Lots of B2B companies assume that there is no need to market to other businesses. According to an article in marketingprofs.com, B2B buyers say the factors that most influence their purchase decisions are the total cost of ownership and whether a solution supports their business goals, according to recent research from Aberdeen and PJA Advertising.
The report was based on data from a survey conducted in August 2017 among 250 B2B buyers who work in a wide range industries.
Some 45% of respondents say total cost of ownership is one of the two most important factors they consider when making a business purchase; 42% say whether the vendor/solution supports their company goals is a major factor; and 40% cite efficiency/ROI gains.
So without B2B marketing, how would these potential buyers know if what you’re offering is in line with what they’re looking for?
Finding a market to sell your financial services
Most startups or new companies involve high investment. Almost all of their resources are in some project or the other and it takes years for them to break event and as a result, they are flooded by debt. There are debt relief agencies that can help these businesses out. This is a prime example of a potential B2B market for fintech companies.
In Malaysia, the startup community is thriving. There are many events with the focus on grooming entrepreneurs in terms of formulating ideas, building teams, developing products and such. Fintech companies can take this opportunity to educate entrepreneurs on financial solutions while also creating a strong brand for themselves.
How to design an effective B2B marketing strategy
Online advertisements such as website banner ads on news portals or Facebook ads or Google ads are not enough to educate potential customers of a company’s services and the nature of the services. B2B marketing thrives on building valuable relationships. There are no cheat codes to success in B2B or Business-to-Business marketing. It comes after building up years’ worth repute, capital, and consumer relations.
Here are a few ways to ensure that your B2B strategy works:
Ensure consistency: When we offer quality of service that is consistent, consumers are assured that our service is reliable. B2B buyers do a lot of research before purchasing products as it involves a lot of procurement processes, budgeting and finally getting the approval to purchase. Always think about establishing trust and company values with your branding efforts.
Website design: Just like other financial institutions’ websites, your website needs to look and feel professional and secure. The user interface should be intuitive and easy to navigate. Complete information about all your services, client reviews and testimonials helps the buyers make their decision to purchase or not. They shouldn’t feel insecure about leaving their details with you.
Interact with your customers: Your website should have a blog or a news page for you to continue educating your prospects and customers about the latest developments in the financial world. You’re there to make things easier for them. Make sure you respond to comments on your blog and social media pages.
Answer questions, clear confusions whether it be about your service or new financial policies being implemented. Find out what people are saying about your services on social media. Respond to negative comments as well and offer solutions to unpleasant experiences. Stay active and remain in the field of vision of your target businesses (customers). Keep asking them for feedback and suggestions.
Email and SMS marketing: It’s no use having leads from trade shows or from your website if you’re just going to keep them to collect dust. Email marketing and SMS marketing is a time-tested way to make sure that you convey everything there is to know about your company policies and brand values to your clients. Spread a sense of confidence and reliability. Very soon, your potential clients will start associating these positive vibes to your company.
Video marketing: It sounds impossible and time consuming but video marketing is the ultimate truth in marketing in 2017. No marketing plan is complete without video marketing this year. You need to create AND post a video at least twice a year for gaining traction. Business-related videos are the best option. You can include how-to videos and service-oriented videos to educate your target audience.
If you don’t have an in-house creative team, there are many creative agencies out there who are able to offer their expertise in creating videos that can go viral and that are engaging. Do your research to find an agency that understands your company’s brand and values so that they are able to convert this into a story that your prospects will be able to resonate with.
Content marketing: Content is key. The new Google Featured Snippet option is helping websites gain up to 8% more traffic. This is a significant increase, considering, most websites just have to be within the first ten positions to qualify for the Answer Box.
Build relationships: We all prefer doing business with people we like and trust. With B2C marketing, this is easy. Sending birthday vouchers,disocunts and festive offers usually do the trick for B2C companies. For B2B companies a lot more is at stake. The purchases are sometimes worth millions. Building relationships warrant more regarding business investment and innovation. Using email-generating services like MailChimp and GetResponse is a great option to boost your relations with client companies.
Targeting the customers: who are your customers? Do you know which companies are more likely to buy from you? Are you catering to Fortune 500 companies? Do you prefer startups? Finding the answer to these questions will help you determine what your business needs regarding promotions and where to place your ads. Campaigns for tech-savvy startups will be a lot different from campaigns targeting Fortune 500 millennials.
Multichannel approach: As AdEasy mentioned at the All Things Marketing meetup last week, make sure you are present in almost all traditional channels such as business directories, trade magazines, and newspapers. Do not spam your potential customers. Only, share your video and blogs on popular channels including Facebook, Twitter, Instagram, Pinterest, and others. Be present on all existing channels that can take you to a new business market. Be present at physical events and network with prospects to get to know what people really want and need.
SEO: the key to B2B success is human communication. However, you need to optimize your website to rank on SERPs. Having an SEO friendly website automatically means attracting higher CTRs, high dwell time and increased ROI. This goes for all businesses, and it does not exclude FinTech.
Your target groups play the most crucial role in your marketing success. You cannot approach a marketing plan without understanding your market. Finding strategic partners that complement your services helps.
Source: Article adapted from eggmarketingpr.com