B2B companies that align marketing with sales experience 20% annual revenue growth. Here's how to do it.
B2B companies who focus on their impact on customer success can significantly improve their profitability, revenue, and relationship growth. When asked to describe what they do, most B2B companies will tell you that they provide a product or service at the lowest possible price. But B2B firms that want to move beyond the price wars of providing a commodity at the lowest price need to rethink their mission and strategy. Specifically, companies need to focus on how they can help their customers thrive.companies that focus exclusively on product and price are doing the bare minimum to survive.
B2B marketers who fully embrace digital marketing can grow faster and have higher profits. Firms that embrace online marketing grow faster, according to a study by Hinge Research Institute. The study surveyed 500 firms and 20 online marketing experts. Key findings about the faster growing companies include: Firms generating 40% or more of their leads online grow 4x faster than those with no online leads
With a dashboard of marketing metrics and analytics, B2B marketers can measure marketing's link to revenues and profits. John Wanamaker (1838-1922), retailer and marketing pioneer famously complained, "Half of the money I spend on advertising is wasted; the trouble is, I don't know which half." Wanamaker's frustration has long been the lament of marketers who want to know which of their marketing mix elements are effective (and which are not effective).
B2B marketers who use social media can increase leads and revenue, educate and build relationships with their prospects, and lay the groundwork for long-term, profitable relationships. Many B2B marketers have mistaken the use of social media as the bailiwick of consumer marketers. In the new book, The B2B Social Media Book, authors Kip Bodnar and Jeffrey L. Cohen explain that social media is better suited to business-to-business (B2B) marketing than business-to-consumer (B2C) marketing.