Raab, a widely-respected marketing automation industry analyst, estimates that revenues from the sale of B2B marketing automation software will reach $750 million in 2013, and the market has been growing at about 50% per year for the past several years.

If you don't have the internal skills needed to successfully implement a marketing automation solution, you should consider working with a marketing services firm that can use these technologies to execute marketing programs on your behalf.

Marketing technology is not a panacea, but it will be essential for effective B2B marketing in 2014.

Read Part 2 of the series here.

Mind over Marketing

Competitive brand battles can be drawn out affairs, outlasting the
tenures of several management teams. They can also be very expensive,
often requiring outlays in the hundreds of millions of dollars. In some
cases, billions of dollars are involved. It’s not just Coke versus
Pepsi. These battles occur in every industry and practically every
product category. Visa versus Mastercard. Nike

Thanksgiving

As a kid, I never liked Thanksgiving much.  My undeveloped palette didn’t like the taste of stuffing, turkey was always boring, and I hadn’t yet realized the sheer bliss that can come from my mother’s pecan pie.  And I had zero interest in football.

Now that Thanksgiving week is here, I can’t stop thinking about this coming weekend.  Yes, I’m excited about the food, of course!  But I’m also thinking about traditions and the things I’m most thankful for in the world: a wonderful husband, mother, father, sister and family.  And then it hit me…how many times a year do I tell them I am thankful for them?  Usually it’s just around Thanksgiving when we are toasting and getting ready to dig into our feast.  The rest of the year, we are caught up in our own jobs and hectic lives that these types of things get lost in the shuffle, yet they are the most important people in the world to me.

The girls in my family at our annual "Cookiethon" Thanksgiving weekend

Why do we wait for a holiday to tell people we’re thankful for them or their efforts?  Because telling someone they have done a great job, or even having the time to notice ways people go “above and beyond” is always falling to the bottom of our priority list when everything else always seems to take precedence: fixing a problem, responding to those 100 emails waiting in your inbox, returning phone calls.

Showing appreciation to your staff members for a job well done is the most important time you can spend as a leader.  So go ahead and set aside a few minutes this week to tell them you care and why.  It will be the best time you spend this week as we get ready to spend this holiday and kick off the Christmas season.

Happy Thanksgiving to you all.  Wishing you safe travels, wonderful time with family and friends, and a fantastic meal!  (Oh, and GO BUCKS!)

Amanda

Five Myths Of B2B Lead Generation Campaigns

When promoting your business, you probably have tried out a variety of marketing tactics and strategies that you think will bring you the B2B leads that you need. Lucky for you if you succeed, but it would be a different story if it did not pan out. In any case, your aim here is to  ensure the overall success of your B2b lead generation campaign. And if you think that you know everything there is to proper marketing and appointment setting, well, you might want to think again. There is that high likelihood that you are basing your marketing efforts on myths. Honestly, that is the last thing you would want to experience in your business. So, what are these myths that you should know about?

First, some marketers believe that the customers care about your business. Renowned advertising executive and blogger Bob Hoffman has long disproven that. Customers do not care about you at all, they care about themselves. That is why they are your customers in the first place. If you think that all those sales leads nurturing that you are doing will get you the sale, you should reconsider that thinking. Chances are, you have lost the deal.

Second, you use the same message in different mediums. That is one mistake that you should never make. Yes, your message may be clear and concise, but how sure are you that it would be relayed right with different mediums? In the same manner that you do not use transfer a B2B telemarketing script to television, you should also craft your message according to the medium that you will be using. You have to be careful in that regard.

Third, you send the same message to all business prospects. This is one of the biggest no-no’s in the marketing field. Any sensible marketer will tell you that each prospect is different, and that requires a different manner to communicate with them. Some like it informal, while there are those who wish for a more formal approach. Others enjoy the conversation, while some might prefer going straight to the point. The trick here is in PERSONALIZATION. That will get you better results.

Fourth, you sound just too smart in your promotions. Yes, you want to say your entire piece to your sales leads prospects, but you would want to put your efforts on a leash if you notice that your prospect is losing interest in you. Match your wording and approach according to the person you are talking with. In this way, you not only personalize your marketing (which satisfies point number three), you also make your prospects think more on how you can help them (which point number one has mentioned).

Lastly, you think that B2B lead generation is easy. To be honest,it never was. Success can only be had through hard work and constancy of your efforts. This is the secret to generating customers for your business.

If you can correct your way of thinking, especially with regards to the above myths, then your B2B lead generation efforts will not go to waste.

Is Account-Based Marketing Right for Your Business?

One of the hot topics in B2B marketing circles today is account-based marketing (ABM). ITSMA (the Information Technology Services Marketing Association) led the development of account-based marketing about a decade ago. Although it started in the technology sector, ABM is now used by many kinds of B2B companies.

ITSMA defines account-based marketing as:  "A structured approach to developing and implementing highly customized marketing campaigns to markets of one, i.e. accounts, partners, or prospects." (emphasis added) By this definition, the distinguishing characteristic of account-based marketing is that it entails the development of a unique marketing strategy and communications program for each target account.

Recently, some marketing consultants and software companies have been arguing for a broader view of account-based marketing. For example, SiriusDecisions has identified four varieties of ABM - large-account marketing, named-account marketing, industry-account marketing, and customer marketing. For a description of these four varieties of ABM, read this post at the SiriusDecisions blog.

Firms that advocate the broader view use the term account-based marketing to describe marketing programs that focus on a specific group of named accounts, but do not necessarily involve the implementation of a unique marketing program for each target account. While these programs are often based on solid marketing principles and can be very effective, they are not true account-based marketing, at least in the original sense of the concept. In this post, I'm using the term account-based marketing as it was defined by ITSMA.

It's now clear that account-based marketing can be highly effective in the right circumstances, but is ABM right for your business?

Your answer to this question largely depends on the attributes of your universe of existing and potential customers. True account-based marketing is typically used only for very high-value customers and prospects because it's expensive to execute. For example:

• ABM requires both marketing and sales personnel to be deeply involved in the development and execution of each account plan.
• Many of the activities involved in ABM cannot be automated because they require the exercise of human judgment.
• Account-based marketing will usually require the development of unique marketing and sales content resources for each target account.

Because of the costs associated with account-based marketing, most companies that use ABM do so selectively. The diagram below illustrates how account value and the diversity of account needs influence which approach to marketing is most appropriate.

The lower left corner of the diagram represents accounts (existing customers and prospects) with relatively low value and relatively homogeneous needs. A mass marketing approach (i.e. "one size fits all") is probably most appropriate for this group of accounts. Note, however, that this group represents a small part of the total universe of accounts.

The top portion of the diagram represents very high-value accounts. These are the types of accounts that are suitable for account based marketing, even when their needs are fairly homogeneous. In most companies, these accounts also represent a fairly small portion of the total account universe.

As the diagram illustrates, targeted marketing (which may, in fact, focus on a specific group or set of named accounts) is the most appropriate marketing approach to use for most accounts. As I'm using the term, targeted marketing refers to the use of customized marketing messages for market segments and buyer personas, but not for individual accounts. When targeted marketing is done correctly, it enables a company to obtain many of the benefits of account-based marketing at a significantly lower cost.

So what's the bottom line? If you're a B2B company with a few existing customers who are "too big to lose," and/or if you can identify a small number of potential customers who would provide exceptionally high value to your company, then consider implementing account-based marketing for those selected accounts, and use targeted marketing programs for the rest.

Building Relationships To Help In B2B Lead Generation

Marketing and B2B lead generation evolve over time, and this observation could not have been truer than today. In the past, we look for B2B leads for the sake of making a sale. Yes, that is true at that time, since we have something good to offer and the market is large. But these days, things are being done quite differently. It is no longer just about making a sale happen. This is now about establishing a Relationship with your sales leads prospects. You see, in today’s highly competitive B2B market, the customers you successfully gather today will affect your continued survival tomorrow.

Still, reality shows us just how poorly employed building-relationship is in business. Let us put it this way: have you ever seen a billboard ad, a business brochure, or a B2B telemarketing that you can really relate to? That you feel like the company is actually interested in your lifeand that they really have something you need? If the answer is mostly no, then you will understand why these same companies may not really have good revenue streams. Sure, the market still follows the motions, still buying, but the moment a better-priced or better-quality competitor steps in, then these customers will move away.

Establishing a relationship with your business prospects is not really that hard. You see, it is all about knowing what really sticks into the mind of your audience. Aside from that, it also pays to know what B2B appointment setting medium will truly get the attention of your people. But you need to know which one will work well with your intended audience. I mean, you have to identify which medium are your B2B leads prospects are most involved in. It does not make sense to invest in a marketing strategy that would not be able to reach your prospects effectively. This requires you to study your market well, maybe conduct some phone surveys to understand what the prospects exactly have in mind.

Researching more about your prospects is also an important part of your marketing campaign. You need to know more about your business prospects. Information about your business prospects is the first important step in the B2B lead generation process. Inquire more about your customers. Talk to them in person, interact with them more, ask them about their problems, learn their main issues, and use the information you obtain to come up with viable solutions for them. What you need to remember is to talk to your prospects as naturally as you can. You have to put your prospects at ease, which will give you better opportunities to convert your prospects into an actual sale or a deal.

In any case, if you do not feel like up to this kind of task, then you can also opt for the alternative:outsource to a professional B2B lead generation company. This would also be perfect for businesses that do not have their own marketing team. As a business investment, this is worth it.

Why Brands are Crucial to Innovation

Here’s a thought experiment. Imagine the engineers working in the
product development labs at Volkswagen A.G. develop three innovations: a
suspension for a smoother ride, a more fuel efficient ignition system,
and a better safety restraint system. The strategic question for the
company then is: which of its brands will carry each innovation?  It
wouldn’t make sense to introduce all of the