5 Ideas For Radical Shifts In Your 2016 B2B Marketing Budget

Busines owners must make significant changes in their marketing perspective or die on the vine; hence, these five ideas for radical shifts in your marketing!

 

Every business owner, whether they are aware of it or not, is in the “new client getting business;” because if you don’t, you will quickly be the next company nailing a “going out of business” sign on your door!  This information is vital!  These five ideas for radical shifts in your marketing are designed to impact your practice positively!

The question is, how are you going about it?  What are you saying or doing that makes you stand out stand out from your competition?  What is your message reflecting?  Is it promoting what you believe what your clients want (how do you know what they want)?

Secondly, and equally important, what are you saying or doing for your current and past clients?

Unfortunately, most businesses do not fully develop and capitalize on the hard-earned relationships they have built!  This faux pas such a shame because this manner of gathering new prospective clients is enormous; it can be a tremendous source of annual revenue!

Very recently Patrick Spenner wrote an excellent piece for Forbes, titled “Five Ideas For Radical Shifts In Your 2016 B2B Marketing Budget.”  In the article, he illustrates very salient points that focus on the absolute need to change the current mindset regarding the manner in which business attracts and promotes new business.

In fact, he says: “From all the B2B buying and branding research I’ve seen in 10 years at CEB, plus all the actual B2B campaigns I’ve seen up close, I’d safely bet half my annual salary that half of B2B brand campaign spending is wasted.”

Belated marketing prediction for 2016: Marketing prediction lists have jumped the shark.

That’s why I’m going to share five ideas for radical shifts in your 2016 marketing budget. Also, let’s face it, there’s a decent chance of a recession on the horizon, and our best friends in finance will come calling with their tin cups (and scythes). Best to be prepared for that budget game.

#1: Shift half of the budget and time you spend on value propositions to creating insights that give your customers a reason to care.

Boy, do we marketers spend a LOT of time building and honing value propositions! We want to get the phrasing just right, but not be too jargony. Oh, and make sure it’s in customer-centric language. But mesh that with how the Salesforce wants to talk.

You know what? I think a lot of the time marketers spend getting their value props from good to great is wasted. Instead, marketers need to focus on giving customers a reason to care in the first place. To me, that means creating Commercial Insight—insights about the client that reframe the way they think of their business (and that lead uniquely to you as a supplier). These insights are inherently about the customer’s misperceptions of their own business, not about what you want them to appreciate in your offering.

#2: Shift half your “voice of customer” (VOC) budget into “mind of customer” efforts.

I run into this all the time with VOC programs. Marketers use Net Promoter Score or Customer Satisfaction as VOC metrics. They might also use customer surveys and interviews, or sales ridealongs, to capture customer verbatims.

The problem is, the vast majority of these programs seek to understand what the customer thinks of us—our service, our products, our people, what makes us different, and so on. But what we desperately need to understand is how customers think about themselves—their own business, how it works, what they believe drives it.

We call that a customer’s mental model of their world—in other words, it’s mind of a client. And the reason it’s so important to understand it is because we need to be able to disrupt it. We need to change how customers think about their own business in a way that leads uniquely back to us.

Ultimately, that’s what drives customers to be loyal to suppliers. All of our research suggests that vendors who consistently deliver this kind of insight earn the deepest loyalty: recession-proof loyalty.

Again, this is an eye-opening piece; to read the entire article, click here.

 

 

 

 

Brought to you from the desk of Steve Cox, co-founder of StevenVonLoren.com  Direct: 916.750.6319; Personal email: stevenvonloren@yahoo.com

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