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It was Groundhog Day last week. Many would argue that we’ve been reliving Groundhog Day since this pandemic hit! Regardless of the prediction of your favourite groundhog, I think we all need something to look forward to, as pandemic restrictions continue.
Tired of waiting for spring? Give this cool tune by fellow Canadians The Trews a listen with me, as we recap the past week…
Balancing Digital and Human for a Better Experience
The HubSpot data from 2020 shows that sales conversations stayed strong throughout the year. Spilling over into 2021, emails increased exponentially (and have continued to do so) and overall digital interactions are out of control. With all the noise in the marketplace, how do we get our message across?
According to DemandGen Report, it’s all about balancing human and digital. Our project teams at Virtual Causeway concur – when working on client projects, the best results happen when we build a strong combination of digital and human touchpoints.
To help create the perfect balance between technology and human access in today’s world, here are six things to keep in mind:
- Review your current customer (and prospect!) experience (CX)
- Strengthen the human connection
- Create an unforgettable first impression
- Strengthen trust with customers & prospects
- Anticipate questions
- Invest in bandwidth & technology
Understanding the value of delivering a great customer experience will distinguish your business from the competition. In the age of COVID-19, CX is no longer a competitive edge – it’s the cost of doing business!
I’ve received notifications from both Spotify and Netflix recently that their prices are going up – all in an effort to “provide the best service possible.” Could this have something to do with Spotify’s $335m loss in 2020? And taking finance-related costs into account, the loss looks more like $810m – that’s the equivalent of $2.2m every day!
Now, the good news is that top line revenue increased, subscriber numbers increased, and the share price tripled. But sales and marketing expenses have also increased considerably, and contribute to the operating loss.
Spotify maintains that it is in growth mode right now, and this is all part of the plan. Customer acquisition, new products (expect a big product announcement later this month), and growth are the focus right now. But when do economies of scale kick in?
How does this impact B2B? Again, it’s the customer experience. I’ve talked many times about delivering extreme value to customers. Do Spotify users feel like they’re getting the value out of the service for the price? Sales and marketing can get you far, but at some point, if the customer is not deriving value from your product or service, they will look elsewhere. There are definitely other big players in their space. It will be interesting to watch over the next 12 months and see if the subscriber numbers continue to climb.
Altered expectations, long anticipation – at what point do investors say THEY are tired of waiting for profit?
Webinar – Choosing the Right B2B Demand Gen Strategy
We’re hosting another What Do B2B Marketers Do Now? event this month! Join me and Forrester as we discuss sales and marketing alignment and the best marketing strategies to hit your 2021 numbers!
What strategy is right for you? Register now and find out!
As always, if I can help you out, let me know! Don’t hesitate to call me to brainstorm or just say hello.
Rick Endrulat, President | firstname.lastname@example.org | www.linkedin.com/in/rickendrulat