October 2021

Mohammad Anas Wahaj | 27 oct 2021

Continuous innovation and improvement in strategies is the key for success with rapidly changing market dynamics. Business-to-business (B2B) marketing is no different. Even though basics of B2B marketing are same as for B2C (Business-to-consumer) but it requires some special considerations as business customers are bulk buyers and B2B is the largest market transaction-wise. Marketing strategies in this case need to be fine-tuned for effectiveness. Here are few time-tested and latest B2B focused marketing strategies that should be part of companies dealing with B2B customers - (1) Account-Based Marketing: It has one of the highest conversion rates. It is a targeted marketing strategy with customized and curated campaign specifically designed for select clients. (2) Live Chat Strategy: Live chat is capable of converting a prospective lead into a client through answering queries effectively. Webchat platform reports that it has seen 2.8% more conversions than the business that doesn't use live chat support. It has also reported a 60% increment in B2B sales due to provision of live support to customer during entire purchase journey. (3) Word-of-Mouth: McKinsey reports that 20-50% of all purchasing decisions are based solely on word-of-mouth. (4) Long Content Pieces: Long-form content strategy generates more leads and requires engaging and highly curated content to target the specific business profile. (5) Podcast Marketing: COVID-19 pandemic has increased the listener base for podcasts. According to a survey, 155 million people listen to Podcasts in the US. Considering this curated podcast content is an opportunity to be tapped for reaching out to broader prospective clients. (6) AI Marketing Strategy: AI-based strategy would require product recommendations to prospective customers based on prior purchase data and behavior. (7) E-mail Marketing Strategy: It has over 122% lead generation. Targeted emails with specific content suited to prospective clients is key to the effectiveness. (8) Influencer Marketing: With rise of video-sharing platforms, influencer marketing has become an effective tool to reach clients. (9) Virtual Events: COVID-19 has exacerbated the use of virtual events for targeted marketing. It has expanded the audience reach with less efforts as compared to physical events. (10) Omnichannel Marketing: This strategy helps in reaching out to target audience through multiple channels with a unified marketing approach and helps reduce buyer friction and generate more leads. Read on...

UNB: B2B Marketing: Effective Strategies in 2021
Author: Shahriar Rabab

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