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As yet another sign of the strange times we’re living in, last week I happened to see a story from Entertainment Weekly about how a low-budget horror movie had become America’s No. 1 film. How? Drive-ins!

With typical movie theaters closed and the postponement of major blockbusters, it’s led to the resurgence of drive-ins and alternative programming! With built-in physical distancing, drive-ins are finding renewed success during the coronavirus outbreak. I used to love going to the drive-in as a kid, but I think it also challenges us as marketers to reconsider how we can connect and nurture during this time. Are you reaching back to some old/vintage playbooks?

Here is what the experts are saying, and some takeaways from the past week:

LinkedIn’s State of Sales Report

LinkedIn came out with its 2020 ‘State of Sales’ report this past week. Some key emerging trends:

• Virtual selling goes mainstream – 77% of respondents are holding more virtual meetings
• Less responsive buyers – 44% of respondents anticipated a decrease in responsiveness to outreach
• Longer sales cycles – 44% of respondents said customers’ sales cycles increased

These are things we’ve all been talking about since March, right? An interesting data point – 88% of buyers agree that the salespeople they ultimately do business with are “trusted advisors”. At the same time, just 40% of these decision-makers describe the sales profession as “trustworthy”. While buyers may distrust the sales profession as a whole, they do come to trust the salespeople they buy from.

So how do our respective sales teams become ‘trustworthy’? Seems that is the key question here – and will result in much success! So we need to invest in relationships and deliver value….ALWAYS!

Whoa….hold on! HubSpot – ‘Shaky’ Deal Data?

After optimism and improvement since April, HubSpot’s data shows that new deals created and closed-won deals declined last week. What gives? Three industries that have seen deal volume return to or exceed pre-COVID levels (Manufacturing, Consumer Goods, Software) also saw decreases. However, on the brighter side, Construction and Human Resources industries had some good improvement.

Other interesting analysis of the data:

• Sales process metrics reveal misalignment in outreach and qualification – call prospecting volumes are still down compared to pre-COVID levels, email volume is up
• Sales meetings booked are up overall – but those meetings haven’t converted to business at corresponding levels – suggesting that beyond cash flow issues impacting deal volume, there is still misalignment at multiple steps of the outreach and qualification process
• Buyer activity continues to increase – email open rates are above pre-COVID levels; website traffic is trending higher; and the volume of buyer-initiated conversations has been steadily increasing as well!

See the full report here.

There’s no doubt it feels a bit like living on a yo-yo right now but let’s keep encouraging each other to press on. And when you need that break – find your local drive-in! Let me know how you’re doing – I’d love to hear from you….

Looking forward,

Rick

Rick Endrulat | President | Virtual Causeway | 519.866.1600 x622

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Here are some typical B2B myths that just aren’t true.

Branding is not important as it is for B2C

While this may seem true, branding for B2B business is actually more important than it is for B2C.
B2C purchases are motivated primarily by emotion and need. Someone might purchase something because it makes them feel a certain way. B2B purchases are almost entirely motivated by logic and reason. These decisions are based on facts and numbers. B2B purchases are hardly ever made at a moment’s notice and often times, companies shop around. It’s important that you leave a lasting impression and that you remain easily recognizable.

B2C purchases are motivated primarily by emotion and need. Someone might purchase something because it makes them feel a certain way. B2B purchases are almost entirely motivated by logic and reason. These decisions are based on facts and numbers. B2B purchases are hardly ever made at a moment’s notice and often times, companies shop around. It’s important that you leave a lasting impression and that you remain easily recognizable.
A strong brand provides a sense of trust, confidence, and security. If customers see that a brand is well established and thought out, they are more likely to trust that company. Reputation is important as it makes the purchase decision seem much safer and easier.

A strong brand provides a sense of trust, confidence, and security. If customers see that a brand is well established and thought out, they are more likely to trust that company. Reputation is important as it makes the purchase decision seem much safer and easier.

Social Media Is Useless for B2B Marketing, my customers aren’t there.

Trust me, your customers are on social media. Everyone is on social media these days for personal use but more and more businesses are using social media for their marketing and sales initiatives, even B2B businesses.

While B2C companies have the benefit of targeting their customers directly on social media, B2B customers are people too and they are without a doubt, on social media. Most people, including yourself, likely check up on their Facebook and Twitter feeds throughout the day. If you keep your social media updated with entertaining and helpful content, those who follow you are more likely to be exposed to your brand or product. For example, GoToMeeting’s Instagram account has almost no promotional material on their feed. It consists entirely of entertaining, informative, and easy to consume content that any person in the business world would like to consume. Not just someone who is specifically looking for virtual meeting software.

Check out this post on how to get the most out of your B2B social media strategy for some great tips.

Currently, the best and easiest platform to connect with B2B customers is on LinkedIn due to the nature of its intended use. It has over 500 million users so there is more than enough opportunity to connect.

There is no room for silly creativity in B2B marketing

There is also no room for bad attitudes toward silly creativity.

Marketing is quickly becoming more and more difficult due to the fast growth of the industry. Standing out among your competitors is much harder than it used to be.

Since B2B marketing is targeting business people in a business environment, many marketers feel that they have to present content in a formal, unexciting way. Typically, B2B marketing can be pretty boring. But In reality, it’s only as boring as the marketing team behind it.

The best way to stand out among the crowds is by getting creative and finding new and interesting ways to connect with people.

Creativity doesn’t necessarily have to include jumping out of a jet from the stratosphere. Maybe it would work, but it’s not really necessary for B2B needs. Try making a video, creating an infographic, or sharing a helpful social media post instead of brochures and long PowerPoint presentations. Do something out of the norm.

You can be entertaining while still providing valuable information; you’re actually more likely to keep them interested and engaged. Take a look at your competition and see how you can get more creative and draw (good) attention to your business.

B2B marketing is about reaching businesses, not people

While the acronym itself literally means business to business, it’s important to remember that there are actual people behind these businesses. These individuals are the ones that are seeking your products and services.

While you are often targeting businesses as a whole, there are key decision makers who are making the decision to buy your product or service. It is important to find out who these decision makers are and tailor your marketing content to these people as best as you can to get the best return on investment.

Conclusion

Don’t listen to the myths you hear about B2B Marketing. Use the tactics you believe will be the most effective in achieving your marketing goals. Knowing the best ways to reach your audience and the ways they are searching for your products is the best way to understand your marketing strategy. Remember to market to people, not businesses. The more you know about your potential customers, the better.

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