‘How to improve ROI in B2B marketing?!’ is a question that every marketer has asked at one point or another, often with many more question and exclamation marks.
No matter the business stage one is at, ‘nailing’ the marketing and hence, the game of improving ROI in B2B marketing can always seem a challenge- the elusive unicorn that you can’t get a rope around.
This is because the real world is highly unpredictable which, in turn, makes businesses and economies unpredictable as well. No matter the level of research, there is always the silver of possibility that s**t will hit the fan.
In such a constantly uncertain scenario, how does one reclaim a smidgen of certainty?
Where does one turn to because let’s be real- money has to be made to keep the business rollin’ and the customers comin’. How to improve ROI and how to do it sustainably?
The Ninja Gods have heard your wishes and viola! Below, we give 3 straightforward answers on how to improve ROI of B2B marketing.
3 stellar ways to improve ROI for the long-term
This can be rephrased to: adopt a multichannel marketing approach; spread out and be present on as many channels as possible.
In 2015, 44% of marketers were leveraging multi-channel marketing. In 2019, the number went up to 52%. However, even now, only 9% of marketers can currently engage customers across a variety of channels consistently despite the fact that 95% of marketers know how important it is. What good would be knowledge if it’s just swirling in the grey matter between your ears?
For retailers and businesses with physical stores, multi-channeling their marketing is even more essential since basically the entire world is on the Internet. An online presence can help retailers to tap into a global reach.
There is a disclaimer to adopting this approach as well: you have to do it strategically. Don’t spread out on channels where it doesn’t make sense for you to be OR where no return is coming in.
Instead, pick a few channels – maybe 2 or 3- and experiment. Implement the best strategies for about 3-6 months and gauge the traction you are getting. Is it worth the effort being put in? Is the lack of response a function of time or is this channel not the right one for you at this point?
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Implement inbound marketing
This would feature as one of the top tips for ROI improvement in B2B marketing, judging by the business and consumer economy we are moving in right now.
Pioneered by HubSpot, inbound marketing is an approach that replaces the traditional straight-forward funnel with this flywheel:
In their own words:
“Inbound marketing is a business methodology that attracts customers by creating valuable content and experiences tailored to them. While outbound marketing interrupts your audience with content they don’t want, inbound marketing forms connections they’re looking for and solves problems they already have.”
Wouldn’t your ideal customer appreciate and be pulled in by the prospect of this relationship? Inbound marketing is the vehicle that brings the human back in marketing, making this one of the most impactful tips for B2B marketing.
So, how to go about implementing it? Here are a few ways
- To attract clients
- Video marketing. 50% of consumers prefer video content over social media, blogs, and emails.
- Publish informative blogs on high-traffic websites (take care of SEO, yes)
- Pitch for podcast interviews/ appearances
- To engage clients
- Have gated content (video series, e-books, whitepapers) at the ready
- Have a luscious blog section that educates visitors about your industry and niche
- Build up a strong sales calls team if calling is a part of your selling process
- To delight clients
- Ensure robust customer service through chatbots and an active helpdesk (93% of customers are likely to make repeat purchases because of this)
- Listen to what they are talking about on social media (different platforms for different businesses)
- Personalized and segmented email marketing has a great ROI in B2B marketing
Implemented together, the above strategies alone could transform the brand identity and image of your business, thus impacting your ROI and making it one of the best tips for improving ROI in B2B marketing.
Nurture the ones who come in
In a bid to:
- Expand reach
- Acquire new customers
- Grow, grow, grow
A lot of businesses forget one crucial thing: nurturing the leads that have been generated. Brian Carroll, author of the popular book ‘Lead Generation for the Complex Sale’ defines lead nurturing as:
“Lead nurturing is having consistent and meaningful communication with viable customers regardless of their time to purchase.” A defining quote to understand if you are looking to create a process for improving ROI in B2B marketing.
Yet, how many businesses bypass building up this meaningful communication and leveraging it to become irresistible to a prospect?
It is so easy to always look to the horizon towards something ‘better.’ There is nothing wrong with that, too, since if you don’t grow as a business, you die. However, we can be so busy hustling and acquiring, that we forget to take care of the people who have chosen to work with us, who have placed their trust and faith in us.
So, take time to think about these questions before driving ROI in B2B marketing:
- Does my business have the systems and knowledge in place to nurture a lead?
- Am I being repeatedly visible to them?
- Do I know about them so I can meet them where they are in their purchasing journey?
- Do I have strategies to build a prospect’s interest if they are hesitant about buying now?
If you find yourself lacking somewhere, take immediate action and do one (or all) of the following to boost ROI in B2B marketing:
- Set up a meeting with the sales team
- Cultivate touchpoints so prospects’ doubts get clarified easily
- Create and share compelling and authoritative content
- Get a lead nurturing software like Drip, HubSpot, or Active Campaign to automate and streamline the nurturing process.
These carefully nurtured leads can become delighted returning customers and brand evangelists. Not to mention, a 5% increase in customer retention = a least a 25% increase in profit.
Above all, an evergreen strategy for ensuring the ROI in B2B marketing keeps coming in and growing, is to listen and pivot. Listen to the subtle and not-so-subtle demands of what your audience wants. Then, pivot and shift things accordingly. Your audience and customers will always be the North Star, pointing you to the next echelon of your evolution. The improved ROI will be a result of that. Hence, listening and pivoting is the icing-like tip on the ‘how to improve ROI in B2B marketing’ cake.
Ready to taste success?