It’s not just as simple as understanding the end-customer in B2B marketing. A transparent marketing strategy is what will deliver the optimal results for brands says Rakefet Yacoby, CMO of Mayple
Modern-day buyers are not only digitally savvy, they’re also willing to put in extra effort to research products and services before purchasing. Not only do they want to know what they are buying, they want to know that the brand they’re buying from is trustworthy and reliable. In B2B marketing, which is often based on long-term relationships, transparency is key.
Digitisation
has indirectly led to the distancing of connections between members of the B2B supply chain, i.e.
B2B brands
can now partner with developers, manufacturers, marketers, vendors etc who are based all over the world. This means maintaining control and visibility in a transparent way is of critical importance.
According to Forrester, the three most important qualities a B2B brand should possess – clear full pricing, a visible inventory and content about company processes – are all related to transparency. This is because these qualities help inform B2B customers’ decision-making processes, as they highlight the
brand’s value and competitive edge
. Transparent B2B marketing however also provides brands with some additional benefits.
Brand integrity
Being open in B2B marketing allows buyers to get to know and trust their potential new partners. For digital B2B marketing managers, this means being honest about your products and services by highlighting strengths without downplaying the weaknesses.
That said, your B2B customers don’t just want to hear how trustworthy your brand is via carefully crafted B2B marketing materials, they want to see it –
social media channels
are a great way of encouraging and conveying brand identity.
Brand loyalty
Build and retaining long-term brand-customer relationships
is essential to the success of a business, so spending more time and effort getting to know potential partners through their B2B marketing materials is key. The more you know, the more you understand, and mutual understanding combined with an in-depth knowledge helps to
build trust.
Economic success
With
brand loyalty and repeat business
comes economic success, so the more that customers buy into your brand’s image, mission and vision – and buy the products and services highlighted in your B2B marketing materials – the more your brand will enjoy and benefit from profits, economic stability and long-term sustainability.
However not everyone wants to use expert B2B marketing freelancers and agencies to deliver transparency. In fact, to address this lack of transparency in the B2B marketing world, big brands often take their media buying and other marketing activities in-house.
Consequently, these businesses spend months honing their internal capabilities, in an effort to reap the transparency benefits highlighted above.
This is not a straightforward exercise as the practicalities and challenges that come with taking control of your B2B marketing activities in an attempt to curb costs and enhance transparency and flexibility remain. While 91% of surveyed brands claim to have moved at least part of their digital marketing activities in-house, 56% admit that the biggest barrier to in-housing success is a lack of necessary existing talent and skills. As such, 61% of brands run an internal marketing department with support from an external agency, which defeats the purpose of in-housing media buying and other B2B marketing activities. While hiring B2B marketing specialists is a safe bet, a good management solution, which helps eliminate friction, paired with vetted experts is the optimal solution for delivering both transparency and the best results.
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