B2B Marketing Strategies To Grow Your Business In 2021
In the past, B2B marketing consisted of cold calling and in-person sales.
Today, B2B marketing strategies are much more sophisticated.
In 2020, the COVID-19 pandemic left many marketers to adjust and rethink their B2B strategies for the future.
Therefore, in 2021, B2B marketers will be looking for innovative strategies to engage their audiences.
👉🏼 A company that wants to stay ahead will need both innovation and agility on an ongoing basis.
With so much information due to technology like AI or machine learning, decisions must happen quicker than before while still being accurate enough for initial success rates don't decrease over time due to poor decision-making.
Currently, many different marketing strategies could be beneficial for your company, but economic instability due to the pandemic is making it difficult to decide which to select.
To remain competitive in the business world, it’s essential to stay up-to-date on new trends.
👉🏼 With that being said, here are 7 B2B marketing strategies you can employ this year.
To understand these trends, let's first define what B2B marketing is.
What Is B2B Marketing? 📝
B2B or business-to-business marketing is a type of marketing where businesses are the target market.
👉🏼 These businesses primarily sell their products or services to other companies for profit rather than individual consumers.
B2B companies buy goods and services from each other, which means they're always looking for new opportunities to grow their business and build better relationships with suppliers, vendors, counterparties, and customers.
This can be seen in firms like SaaS providers or B2B marketing agencies who rely on digital technologies to reach their customers.
It also extends beyond this sphere into supply chain management areas that have traditionally been carried out by physical means such as shipping.
B2B 🆚 B2C Marketing: What's The Difference? 🧐
As we already stated, B2B stands for business to business, meaning their B2B marketing strategies are applied to other businesses.
B2C, on the contrary, stands for business to customer and is used to individual consumers or end buyers.
The main difference between B2B marketing strategies and B2C marketing strategies is that B2B marketing is mainly focused on generating leads, whereas B2C marketing centers around conversion.
However, the two terms also have another difference: in B2C marketing, there's a greater focus on customer acquisition and retention than for their counterpart - B2B marketers tend to be more concerned with lead generation.
👉🏼 Building relationships and providing a product's return on investment for customers is key to B2B marketing.
While the focus of B2C marketing might be quick solutions, this approach doesn't work in B2B markets because these sorts of strategies can lead to an unsatisfying customer experience.
Another difference between these two types of marketing is how they measure success - companies will analyze conversions from leads to customers through lead generation campaigns.
At the same time, consumer-oriented brands may rely more heavily on social media metrics like likes and shares.
Therefore, B2B vs B2C marketing main differentiation points are as listed:
- Target audience
- Marketing focus
- Return on investment (ROI)
- Success measurement
Now that we have covered the basics, let’s dive into each B2B marketing strategy in detail.
1. Account-Based Marketing 🧮
One of the leading trends in B2B marketing for 2021 is Account-Based Marketing (ABM).
This marketing strategy involves targeting customers with personalized campaigns based on each account’s needs and attributes.
This targeted form of B2B Marketing is highly effective because it helps to strengthen relationships with current clients while also sustaining those relations by maximizing customer lifetime value.
How does ABM work?
ABM targets individual clients from an account list of prequalified prospects by sending out specifically tailored, personalized messages to get more sales leads as well as to measure success rates faster than traditional techniques like cold calling with several benefits, including:
- Increased customer retention rates
- Improved sales revenue figures
- Reduced churn rate and
- Enhanced shareholder value
ABM is an excellent way for B2B companies to differentiate themselves from their competition by focusing on the needs of a select group of customers.
For this reason, it can be the turning point in closing major deals as well.
In 2021, account-based marketing will become a highly effective B2B strategy because of how beneficial it has proven to businesses with lengthy sales cycles or complex transactions.
👉🏼 A great example of an ABM campaign was when Robin, a company that sells conference room scheduling software and tools, implemented theirs.
In a world where technology is rapidly changing, the company instead focused on an entirely different market: design.
They realized that people are more likely to buy new products when they see them in real life and not just online.
So with their new strategy of curating images from established clients for social media audiences, they managed to increase their website traffic by 50% and their leads by 20%.
The success that Robin experienced is due to how they appropriately targeted their audience.
2. Omnichannel Marketing 👨🏽💻
👉🏼 Online marketing is no longer just a digital tactic.
Today, it's about providing customers with the ability to conduct business across multiple channels - in-store, online, or via a mobile app.
In today's fast-paced world, one must have the means to communicate with customers on any channel they desire.
This would allow for a better customer experience as there are no barriers between buyer and brand engagement interaction due solely to the lack of necessary channels.
👉🏼 The integration among all these platforms creates what we know now as Omnichannel Marketing which has become increasingly popular.
This is because of its ability to offer consistent experiences at every touchpoint making your company vital and responsive across multiple mediums within their buying cycle.
When you implement omnichannel marketing the right way, you allow prospects to carry on their journey with you from every stage of the conversion cycle.
It goes beyond delivering a better customer experience, it becomes an integral part of your business strategy.
3. Hyper-Personalization As A Part Of Your B2B Marketing Strategy 💁🏾
Hyper-personalization enables companies to send highly contextualized content through targeted messages and experiences at just the right time, using data analytics, AI, and automation.
With hyper-personalization, individual’s data and preferences are taken into account to give them an enhanced personalized experience.
A recent survey by Gartner, the computer technology research and advisory company, shows that brands are at risk of losing up to 38% more customers due to not providing them with marketing personalizations.
👉🏼 Hyper-personalization includes presenting a product or service that fulfills an individual customer's needs.
This can be done in many ways, including offering new features on your website based on what you know about the user, tailoring marketing messages to a specific customer, and understanding how customers engage with your product or service.
You can gather valuable data about your audience by incorporating a survey or assessment on your website. Offer personalized feedback to boost hyper-personalization.
Hyper-personalization in B2B marketing is a transformative way to boost the success of your business.
When you know and understand what exactly individual clients want, need, like, or dislike from their interactions with companies, you can deliver tailored solutions that are always relevant and on point.
👉🏼 Hyper personalization in B2B marketing involves getting deeply acquainted with who customers are.
They feel that each interaction was made just for them rather than a generic customer service representative talking to someone about products they have no interest in whatsoever because it’s not personalized enough.
With customer service and marketing today, the internet is a powerful tool for connecting with your customers.
Web sites can be personalized to show different products or services based on what has been browsed before.
Emails can contain links explicitly tailored to individual recipients rather than just sending out generic content about something everyone in their database might want to know about.
4. Artificial Intelligence And Machine Learning 🤖
👉🏼 Companies are now using AI and machine learning to develop a strategic marketing plan.
These technologies can be used to find new leads, create personalized messages, send emails that will engage your prospects and more advanced capabilities like automated campaigns.
AI has been integrated into the B2B world by launching sophisticated solutions such as text analysis, enabling companies to categorize customers based on their behavior to know who is worth pursuing with email outreach or phone calls.
At the same time, other tools help enhance customer experience through interactive chatbots within websites and apps.
With chatbots becoming more popular among websites and apps alike, clients can expect quick replies when they communicate through bot-based messaging platforms.
These artificially intelligent programs offer fast response times while also providing quality services around the clock because of their ability to understand natural language input from users on any platform at any time.
👉🏼 Machine Learning is a powerful and revolutionary marketing tool that can be used to personalize messages for each prospect.
Machine learning algorithms analyze data on what constitutes buying habits, and based on this information, personalizes content to convert prospects into loyal customers.
With lead scoring, the odds of wasting resources are dramatically reduced.
Understanding and utilizing this data is key to achieving your company's marketing objectives.
A simple 27% chance can mean a lot for any business looking to grow - that means you have an 83% chance of getting qualified leads and avoiding wasted time or money on unqualified prospects.
Predictive Lead Scoring will help ensure those strong statistics stay high so it’s worth taking advantage of now to improve your chances later.
5. B2B Email Marketing 💌
With nearly every person on Earth having access to an email account, it's no wonder why marketers are looking for ways that they can utilize these platforms more efficiently and effectively when communicating with consumers about products or services that businesses provide them.
60% of B2B marketers agree that email marketing is the most effective way to generate revenue.
Emails also happen to be one of the best ways for content discovery, landing in third place behind Google and Facebook.
So, how can businesses use B2B email marketing to power their game?
- Personalize your message using data collected from previous interactions.
- Send out content relevant to the needs and wants of each person regularly, with an appropriate frequency for that individual's level of engagement.
- Collect feedback throughout the process to improve how you are marketing B2B products or services online through email campaigns
- Use email finder tools to get the contact information of key decision-makers in companies that fit your ideal customer profile.
Here Is One Of The Many Successful B2B Email Marketing Examples:
EyeQuant has a proven track record for taking companies from struggling to thriving.
Their case study email starts by saying that if you're currently looking for a better solution to your challenges, Eyequant may have the answer.
They then detail their product and how it can help solve any of the problems they see in similar companies like yours.
The results are what make this an excellent option, though - you'll be able to pick up tips from other people who've used their tool before while seeing first-hand just how strong its effects were for them.
6. B2B Social Media Marketing 🗣
Social media has transformed the way we connect, communicate and buy.
I’m sure you know by now that social media marketing is not just for targeting individual consumers.
It has proven to be an effective tool in the hands of B2B buyers and C-Suite executives as well — 84% use it when making a purchase.
👉🏼 Social media has become a powerful asset across the board for business, not just with individual consumers.
Marketing professionals have increasingly been turning to social media as an effective way of reaching their desired audience and staying on top of what’s happening in today's digital world.
LinkedIn is the king of lead generation out of all social media channels, generating 80% of all B2B leads.
In addition to being a powerhouse social media channel for B2B sales and marketing professionals, LinkedIn has recently made waves in other industries, including finance, with its new feature "LinkedIn Offers".
👉🏼 LinkedIn is also an excellent resource for generating awareness and driving traffic to your website.
You can create content either through LinkedIn Publishing or by posting articles on their platform, which are then distributed via the site’s network of professionals.
How to get the most out of LinkedIn for B2B marketing?
- Add LinkedIn to your company's website
- Share blog posts or articles on LinkedIn
- Request to connect with people you know in the industry
- Follow companies and influencers in the industry through their LinkedIn page
- Join groups for networking and discussions about topics related to your business
- To get the most out of LinkedIn, you can use various LinkedIn automation tools to automate connection requests, comments, likes, and much more.
- Create a group of like-minded professionals, where members can share ideas and resources
7. B2B Influencer Marketing 😎
The idea behind influencer marketing is to connect your brand with influential people who have an audience similar to your company's target market to reach more potential customers or clients.
Influencer marketing has worked pretty well for B2C in recent years, but now the door opens for B2B marketers to start exploring and taking advantage of this strategy.
The business world will be more connected and personalized in 2021 as industries collaborate with notable influencers to create content that caters to micro-segments.
By meeting their needs, customers are more likely to purchase from these businesses effortlessly.
In the future of B2B commerce, companies will work hand-in-hand with social media stars to provide audiences what they want through tailored services and products.
👉🏼 In addition, B2B marketers will leverage influencer marketing for customer acquisition, lead generation, and brand awareness.
As a result of leveraging this strategy, companies are more likely to achieve:
- Improved sales velocity (e.g., higher conversion rates)
- Increased market share
- Better overall profits because they're targeting their ideal audience effectively
There are many ways to make your B2B marketing efforts more successful.
But the most important thing is that you keep asking questions about how you can improve and do better when it comes to reaching out to leads.
By doing this, you’ll be able to turn those customers into loyal business partners who will help grow your company for years to come.
👉🏼 Marketing is a never-ending process that’s constantly evolving.
It's time to overhaul how you do business to make sure your company is prepared for the future.
This article was written by Maria Mladenovska. Maria is a Content Manager at DigitalNovas - an online guide about how to become a digital marketing expert. She is passionate about marketing and her curiosity to learn is ever-evolving. She focuses specifically on writing and editing engaging articles, blog posts, and other forms of publication.