Digital tools have shifted the focus of business-to-consumer (B2C) marketing to resemble the long-term relationship building that characterizes business-to-business (B2B) marketing. McKinsey’s Consumer Decision Journey sure looks a lot like the iterative consensus building and problem solving required to be a successful B2B firm.
As digital tools have matured, it sometimes feels as if they are built to accommodate consumer marketers. You may rightly ask why a 100-year-old commodity manufacturer needs to have a Twitter account. Maybe they don’t!
Your business objectives, not the latest trends in digital technology, should drive your digital marketing presence. Here are seven things to consider when incorporating digital into your marketing strategy.
1. Determine business and marketing objectives. If your business objective is to increase revenue, choose a marketing program that builds awareness of your brand. If increased volume is the objective, tailor your campaign to ensure you are a top contender in the consideration set. If you are trying to shift to a higher profit margin customer base, your marketing efforts should reposition the brand or grow loyalty.
2. Choose platforms based on the personas of your decision makers. People purchase from companies (and people) they like and trust. In the B2B world it is imperative to understand the user, the technical expert and the buyer. They have unique personalities and rely on different sources of trusted information. Marketers today have to influence the user who learns from YouTube instructional videos, the engineer who studies validated performance data from technical sources, and the buyer who follows trusted thought leaders to mitigate perceived risk.
3. Know what success looks like. Set goals and preliminary KPIs early in the strategy development process. Continue to fine tune the KPI’s as you identify the data you need and the most representative sources of that data. Formulate a hypothesis to help you keep control of the process and to analyze data against objective criteria.
4. Prioritize actionable metrics. Business leaders respond to metrics that demonstrate conversion and contribute to the bottom line. A high rate of conversions will contribute more to your revenue than a large number of views. Drive referral traffic on days when customers are historically more willing to buy your products. Target an Email campaign to influencers on days and at times when they are most likely to open unsolicited correspondence.
5. Create consistent messaging with limited variables. Content and visual representation must always be consistent with your brand across all platforms. As you proceed through the campaign, make limited changes such as headlines, images, calls to action, or page placement to analyze which versions resonate best with your decision makers.
6. Gather, organize and analyze data. A talented analyst will organize columns of data into a meaningful analysis tool. Mitigate analysis bias that may creep in, commonly through sampling, interpretation, confirmation, outlier or other biases. Creative data visualization tells a compelling story to decision makers and guides them to action.
7. Test, interpret and iterate. Speed and flexibility are the hallmarks of digital marketing. Negative insights or ideas that flop are just as useful as the ones that make you feel like a marketing genius! Digital marketing is so much more cost effective than tradition marketing that we can afford to take a chance that doesn’t pay off, then swiftly redirect.
If this feels like an unwieldy list remember that, in digital marketing, perfection is the enemy of good enough. Determine objectives, make assumptions, choose meaningful metrics and go for it. Your data analysis will help you perfect your journey based on actual, rapid results.