The trouble with most marketing strategies or ideas is that they’re written and consumed by marketers. A quick search on Google for ‘digital marketing’ will deliver up over half a billion search results, so its unsurprising very little progress is made. It reminds me of the saying “no one ever got fired for buying IBM”.
Every business focuses on demand generation, marketing automation and ABM. But what about the results? Well, Forrester say that less than 1% of browsers actually make it through the so-called ‘marketing funnel and generate revenue.
The hunt for good marketing strategies or good marketers seems endless, and the churn of CMO’s remains on average at eighteen months. There’s too little good and engaging content being produced to make an impact on digital B2B marketing, so, what’s the answer?
If you believe business growth is achievable based upon headcount you will maintain your current level of performance which ‘tops out’ at about £100-150k per person per annum. To exceed this level of turnover, your approach to digital must change and that means ditching most of the automation and the common fall-back position of cold calling to follow up and adopting a non-restrictive, undemanding, and open approach to prospects.
This is the path or journey we want to take you on, shown on the infographic below. There is another a bit further down in this article to show how to fgollow a path for existing customers too.
Business marketing produces mediocre results because marketers fail to create relatable, varied format, content, i.e., articles/downloads/videos/podcasts/live, that allows the prospect to choose a format that suits them.
[83% of business research digitally before engaging with a company - Gartner]
This results in a dependency on marketing software to capture customer details for sales to follow up. The 1-2-1 sales end-game stops businesses from scaling.
[Av t/o per person p.a. £90-130k – BIS UK | 91% fail within ten years - Sifted]
Some interesting statistics:
80% of all sales will be made via digital channels by 2025, not direct sales - Gartner
79% prefer video to phone - Gartner
89% believe in sustainable digital GTM - Gartner
41% want more video conferencing - McKinsey
23% want more online CHAT - McKinsey
83% Research Digitally before engaging with a salesman - Gartner
.5% Less than 1% traverse the 'funnel' and create revenue - Forrester
30% of businesses fail in the first year - FT
50% of businesses fail by the second year - FT
70% of businesses fail by the third year - FT
91% of businesses fail by the 10th year - FT
40% of Invested Business Fail - Harvard
80% of Invested Business Fail to achieve their own targets - Harvard
95% of Invested business Fail to achieve an ROI for Investors - Harvard
50% of all business’s failure reasons, are marketing related - CB Insights
1 in 400 Cold call success rates - University of Life
B2C marketing strategies do not work for B2B - University of Life
Stop using automation platforms to replace cold calling - University of Life
£100k turnover per person per annum is the norm - BIS
Average tenure of CMO's in UK & USA is 18 months - Recruitment Industry + Press + Seth Godin
Scaling your business can only be achieved through digital engagement, not through 1-to-1 human effort or headcount. The entire ‘evaluation to purchase’ process must be structured and refined through digital platforms without the involvement of salespeople, unless requested by the customer.
Typical marketing strategies that pander to automation software and not the engagement behaviour of businesspeople means most efforts will fail. Big Tech told B2B to buy marketing automation and they did, in spades. It did not move the needle and still the same number of business go bust every year.
Account Based Marketing (ABM) is not required as the above engagement is directed at specific verticals and individuals.
The above components are essential to build a robust and cost-effective long-term strategy aimed at increasing the profitability per person within a company.
You can do this and change. Whether you consider yourself as an innovator or an early adopter, our suggested strategies are to be implemented in parallel to your exsiting marketing plans and, as ours increases, the old will decrease. The best next move is to simply have a chat about your business and we can put together a logical plan.