It’s a new year and the marketing department is hard at work developing new strategies and campaigns to increase revenue. Even with the economy on the mend, this is no easy task. B2B enterprises, in particular, face some unique challenges which Giselle Abramovich has outlined for CMO and are worth a look.
Decision-making in the B2B world is often complex as buyers have to decide if a specific product or service is right for their enterprise. These decisions have a long lead time and involve investing huge sums. While B2B marketers can try to reach out to prospective customers, it turns out that a typical prospect is 57% down the purchase funnel before they make contact with the seller. The best way for B2B businesses to head off this problem is to make sure their content covers the kinds of questions a prospect has.
B2B marketers are coming up to speed in the social media world. The typical enterprise is using 6 social platforms with LinkedIn (91%) being the clear favorite. But only 62% of B2B marketers claim LinkedIn is effective for them. If these enterprises continue to spend on social media, it’s a safe bet they’ll be looking at how to measure and improve their ROI for this investment in 2014.
Another challenge B2B marketers must tackle is the low level of marketing expenditures. Some studies indicate that the average outlay is 2% of revenue. It’s difficult to make a big impression with a limited number of resources. If an enterprise really wants to stand out from the competition, they’ll need to invest in eye-catching and credible campaigns – whether it’s new white papers or a YouTube video.
Read the rest of Abramovich’s list here and let us know if you agree with her assessment of the state of B2B marketers.