Shift in B2B Marketing Strategy: Could Viewing Customers as Real People be a Different Approach?
In a groundbreaking report, econometrics expert Les Binet and strategic planner Peter Field have shed light on the key principles that drive growth in the B2B marketing sector. Funded by LinkedIn, the report, titled "The 5 Principles Of Growth In B2B Marketing", draws on the IPA databank for primary input.
The report challenges the assumption that B2B decisions are purely rational, revealing that emotional messaging is more effective for long-term brand awareness and decision-making in B2B. The IPA data synthesis indicated that B2B decision-making is only slightly more rational than B2C.
Principle 1 of the report states that B2B brands that set their share of voice (SOV) above their share of market (SOM) tend to grow. The report suggests that investment in acquisition increases brand awareness, which stimulates loyalty as a by-product. To set target share of voice relative to market share, the report recommends using the excess share of voice (ESOV) equation.
Principle 2 suggests that B2B brands need to invest in their long-term brand building to achieve an increased share of voice. Emotional messaging can create a lasting impact on positive beliefs about a brand and reinforce embedded views.
Principle 3 emphasises the importance of expanding the customer base for B2B growth. Behavioural economists have found that people rely on "lazy heuristics" to filter their options and make decisions, even in B2B.
Principle 4 underscores the importance of maximising mental availability for B2B brands, as they should measure mental availability to ensure they will be considered during buying decisions.
The report concludes that B2B buyers are emotional humans who make decisions based on biases and emotions, just like the rest of us. It offers conclusions that are timely and relevant to every industry.
The report further stresses the importance of knowing one's market and ensuring messaging reaches those who influence buyers and those whose career paths may take them into the target market. Chris Wells, market research veteran and founder of NYC-based B2B market research consultancy firm, Adience, emphasises the importance of remembering this when selling any message.
The most effective split of marketing budget, according to the report, is 46% allocated to brand and 54% on activation. The authors suggest that B2B marketers should not be afraid of invoking feelings in their marketing, with emotional priming being a subtle yet powerful tool.
The report, "The 5 Principles Of Growth In B2B Marketing: Empirical Observations on B2B Effectiveness", was authored by James Reilly. Despite advanced marketing technologies, people are still primarily emotional and biased, and it's important to remember this when selling any message. The report offers invaluable insights for B2B marketers seeking to drive growth and stay ahead in the competitive landscape.
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