5 Steps to Build B2B Revenue
We get it. Converting leads into customers in any market is difficult, but if you are a B2B company, you have the short end of the stick. And if you are a B2B selling high ticket items, it might even feel like you never got a stick.
There are two parts to your problem. The first is that your audience is a smaller, very specific, high-net worth audience. This is the ultimate B2B catch-22. Your items have a high margin so you don’t need many conversions to make a huge difference, but attaining conversions is harder for you than B2C counterparts.
The second is that B2B marketing has been a vast, dry land of boring marketing messages. There are not many creative marketing solutions that cater specifically to B2B businesses like yours. As a result, your marketing messages don’t stand out and are often overlooked.
After hearing all that is working against you, you may feel like the walls are closing in. But don’t worry just yet, our 5 steps to build B2B revenue can knock down those old walls and give your marketing a complete remodel.
The 5 Steps to Build B2B Revenue
Segmentation and Personalization
83% of B2B business use an email newsletter, chances are, you are one of them. Now take that list and start making the most of it.
It is simple – high margin B2B companies sell to a smaller, more defined market segment. These audiences are high net worth audiences. Compile a list of potential customers that can afford your product in order to make your efforts most cost-effective.
Once you have built your perfect list, you need to segment your list into types of customers. No one likes feeling generalized, and no two people or business’s needs are the same. Personalized email is opened more often than any other kind of email campaign. Your customers spend a lot of money on your merchandise, the least you can do is add their name to emails.
Also be aware of the way a B2B business operates when personalizing your content. Instead of one head honcho making all the marketing decisions, B2B businesses are likely to have a decision making unit or DMU. Make sure you know everyone who is involved.
Tell a Story, but Don’t Finish It
B2B businesses transactions, especially B2B business transactions involving luxury goods, are centered upon a trusting relationship. The best way to foster this is opening up a conversation. Let your marketing messages be the beginning of your story. Let your customer finish the rest. This will build long term relationships and life-long buyers.
Your marketing doesn’t always have to be about getting that hard sell. Your higher margins allow for more creative types of marketing that will subtly remind your readers about your company while educating them about your field or business in general. Use trivia or games to test your customer’s knowledge.
This will create a fun experience that they are more likely to remember. It will also lay the foundation for better relationships because your audience will not always feel like you are putting your bottom line front and center.
Give It Away
Your B2B customers spend a lot of their capital on your high ticket items. They are investing their hard-earned profits in your business in return for the service or products you provide. Show them some appreciation by offering them a gift. This will build trust and put user experience first. Loyalty is a two way street. Reward and you shall be rewarded.
80.8% of people view email on a mobile device. Tap into this resource by making your emails preview perfect across mobile channels. A sloppy conversion to mobile platforms will show your customers that you don’t really care about their experience. You don’t put their relationship first, so why should they trust you? Optimize your marketing efforts and build trust through a seamless user experience.
Every little thing you do matters, especially when you are a high margin B2B business. Implementing these tips into your digital marketing strategy can push you into the next profit level. Why wouldn’t you try it? After all, if even one person converts, your efforts have been well worth it.