B2B landscape is changing. Undoubtedly, most affected ones are B2B marketers forced to adapt during these uncertain times. With budgets reallocated and purchase decisions halted, B2B companies are seeing a ripple effect of the pandemic. Big conferences, trade shows and events have been cancelled for a foreseeable future. With only speculation of what the ‘new normal’ will be like, B2B marketers are adapting to the shifting sands. Gone are the days of relying on in-person events for generating new leads and fostering relationships with prospects/customers.
Companies are now switching to online events such as webinars and virtual roundtables. Forcing marketers to manage budgets while ensuring their messaging and go-to-market strategies deliver results. Companies will have to make wiser decisions as one of the frontiers of their business has been impacted. Resulting in a stalled pipeline velocity and leaving a long-lasting effect on sales. Marketers will have to pivot quickly to find the right balance between their capabilities and investments.
In B2B marketing, people have and will continue to buy from people. What better time to invest in researching about your buyers? One best way to move forward will be investing in researching their target account and industries. No one knows what a buyer’s journey will look like in the days to come.
Marketing and sales combined, those who know more about their customers are more likely to win as compared to their those without the knowledge about their customers.
Why now is the right time to spend on research?
Better understanding of your target accounts
It’s never too late to spend on researching about your prospects. Research will help to unfold information regarding current scenario, challenges faced, future direction, and so on. Researching will also help in understanding whether target accounts can make use of your services or not. And, also help B2B marketers personalize every messaging that goes out from their end. Personalized messaging will help marketers cut through the crowd by making them authentic and customer-centric.
Get ahead in your ABM journey
Account-based marketing (ABM) is one of the most effective marketing strategies to respond to the unique challenges’ marketers face. Companies adopting ABM as their go-to-market strategy will be able to read their target accounts’ minds by capitalizing on the power of data. It is not a secret that ABM provides a predictable revenue model which can be used not only to grow existing accounts but also to win new customers.
With everyone saying ‘we’re in this together,’ through research you can show how!
Aligned sales and marketing
Amidst uncertainty, one thing B2B companies want is better alignment between marketing and sales. Deals that were about to close are put on hold or could even be on the verge of collapsing. Research and insight data can help marketing and sales to collaborate armed with a clear picture of the customer. Research will provide them with actionable insight, as both are going through the same crisis. Spending on third-party research or building in-house research capability will not only help in the present scenario but will also be crucial as everyone transitions towards the new normal.
Cross-selling and up-selling possibilities
Sad but true: Many B2B marketers know less about their existing customers than the ones they are pursuing. Now is the time B2B marketers should be taking advantage of already existing relationships. When you learn more about your existing customers, you will find newer avenues to serve them. Wouldn’t it be great to find ways your solution could help your existing customers better manage the crisis? Investing to learn more about existing customers should be a priority, especially when new ones are on a ‘wait and watch’ mode.
Build high-quality content
For B2B companies, it is the right time to build high-quality content. Most companies are witnessing a pause in their sales, meaning additional bandwidth to develop high-quality content for their audience. Live video streams, webinars, and informational videos are increasingly being used by B2B marketers to interact with their target audience. B2B companies and their teams might be in a dilemma regarding content building and this is where research comes in use. Research will provide an edge in terms of availing information on relevant topics to build content. Research and insight reports come in handy to build tons of personalized content that will help to drive website traffic and engagement.
The Takeaway
As B2B marketers respond to the impact of the corona virus pandemic, organizations should put customer at the forefront of their effort. Now’s the time to show your customers that you care and value them. Good first step will be to understand their need, and then put effort towards enhancing their experience. With budgets at disposal, investing on research-related activities to arm sales and marketing team is a key strategy for B2B organizations.