In the world of B2B marketing, the approach is quite simple - to retain existing and attract potential customers. Easy, right? Well, not actually!
The buying process behind B2B marketing has become increasingly complex as the B2B buyers have evolved a lot.
According to recent reports, today's B2B customers prefer completing their buyer's journey digitally and are tough negotiators and impatient. And they have every right to be.
A buyer's journey might start with a simple Google search but there are thousands of subtle movements between that and purchase from one stage to the next. For instance, a buyer might research products online and compare products to that of competitors and they may have a word with a friend, or colleague, or trust an influencer's suggestions. And finally, they reach out to you when they are all set to talk to your sales team.
Let us find out how you can simplify the buyer's process of B2B marketing to win more customers and make more profits.
Define your target audience
Your target audience consists of two parties:
Existing customers (people to whom you have already sold)
Potential customers (people to whom you want to sell for the first time)
It's pretty much obvious that you'll have different marketing strategies to communicate with both these parties. However, there should never be a difference in your understanding of what it is that they exactly need. Once you've understood that, there will be no looking back.
Set realistic B2B marketing goals
There are two types of B2B marketing strategies:
Acquisition Marketing: Acquisition marketing is all about targeting and marketing to new audiences to gain new customers. It helps a brand systematically draw in and convert new consumers, improve overall company revenue, increase lead conversion and generation rates, and broaden a brand's overall customer database.
Retention Marketing: On the other hand, Retention Marketing is all about marketing to existing audiences while increasing the profitability rate through upselling and cross-selling. It is important since retention is more economical than acquisition and reduces customer churn. It is also helpful to collect more feedback from already-engaged customers.
The good thing is that you can leverage a powerful CRM such as Microsoft Dynamics 365 CRM to provide a better customer experience to your existing and potential customers.
Discover how your business can attract, engage, and delight customers by understanding who your ideal customer is and what are their pain points. Call or email us at C.I.G Consultants now!