DIGITAL MARKETING: AN IMPERATIVE FOR B2B COMPANIES TO STAY AFLOAT

Unprecedented times, volatile economy and disrupted markets– These traits now mark the business environment the latest pandemic situation has brought upon us. As we continue to tirade against the odds, our economies and businesses continue to languish.

B2B businesses are no exception. As these businesses are re-inventing their marketing and communication strategies to keep pace with the changing situation and to proactively converse with their customers, they are ensuring they exercise control over their narratives and manage their brands too. Underpinning the importance of digitization, B2B companies are now looking to invest more on re-designing their websites, actively stepping up social media presence, churning out compelling, quality content and shifting to virtual trade fairs and exhibitions.

A recent survey conducted by McKinsey & Company of B2B businesses across 11 countries in seven sectors and across 14 categories of spend came forth with some imperative findings:

Consumer interactions are dictating terms of customer behaviour in digital interactions. The latest pandemic has shown a significant jump of customers’ preference for digitally-enabled sales interactions. The findings suggest that mobile apps and social media including online communities were showing their sharpest rise since last year. Also, brands are being more empathetic towards other businesses and consumers alike, with the present crisis looming large over all.

Driving Website Traffic – A Mixed Bag

The latest pandemic has brought about a shift in the way traffic is hitting websites as compared to the otherwise consistent traffic channel mix. The situation warrants the marketers to analyse their channel reports and then ponder over any source or medium to determine any changes in the website traffic. Demonstrate to your visitors and potential customers your understanding on not just the nuances of the current situation but also your preparedness to face any crisis in the future. Moreover, if your business is already an established one, the more stress on you to offer better value to new prospects, while serving the existing ones.

Content the King - Leveraging Content Marketing

While the new normal prescribes that businesses move away from its more conventional product or business, marketers should use content and blogs to position their brands to be more empathetic, helpful and loyal.

Re-build faith in your customers through effective, compelling content through:

• Building long term trust of customers
• Educating customers on your products/ industry
• Engaging customers in more interactive ways

Creative content marketers should come up with time- sensitive content marketing strategy that would help build and sustain their brands now. Collaboration of brands is yet another strategy that could be adopted here. The fact that we are witnessing more brands coming together across industries to organize expert webinars, panel discussions, virtual trade shows etc is a positive sign in this regard.

 

Social Media Marketing: Best is yet to come

Data from Rival IQ, (a firm that delivers analytics and competitive insights to help digital marketers make informed decisions), suggests that activities on all social media platforms had plummeted for many brands during the initial phase of pandemic outbreak. However, brands have begun rebounding and have started posting more on social media but consumers who are still reeling under the current pandemic, may not be just ready to engage themselves on these platforms. While many brands resorted to an intentional choice of posting less on their social media handles, they made sure they projected more resounding and positive content. The later months (during Covid-19) also witnessed an increase in activities across all the channels of these B2B companies - Facebook, Instagram, and Twitter to name a few. Content and messages that create trust among consumers in the form of long-form video, podcast series, training modules, vlogs and blogs are gaining all the attention now.

Virtual Trade Shows – A Paradigm Shift

A recent study from data intelligence company PredictHQ revealed that the industry saw a 500% surge in cancellations of events and trade exhibitions – a major, conventional marketing tool adopted by B2B marketers in the month of February 2020. The heavy reliance of these companies, on exhibitions, events and trade shows have now shifted to virtual components like webinars, email marketing, enhanced social media engagements etc. ClickZ’s research also suggests that B2B companies that used to allocate almost 40 per cent of the budgets to exhibitions and trade shows, allocated a meager 8% for online marketing earlier. Also, since the B2B marketers did not believe in fully investing in boosting their digital marketing strategies, they now have a chance to switch gears; be it upgrading their company website or publishing more engaging content marketing and SEO operations or enhancing their social media handles.

Though it might seem outwardly mercantile to discuss market strategies, pricing and customer behavior at this point in time, we are expecting, brands will not only survive and inspire, but also forge a new way ahead. Changes do create opportunities. Smart business leaders would see opportunities within the new normal and continue to scout for proactive methods to stay agile, while effectively communicating with their customers.