Five Common Strategy Mistakes B2B Marketing Leaders Make

Five Common Strategy Mistakes B2B Marketing Leaders Make

Introduction:

Not all mistakes are made equal. Some can be seen as lessons, others as disasters. And that distinction matters greatly when it comes to the future of your business. The difference between a lesson and disaster is often just time; some take years to come into focus B2B Marketing while others show their true colors right away. So how do you know if you’re making a mistake or not? It depends on whether it’s hurting your organization in the short term or long term. And it also depends on what kind of company you’re running: B2B or B2C, for example, which will have different standards for success and failure depending on industry-specific challenges like shell eggs buyer  acquisition costs and lifetime value of customers. Here is the list of mistakes which are as follows.

Mistake 1: You fall in love with your own ideas

It’s very important to watch what the competition is doing. But don’t rely solely on industry reports and benchmarking data, because it prevents you from seeing what customers really need. Basing your strategy only on competitor actions keeps you fixated on finding the next new thing before they do. The result? A follow-the-leader approach, which can be risky if changes are quick or unexpected.

Instead of following the leader, set the pace yourself by focusing on customer needs that others aren’t fulfilling or ignoring altogether. And remember not to focus too much attention on analyzing competitors’ behavior—or you could miss your window of opportunity.

Mistake 2: Your messaging doesn’t motivate customers to act

It’s easy to fall into the trap of sending sales messages to all audiences, but you’ll end up wasting time and money reaching people who are unlikely to purchase. Instead, focus your messaging on the right audience segments that are most likely to buy.

A good way to do this is by leveraging your persona data. Associating people with their buying preferences helps marketers know the best ways to motivate them. Think about how much more effective it would be for a customer named “Gail” if she received an email inviting her to take part in a webinar where she can hear renowned industry experts speak—rather than offering her 10 percent off everything in the store because she bought something last month.

The same goes for content marketing. You can use your personas to create an editorial calendar that includes the right content, at the right time, for each audience.

Mistake 3: B2B Marketing isn’t driving revenue

Marketers are often so busy attracting prospects with deals and discounts that they forget about what happens after you bring them through the funnel—or worse, lose customers after they buy. That’s why it’s important to measure marketing-generated leads versus sales-generated leads. If your marketing department is generating a lot more leads than sales, then you’re spending too much time trying to attract new people instead of serving existing customers better. So take a step back and think about how you could use your limited resources more efficiently, given how many prospects are already in the pipeline.

Mistake 4: You overlook the importance of brand awareness

Some marketers assume that once you drive targeted traffic to your website, it’s enough for customers to see your message and act accordingly. But this is a mistake because it fails to acknowledge people’s inherent laziness—they’d rather not do their own research so they blindly trust online reviews. That means if there are no positive mentions about your business, then most likely you won’t be able to convert visitors into customers.

So how do you ensure that people see the value in buying from you? It takes an ongoing effort with paid search, SEO, content marketing and PR working together as part of a unified strategy. Think of each as supporting elements that enable another element to function properly.

For example, customer reviews can increase brand awareness and encourage people to seek out associate services. Meanwhile, PR supporting SEO efforts helps drive awareness and establishes your business as a thought leader in your industry. B2B Marketing automation platforms can help you keep track of this by measuring what activities led to a conversion, so that you know where to allocate more resources—and which activities are working best.

Mistake 5: You waste time on small tweaks

It’s natural for marketers to look at data from A/B tests and try to squeeze even more conversions out of their website pages. But such tactics often result in minor increases at best—maybe 2 percent or 3 percent—which doesn’t justify the time it takes institute change after change after change. Instead, you should focus on the bigger picture and take a long-term approach to increasing your conversion rates. That means leveraging customer success management to connect with people who have purchased from you in the past.

Improve customer retention efforts by targeting offers based on previous purchase behavior through a B2B marketing automation platform. This approach produces a much greater impact because marketers can reach out directly to customers who are already familiar with their brand and products—which increases the chances of them coming back for more.”