What Do Top-Performing B2B Marketers Do Differently? Six Things That Might Surprise You
Today, there's no shortage of opinion on how to do B2B marketing. From the latest podcasts and blog posts to social media and the LinkedIn echo chamber, you're spoiled for choice.
"Unleash
the power of AI with these 9 must-use prompts."
"Stop
wasting time advertising, the future is account-based."
"Get
thousands of qualified leads every month with our no-fail playbook."
Of
course, such claims tend to be made by companies and influencers who peddle
solutions or courses or consultancy.
But as
everyone who's actually worked in B2B knows, there is no magic wand and no
playbook that guarantees real-world results for every business. The examples of
success are often outliers, used because they're the exception, not the norm.
If it
worked for everyone, everyone would be doing it.
Trouble
is, there has been precious little hard data to go on, too. But now, new research into B2B marketing effectiveness—looking in-depth at
what top-performing marketers are doing differently—reveals that it's often not
what you expect that elevates marketing performance from so-so to so-good.
In reality, there are not too many surprises anymore but reviewing the data has reset views on what works, what
doesn't, and why.
1.
Marketers who really know their customers are in a minority
What
many of us consider to be marketing 101, well, isn't. In reality, very few
marketers take time to really understand their customers.
In
fact, just 36% research the people who make up the buying committees for their
products and services. And a pitiful 18% research buyers to create ideal
customer profiles (ICP) or customer personas—despite the focus on the
importance of the value of ICPs by just about everyone, from marketing gurus to
VCs.
What
that means is that most marketers' ideas of targeting will be partial at best,
leading to wasted effort and budget. It also means that investing in getting to
know your customers is likely to set you apart from the competition.
2.
True differentiation makes you more successful across every category
We all
know it's important to stand out, but many B2B marketers treat differentiation
as a nice-to-have. Yet the data shows that it is a significant multiplier of
effectiveness.
If we
look at the tech sector, those that have a clear differentiated position—which,
crucially, has been tested with customers and reviewed against
competitors—outperform the norm by a
significant
margin. They're twice as likely to be in the most effective group across lead
generation, demand generation, and
brand-building, too.
And in
professional services, where differentiation is typically harder to achieve,
the results are even more extreme.
I'd go
as far as to say that if you focus on just one thing, it should be
differentiation.
3.
A marketing strategy informed
by business strategy is a force multiplier for effectiveness
It's
no surprise that having a marketing strategy that takes its lead from your core
business strategy is important. But you may not realize that it's also another
way to elevate your marketing performance across every area.
If we
look at the professional services sector, those marketers who have a written
marketing strategy that flows from the business strategy are 84% more likely to
be top performers in lead generation, 73% more likely to be leaders in demand
generation, and over one-fifth more likely to lead in brand-building. Not small
numbers.
4.
Popular tactics are often not the most effective tactics
It's
no surprise that those who select higher-performing tactics will get better
results than those who choose less-effective ones. The challenge is to work out
which really are the high performers. But that's easier said than done when
everyone with an aspiring personal brand is trying to convince you that the
bright shiny new thing is the only thing you should be doing.
One of
the standout results in the data is that what's popular and what's effective
are often two quite different things. The data also shows that some tactics
that might be pigeonholed as being for demand generation actually work better
for lead generation—and vice versa.
For
example, the most popular demand generation tactic across the entire database
ranks 31st (out of 39) in terms of effectiveness. And the most effective tactic
is just 13th on the list of the most popular. And although the specific tactics
deployed change by sector, the pattern repeats again and again.
Those
findings fly in the face of so much of the marketing advice we see online,
which either adopts a one-size-fits-all perspective or a
that's-dead-so-do-this-instead message. The reality is far more nuanced, and
optimum tactical mixes depend on so many variables: sector, deal size, core
objectives, and more.
5. Men
and women make notably different tactical choices
We
didn't expect there to be anything noteworthy in terms of comparing the
approaches of women and men—we almost didn't ask about gender at all. However,
they do seem to make quite different tactical choices.
Compare
how male and female marketers in the technology sector approach demand
generation, for example, and women seem more likely to take a longer-term view
in their choices, with a preference for more top-of-the-funnel content like
thought leadership, industry guides and whitepapers.
Women
are significantly more likely than men to use account based marketing ( ABM) and
influencer marketing in their tactical mix, whereas men are significantly more
likely than women to include nurture programs, PPC, and programmatic
advertising.
Perhaps
less surprisingly, men are around one-fifth more likely than women to rank
themselves as marketing "top performers."
6.
Those focused on leads are less likely to be effective at lead gen than those
focused on demand
You'd
think that if you want to be effective at lead generation, being laser-focused
on delivering leads would be a no-brainer.
You'll
know your MQLs, SALs/SQLs and ICP (plus all the other acronyms) and go looking
for them using all the tools in the modern B2B arsenal.
Except,
the data doesn't back that notion up. It's actually those who have a primary
objective of increasing demand who are more effective at lead generation.
Why is
that? Well, if you're focused on leads, you'll tend to spend your time on
demand capture activity targeting in-market buyers.
We can
argue about whether in-market buyers account for 5% of the market or not (or
even 1% in these cash-strapped times). Whatever the exact number, it's a very
small proportion of potential buyers.
Of
course, many within the other 95% will be largely immune to anything we might
say. But, by focusing on accelerating demand, we're likely to have a greater
effect over time: There are more potential opportunities, you can get into a
conversation earlier, you'll face less competition, etc.
More
than that, it's an effect that should compound as we continually lay the
groundwork for future success.
And,
finally, you're likely to use different tactics. In the data, there's a marked
difference in the effectiveness of a wide range of tactics between those
focused on leads and those focused on demand.
What
really drives B2B marketing effectiveness?
Ultimately,
there is no silver bullet. Success in B2B marketing will come down to a
combination of things.
You
need to...
- Get the upstream factors right.
- Have a written marketing
strategy, and make sure it flows from the business strategy.
- Work hard on differentiation—test
it with customers and versus the competition.
- Know what your customers really
care about, not just what you hope they care about.
- And, finally, select a core set of high-performing tactics that will deliver against your objectives.
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Until next month. . . .remember. "you don't get a 2nd chance to make a 1st impression." Always make it a good one!!