And while it hasn’t always been easy – it’s possible that the challenges of Covid-19 have actually created a braver, more resilient breed of B2B marketers; one that’s perfectly primed to lead their organisations towards future growth.
In the past, high-growth businesses – those that grow 3x faster than their peers – have succeeded because they’ve done marketing differently. And for the past decade, the Hinge Research Institute’s annual high-growth report has highlighted key areas in which fast-growing businesses take a better approach to marketing than their competitors. But this year could be the year that B2B marketers from all sectors step up to help businesses close those gaps – because many of the ways in which businesses have been forced to adapt to Covid-19 have actually caused them to follow the best-practice examples set by high-growth businesses.
Let’s take a look at some of those practices and at how B2B organisations can use them to secure an advantage in their marketplace:
Prioritising their online presence
Businesses that are aiming for fast growth need to focus on their digital marketing strategy, as the data shows that organisations that generated more than 66% of their leads from online sources grew more than twice as fast as firms that generated less than 33%. These businesses were 3x more likely to use digital ads, twice as likely to use video and podcasts, and 50% more likely to create downloadable content and carry out keyword research & SEO optimisation compared to their competitors, who were more likely to focus on live events and face-to-face marketing activities.
While B2B may have previously lagged behind B2C when it comes to adoption of digital methods, the gradual shift from traditional to digital marketing within B2B has accelerated rapidly this year, with marketers getting creative in order to engage their customers and prospects remotely. At The Marketing Pod, we’ve had success with new digital approaches such as a week-long virtual event, and recent research from McKinsey found the amount of revenue generated from video-related interactions has jumped by 69% since April 2020. And with 70% of B2B decision-makers now saying that they’re open to making new, fully self-serve or remote purchases, while traditional marketing methods and live events will always be a key element of any B2B marketing strategy, it seems that digital is the way forward for businesses aiming for future growth.
Carrying out regular customer research
The fastest growing firms are also 3x more likely to carry out regular (at least quarterly) research on their target audience than their competitors. They also make the most of their research, not only utilising techniques like brand tracking studies and market visibility analyses to inform their marketing, but also using what they learn about their customers’ worlds to create relevant, useful content that truly engages their audience.
This year, over half of B2B marketers have seen ‘radical’ or ‘significant’ changes to the customer journey due to Covid-19, which has prompted many to carry out customer research more frequently than ever before in order to keep up with shifting customer sentiment. However, just 1 in 5 are carrying out interviews with customers – in the current situation, many are turning to other forms of customer insight, such as gathering insight from sales teams and monitoring social media. Crucially, 89% of B2B marketers say they have learnt things about the customer journey that they will use after the outbreak, which shows the long-term value of businesses taking the time to truly get to know their customers.
Being more agile
The businesses that grow the most rapidly are also 30% more likely to regularly re-evaluate their marketing mix, to ensure that their strategy is constantly working for them. They are more likely to experiment with new types of activity, and they are ready to quickly shift away from anything that’s not delivering the results they’re looking for.
This kind of agility hasn’t always come naturally to B2B businesses, but as customer landscapes, pain points and behaviour continue to change rapidly in response to the evolving Covid-19 situation, many businesses have had to become more agile in order to continue to reach their audiences. Around 36% of B2B marketers have increased their focus on sales enablement, for example, and over half (56%) are shifting their messaging to focus on their digital products and services. Being open to trying new tools and techniques for reaching customers should pay off for these organisations, as long as they monitor their performance and adjust their activities accordingly.
As marketers, we’re constantly looking for opportunities to help our audiences to overcome the challenges they’re facing – but this year, maybe it’s time to look at the opportunities in our own challenges. In the face of Covid-19, high growth may seem out of reach – but by continuing the practices they have adopted as a result of the virus, B2B organisations may be able to follow in the footsteps of some of the fastest growing businesses.
