If you’re a B2B marketer, you’re no doubt suffering through the painful consequences of buyers taking control of the purchasing process. You’re under attack from all fronts, your budgets are dwindling. Constant conflicts with sales colleagues. And just to add to the pressure, the suits in the C-suite demand proof (fact-based evidence) of how much your marketing efforts contribute each quarter to revenues and margins.
Meanwhile you’re barraged with competing claims from tech vendors promising miracle solutions, if only you’d invest in their technology or services for:
- lead nurturing, revenue performance management, demand gen
- content marketing
- social conversations
- community engagement
- reputation monitoring, social media monitoring
- brand storytelling
- transmedia strategies
The list of alleged silver bullets goes on and on… What’s a marketer to do? Where’s a smart place to start, to invest your precious time, attention and budget?
Mastering the Buyer’s Journey
To drive improved revenue performance means providing buyers with what they need, when they want it, in their preferred channels. That means you must respond to what they need, based on how they make buying decisions. As B2B marketing expert Ardath Albee writes, you need to:
“Be found with the right information in the channels buyers prefer.
— How Online Publishing Changes the Game, Ardath Albee
What B2B buyers strongly prefer is information that’s specific to their job roles, relevant to their industry or marketplace. It takes insight-driven marketing to respond appropriately: to know how to position the value of your offering in ways that are meaningful to your buyers, to support the business case they will eventually have to construct.
You can’t arrive at insight-driven marketing by just sitting in a conference room, huddled around a whiteboard. Despite the pressures to act now, act fast, you need to invest in some buyer-centric research. You need insights into each stage of the buyer’s journey, across the lifecycle of their engagement with your company — and that means understanding what they expect and need from you long after the sale has been made.
As Apple’s Steve Jobs famously said:
“The journey is the reward.
— Steve Jobs
So here’s my version of Steve Jobs’ advice, adapted for B2B marketers:
“Mastering the buyer’s journey leads to the reward.
— Christine Thompson and other B2B marketing strategists
If you’re being honest, how well do you understand who your buyers are, the roles they play within their companies, the pains that motivate them to find a better way, the factors they’ll use to evaluate options and business cases? In my experience as a consultant, few B2B companies really understand how customers make buying decisions due to the traditional myopic focus on the sales process.
If you haven’t figured out how to gain these buyer-centric insights, I recommend the white paper written by Ardath Albee of Marketing Interactions, How Online Publishing Changes the Game, sponsored by Hoovers. Albee’s paper provides a thoughtful overview of how B2B marketers need to up their game: by centering all activities (including content marketing) on the buyer’s journey rather than remaining mired in tactics driven solely by the sales process. According to Albee, it all starts with the right insights into the buyer personas. Her paper offers both conceptual advice as well as useful tips on where to focus first.
There are multiple ways to get started: such as LinkedIn research, syndicated research, asking probing questions of your salespeople — and talking directly to customers to learn what matters to them. Consultants can help…
Painful Consequences of the Status Quo for B2B Marketers
According to a recent report by Forrester, here are some of the typical consequences of traditional B2B marketing, approaches that haven’t responded to the new realities:
- Only 12% of tech marketers say they have a “very strong” relationship with their sales counterparts when it comes to achieving alignment on sales pipelines, processes for managing leads, etc.
- Half are unable to reach solid agreement on basic things like business targets.
- No visibility into what’s going on with the buyer (or buyer committee) once the lead moves into the sales pipeline.
- Chaotic engagement with the customer, siloed communication channels, inconsistent messages, lost opportunities.
- Too many tools, too little integration, too much overlap, wasted spend.
— Automating Lead to Revenue Management, by Lori Wizdo, Forrester Research, December 9, 2011.
If you don’t take action to “master the buyer’s journey” and respond appropriately, your company is liable to suffer missed forecasts, disappointing quarterly results, angry shareholders, diluted brand equity — not to mention on-going hostility between sales and marketing.
Net net: The more you fail to meet buyers’ and customers’ expectations, the more your business will decline. If your business continues to decline, your job is likely to be at risk. So act now — take steps to understand the buyer’s journey.
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