Despite their best intentions, many small businesses don’t experience the dynamism and growth they desire. Many face obstacles like: B. Not being able to reach their target customers, and conversations with customers and prospects can result in longer sales cycles or no sales at all.
That’s because there’s a new reality for B2B in 2021. To succeed in B2B, you need to understand the new B2B “playing field” based on three core principles:
1. Content may be king, but too much of anything is bad.
Last year, as the world went into lockdown and business activities slowed significantly, people started living by the mantra: “Create ye content!”
Product and service providers everywhere created tons of content in all formats, including blogs, videos, and webinars, and distributed it across various platform channels. Two of the most popular among them are LinkedIn and email.
Many business owners and executives felt overwhelmed and overwhelmed by the seemingly endless amount of content. Moreover, much of it seemed confusing and contradictory, even though it was from trusted and reliable sources. According to a Gartner study, 55% of B2B buyers are exposed to reliable information, while 44% of B2B buyers are plagued by seemingly contradictory information. As a result, many decision makers avoid content by any means possible, including avoiding LinkedIn accounts, deleting emails, and unsubscribing from content. 2. Business buyers need an aerial view…no more content!!!
Decision makers are trying to figure out how to move their business forward and navigate volatility and uncertainty. They’re no longer looking for content, but advice, insights and recommendations from LUFTF that enable them to do two things:
Sensemaking: Understanding the dynamics and complexities of the industry, market and economic conditions you operate in and what it means for your business.
Roadmapping: Identifying the strategies and actions to take to solve problems and achieve goals.
B2B marketers need to focus on achieving both of these goals.
3. The new “three-in-one” for B2B success!
To attract and retain enterprise customers and grow your business, your small business’ activities must be driven by three elements:
Strategic marketing.
Distribution.
Business innovation.
We’ll discuss each of these elements here:
Strategic marketing: A deep understanding of the industry, customers and buyers you want to serve. This includes:
Who is involved in the buying decision?
How are they going to buy? What matters to them?
Without this deep understanding, your business will not be able to build awareness and attract the buyers you are looking for.
Sales: However, B2B sales must be approached cross-functionally with other parts of the business (marketing, customer service, product, etc.) to provide the A-I-R that helps B2B buyers make a purchasing decision.
Without sales, there is no revenue, which means no business!!
Innovation: This means innovation in the business. h. New introductions or improvements in one or more of the five elements of the business (product, service, process, organization, marketing) based on the needs of the business customer.
Fact: High growth companies are defined as those that achieve annual growth of 20% or more over a three-year period and are innovative in at least two areas in addition to product.
Without innovation, you will not be relevant to the industry and customers you are seeking, and you risk losing current customers, let alone attracting new ones. Move with the times. Stop “throwing away” content.
Listen to your customers to understand their needs, and find out how you can help them “understand” their world and what innovations can help them achieve their goals.
This way, both you and your customers can thrive in this brave new B2B world.
