Actionable B2B Marketing Trends 2021 for Mid-sized Technology Companies

B2B Marketing Trends 2021

2020 may have been a rough year for all of us, but technology companies did a great job at continuing the business even through the peak of the pandemic. 

2020 was the year when technology companies looked beyond networking at events or getting recommendations from someone and embraced B2B marketing willingly. According to a LinkedIn report, 76% of marketers were compelled to change their key objectives to align with the current situation. 

As an agency that has supported B2B-focused mid-sized technology companies in establishing themselves as thought leaders of their industry for the last ten years, we believe that now is the right time to invest time and efforts into B2B marketing.

When it comes to B2B marketing, let’s take a look at some of the unique challenges of mid-sized technology companies, especially those which are just starting with their marketing efforts.

  • Don’t have big budgets for ads: It is natural to do paid ads to get more leads. While it might work for B2C, it might not necessarily work well for B2B companies. A mid-sized company may have a limited budget, while a single ad campaign could cost the company $1000-$2000 per month for ads. The returns are low too, with the CTR being as low as 3.10%. Even those clicks may not necessarily convert as the sales cycle in B2B is longer than B2C. That apart, unless the company has first established a strong online presence, spending on ads would not lead to any benefits. Hence, they need to think of alternatives to get more leads.
  • Creating multiple content formats is not always possible: It is tempting to create various content formats to gain diversified traffic. However, companies must remember creating multiple formats such as videos and podcasts can be time-consuming, expensive, and require people with specific skillsets. Companies that are just starting with their online marketing efforts need to prioritize where they want to spend their energies.  
  • They need focused marketing efforts: Mid-sized companies need to start with specific marketing goals, so that they can focus their marketing efforts on achieving them instead of trying everything and seeing no results in the end.
  • Marketing needs to support sales efforts: Marketing and sales can no longer work in silos – especially for B2B companies. They have to help each other to drive business and revenue growth. 57% of companies believe that collaboration between marketing and sales will advance marketing’s contribution to sales success and generate more ROI. 
  • CXO’s personal network plays a critical role: A CXO of a mid-sized technology company would have a strong network with other C-level executives of other companies. They can tap on this gold mine by posting their views and news on social media and interacting with other peers actively. Building a personal brand is imperative for creating a positive impact.
  • Marketing needs to be a self-running effort: With limited bandwidth, time, and budget, mid-sized technology companies may face challenges in running campaigns and achieving marketing goals. They need to, therefore, focus on creating a self-sustainable marketing plan that can run with minimal effort and resources. 

Now that we have set the ground rules, let’s look at the actionable trends that mid-sized technology companies can implement easily.

B2B Marketing Trends in 2021 For Mid-sized Technology Companies

High-value content

80% of decision-makers prefer to get information from an article instead of an ad. 

Hence, technology companies must focus on developing high-value content such as whitepapers, eBooks, and blogs. Cover topics such as the latest trends and industry news with unique take from experts, solution-specific content that addresses the company’s pain points, principal content such as prominent use cases or latest product updates, etc.  Whitepapers are also a great way to launch email campaigns. 

While creating high-value, evidence-based, and research-backed content is important, it is also equally important to create content regularly. Developing a content calendar and planning content distribution is the best way to ensure that content is published periodically. Publishing regularly will help the company to create brand awareness and also increase organic traffic to the website over a period. Ensure that there is content available at every stage of the customer journey such as attraction, consideration, and conversion, so the decision-makers are guided through the process.

Robust social media presence

According to the Harvard Business Review, 90% of C-level executives ignore cold outreach. So, those cold sales calls and emails will no longer help in generating leads. 

Instead, marketers and the sales team must focus on social selling. 84% of C-level and VP-level customers use social media to make purchase decisions. Posting on social media regularly will help technology companies to create brand awareness, network with prospects in an organic manner, and humanize the brand. Some types of posts that work well on social media include – posts from C-level executives, trends and challenges related to the industry or target customers, regular product principal content updates, new releases or wins, etc. 

Plan your blogging and social media posts using a social media calendar and regular schedule to strengthen its presence. Monitor its outcome regularly to know what works and what doesn’t and use those insights to create a solid social media strategy.

Webinars or live events on social media

Typically, technology companies leverage trade shows and industry conferences to network and get leads for their company. However, last year, it took a beating with most trade shows, exhibitions, and conferences getting canceled due to the pandemic. 

Companies can now conduct webinars and live events on social media to create awareness of their offering and generate leads. 46.5% of companies confirmed an increase in webinar hosting during the pandemic. Webinars are cost-effective, remove geographical barriers, and it’s easy to get the best speakers to speak to prospects across the world. Most importantly, webinars are generally attended by prospects who are in the consideration stage. So, the chances of conversions are high after the webinar is completed. 

Focus on personal branding

We cannot stress enough about the importance of personal branding. 

82% of people are more likely to trust a company whose leadership is active on social media. 

Encourage the C-level executives to actively post on social media platforms such as Twitter and LinkedIn. It will not just give a face to the company, but it will also help gain the attention of customers and investors. The best part is the leaders do not have to do anything elaborate to build their personal brand. Even small efforts such as sharing a personal opinion on the trends taking place in the industry, sharing personal or professional anecdotes and lessons learned from it, and writing an authoritative piece of article can help the leader establish their reputation as a thought leader.

Read more about personal branding in our previous blog here 

Build credibility with social proof

According to Edelman’s 2020 Trust Barometer Survey, 70% of respondents said that trust is more important for them when dealing with brands. To gain the trust of prospects, technology companies will have to show social proof to back themselves as experts in the industry. These social proofs could be in the form of client testimonials, case studies, or industry-recognized certifications. These will enable companies to demonstrate their expertise and impact on prospects. Ensure that the feedback and ratings are collected from customers regularly and publish them on the website and social media to show value and build trust. 

2021 – The Road Ahead 

There are so many things that companies can do to build their brand and get more leads. But with limited time, bandwidth, and budget, mid-sized technology companies must focus on getting their foundation strategy right before experimenting with other trending tactics. We would recommend beginning with these three actionable tactics:

  • Write high-value content regularly
  • Establish a strong presence on social media
  • Empower the C-level executives to share their opinion on social media and leverage their network

We have created a post-pandemic marketing plan – it outlines a rescue recipe for all kinds of mid-sized technology companies. Read it here

These tactics will take time to show results. But our experience of working with some of the best mid-sized technology companies has demonstrated that with consistency and quality content, companies can even supersede their goals and build a long-term relationship with their customers at a fraction of costs and efforts. 

Now that you have survived 2020, it’s time to grow in 2021

Post Pandemic Marketing Strategy

2020 changed everything – especially sales and marketing.

The old strategies, tactics, and tricks won’t work now – no matter how hard you try. So, what should you do instead to catch the eye of your target audience?

This “Post-Pandemic Marketing Plan” resource is for you if you are

  • A partner of global product companies like SAP, IBM, ServiceNow, Atlassian, Oracle, etc.
  • A company with a specialized set of service offerings in niche areas like IoT, AI, Blockchain, etc.
  • A company with a ready-to-launch product
  • In a highly competitive space like s/w development and testing, app development, cloud etc.

This resource may highlight what exactly has changed and what could be the “rescue recipe” for you.

http://i-midastouch.com/post-pandemic-marketing-plan/

Can Marketing Help B2B Technology Businesses Survive and Grow During COVID-19?

B2B Technology Marketing

Mid-sized technology product and services companies have always been somewhat more focused on sales than marketing. And B2B tech marketing has never been easy.

Business leaders and marketers in technology companies have to juggle between several platforms, ensure a meaningful omnichannel presence and do everything in the book and yet there’s always room for improvement in how they market their products and services.

Conventionally, B2B technology companies were largely dependent on the word-of-mouth recommendations passed on by clients to their peers and others in the network, the powerful network of the founders, and CXOs who are most likely alumni of prestigious universities and B-schools or the good old outbound route. 

Gradually, targeted email campaigns, presence at tech events, expos, and sponsoring tech conferences were also brought into practice to reach out to new potential customers. The mid-size tech companies with potential clients located primarily in the USA and other English-speaking geographies were pursuing all of these, in tandem to attract new customers. Of course, all that was supplemented by a hefty focus on travel by the sales pros and key executives. 

The pandemic, however, has changed everything.

We’ve put together this handy guide for B2B tech companies who are wondering what to do to get their marketing game on. The question on their minds is, whether or not to focus on marketing during this time. (the answer is, Yes)

This guide is for every B2B technology company that is striving to tap into new customers, is eager to retain the existing ones, and does not want to get washed off by the competition.

This guide can help B2B technology businesses direct their content marketing efforts to survive the pandemic and thrive in the situations that will abide after.

This guide covers

  • Changing Dynamics of B2B Tech Sales
  • Why now is the time to do marketing
  • An “all bases covered” playbook covering content, social media and personal branding of founders
  • The ROI – What you will get

Changing Dynamics of B2B Tech Sales

At the onset of the pandemic, B2B technology businesses weren’t directly impacted. But this gradually manifested into a considerable hurdle. IT sales is faced with obstacles all around. Suddenly, every potential customer of the B2B tech companies had a fully remote team, operations were shifted online, processes were overhauled and person to person contact became very different. 

Read: Why COVID-19 Has Changed IT Services Sales Forever

With severe restrictions on travel, sales reps could no longer travel for meetings. As things stand, even after travel restrictions are lifted, things won’t return to normalcy soon, and even for the local clients, setting up face-to-face meetings in the times of social distancing is going to be quite impossible. Moreover, all events and conferences for the entire year are canceled or moved online, nullifying the prospect of meeting potential clients, networking, and meeting new people. Tech companies can, obviously, no longer get the visibility they otherwise would. 

The traditional sales channels are being constrained even more than usual (which were already getting outdated – who answers cold calls made to the office landline when everyone is practically working from home?) and other outbound methods such as email marketing are facing too much competition (you don’t want to spend your marketing efforts simply adding to the pile of emails your client receives each day), a fresh approach towards marketing is the need of the hour.

Obviously, doing nothing is not an option. Clearly, the pandemic demands B2B tech companies push their boundaries and think outside the box to nail marketing now to outlast the tough times.

Why NOW is the time to do marketing

Unfortunately, the first expense item to take a hit during the pandemic was the marketing budget. ‘If customers aren’t buying, why to spend on marketing?’ was the impulsive call that several business leaders and marketers took in the first half of 2020. 

But this approach WILL prove absolutely fatal to B2B tech companies. 

The big economic numbers might be slowing down, but that absolutely doesn’t mean that your potential clients do not need a solution for their pressing business problems. In fact, with events canceling, even these clients are exploring other avenues to find solutions that are the right problem-solution fit for their needs.

Now is the right time to become visible in their eye line with valuable content that focuses on solving the business problems that plague your customers. ‘Out of sight is out of my mind’ and you don’t want to be out of the eye-line of your customers at this crucial time.

Of course, you have to be empathetic, and hard-selling like before seems a little out of place but there couldn’t be a better time to grow the top of the funnel and to nurture your audience with value-adding content. 

In fact, with no commute and people -including business leaders and decision-makers working from home, there has been a significant rise in the time spent online. People are consuming content online, the only question is, whose content is it?

Sooner or later, your clients are going to be looking around for the right solution and this is when you want to be top-of-the-mind. Now is the time to invest in creating customer-focused content that can prove your authority and expertise and ensure your offering appears to be the most viable option for your target audience. 

Once you decide you want to leverage the situation and direct your content marketing efforts other questions will arise. Which channels are to be explored? What type of content should be created? How often should the social media posts go live? Who should your target?

Let’s explore each in detail!

An “all bases covered” playbook

Let’s talk about content

It is needless to say that in the era of screen fixation, remote working, and fewer avenues to strike a face-to-face conversation with your potential clients, digital content is truly the king. Investing in content creation at this stage will not only help you come into the much-needed spotlight but also help you in the long run, especially if you choose to create timeless content pieces that are going to be valuable today and in the future. 

Let us have a look at the type of content B2B tech companies should be creating right now!

  • Informative Content

Nothing makes your content more worthwhile than true utility to your audience. Irrespective of where your customer is in the buyer’s journey, you should have relevant, valuable, and highly informative content to offer. This content should not only be engaging to read with extremely accurate information but should also have key takeaways that can help your readers solve their real-world problems. The content need not necessarily lead to a conversion, at least not through the first piece your readers consume. But it should be worth remembering, useful, practical, and authentic enough to build trust with your users while also resonating with their problems and challenges. 

Focus on creating content pieces that have actionable insights, especially in times like these where your customers are anxious and are quite frankly looking for solutions, not stories.

For example, Thinksys, a software development services company has extended quick guides for thriving the pandemic with its articles such as The Top 5 Factors To Consider While Developing Products With Remote Teams and Cost-Saving While Maintaining The Pace Of Product Development– the topics the audience is exactly looking for- from remote teams to cost-saving. 

Another excellent example is the blogs from construction technology services company Virtualize Services. They have very cleverly created content that amalgamates their service areas with the newly required mandates and changes the construction sector is going through in the USA. 

B2B Content Marketing Example
  • Content riding on current topics

Staying relevant is crucial for making any marketing activity, a success, especially in times like this. Ghosting the current topics is obviously not an ideal route. Your audience needs to know, in their unique context, how your company, its products, and services are relevant to them in the current times. Hence it is extremely important to create content that rides on current topics. This content might not be usable once the trend subsides but, it is worth the effort for the contextual impact. 

You can integrate your offerings with the current topics. For instance, data science platform Rubiscape has created articles like The World Post COVID-19 – AI to The Rescue in The Battle Against Pandemic or how Analytics services company Inteliment has spoken extensively about the Role of data and analytics in COVID-19 response

Aroscop, an ad-tech company has put together several articles around the changing dynamics of consumer behavior and digital ad rate trends due to COVID-19 which are also a fine example of writing about current topics while continuing to focus on the key concerns of your target audience. 

B2B Content Marketing Example

 

  • Content demonstrating business as usual

With uncertain times, it is quite natural that your potential customers (or the existing ones) are anxious. And while being empathetic is important, the real challenge is that no one really knows what to do next. Hence, creating handy guides that can help in getting back to business or preparing their businesses once the ‘new normal’ sets in can be impactful. 

Fintech company Simple2Trade has been creating blogs such as How Technology Can Help Drive Trading Strategies As “Business As Usual” Kicks off Again or COVID and Customer Onboarding – What Financial Services Companies Need to Do which can prove to be very useful for their customers and potential clients.

  • Content talking about Remote working

Not enough can be emphasized about how remote working has impacted several businesses. For most businesses, this entire remote working wave was unexpected, and the transition hasn’t really been a cakewalk. Especially since remote working looks like it is here to stay, businesses are clueless and do not know how to go about remote hiring, onboarding, and employee engagement while everyone works remotely.

In the context of technology services companies, outsourced product development company Forgeahead has chosen to focus on what WFH means for the enterprise software target segment. They have created content highlighting the security challenges enterprises need to address in the remote working age as well as speaking of UI changes.

Similarly, creating an enterprise mobility strategy for remote working by BenchmarkIT can strike the right chord with the enterprise product audience hit by a WFH disruption. Such content practically ticks all boxes- informative, relevant, and helpful. 

  • Content demonstrating hiring and culture

The job market has been merciless and as per the experts, with the approaching recession, it is only going to get worse. But companies are still going to hire high-quality people. This is why writing about your company culture around hiring is important. It not only helps you put the best foot forward as a brand but also helps in attracting rich talent to your organization, in times of uncertainty. 

With a multitude of opportunities for top talent, content like ‘We work on highly complex technology projects – here is how it changes whom we hire’ by Wissen can be refreshing as well as inspirational. If your organization is doing anything out of the box to engage, retain, and nurture your employees or customers, this is the time to talk about it! 

  • Visual and other types of content

It is important to consider the possibility of having an audience that doesn’t consume a lot of textual content. It is about time to get creative and present diverse content types so that you don’t miss out on anyone on the radar! Especially if your past marketing experience for a particular niche in B2B tech has been driven by diversified content types, you should actively focus on creating more. 

For example, TruckX Inc has been creating highly engaging visual content that focuses on the trucking companies that are their customers and truckers who are their end-users for promoting their products.

This could also be a good time to release podcasts or host webinars since a lot of people are working towards upskilling. Presenting your customers or your internal thought leaders could be a very important move for your branding efforts.

Let’s talk about social media

Unlike B2C companies, B2B companies seldom fully acknowledge the power of social media. The perception that social media presence works more for B2C companies has sometimes made B2B tech companies stay away from social media marketing. Most companies, especially the small or midsize ones, have almost no presence on social media and look at it as an unnecessary effort. They simply post links to their new content pieces or to announce new collaborations or major updates. They have no expectations from the efforts and those expectations are met!

If you are not actively engaging on social media platforms, you should start now. And here’s what you should post on social media, apart from sharing links to your content such as blogs, whitepapers, and ebooks.

  • Hiring related updates

Speak, scream, and tell the world if you are hiring during the pandemic. Not just job seekers, but your customers will also have a newfound respect for you once they learn you are hiring in these tough times. Because it simply means- your business is up, running, and doing well, you have future plans put together, you have enough projects lined up which basically means you know what you are doing and this is exactly the type of company anyone would want to do business with! 

  • Relevant content – tips and tricks

You can’t expect each of your potential clients to read through the detailed content that you create and hence your company page should be alternating between sharing links to content and sharing tips and tricks as a post on social media. These not only provide quick assistance to the ones who are looking for it but also serve as a great engagement engine. Especially if the tips and tricks you share are new, experience-based, or unique, you can expect users to engage on the post, which essentially helps in increasing the reach of your post and ultimately your brand. 

Let’s talk about Personal Branding of founders

Founders are invariably the face of the company and play a huge role in establishing the brand of the company. Especially for the small, midsize companies and B2B tech startups that do not have the cash flow to invest in full-blown advertising, the company branding is subtly established via the founders. When it comes to cracking large value deals, clients look for companies that have trustworthy founders who they’ve read about or seen and interacted with on social media. 

If you are a founder of a B2B company that is looking to establish itself during these changing times, there couldn’t be a better time to build your personal brand. B2B tech founders have a great deal of industry experience, good references, and knowledge of the ecosystem. Creating content to focus on personal branding aligned to the company’s brand can be the key to engage customers, leave a long-lasting mark in the mind of the audience as well as attract new talent to fill in key positions in the company. Being social-media shy is not ideal. Today, there is no excuse to have dormant LinkedIn profiles or be invisible on other platforms such as twitter. People need to know the face behind an organization, especially when it comes to small and mid-size companies.

Here’s how you can get started with founders’ personal branding:

  • Share stories

It could be personal growth experiences of the founder or their take on anything they hold an expertise in. Founders of tech companies are tech leaders in their respective fields and over the years have garnered tons of experience. This could be not only an interesting read but also create thought leadership. Founders can share their interesting perspectives, opinions, and their personal journeys to create a bond with your readers along with amplifying the company branding. 

Here are a few examples of how founders can share stories, opinions, and experiences:

CXO Personal Branding Example
  • Success stories

Resonating with your audience and exhibiting your expertise is commendable, but what makes your potential customers take the leap of faith are your success stories. You can share your success stories, client testimonials or peculiar experiences of solving challenging business challenges and those will usher in a direct impact. Since these are the stories your potential clients are going to read and relate to and they are a data-backed proof of your expertise and efficiency as an organization. 

For sure, be careful that your story doesn’t brag, overpromise, and is not salesy. Think of it as a candid exchange between your network and remember a little goes a long way. 

Here are a few great samples:

Current content

Founders who want to take up personal branding seriously need to remember that this activity is not short-term and needs a lot of nurturing, just like real-world relationships. And hence, if you are only going to be talking about your journey, your products, and your experiences, you are going to be uninteresting for your reader. It is important that you write about current topics, share your opinions on how it will impact the space your customers care about. It’s also ok to be controversial if you can justify your stand.  

You can check out how these founders have spoken about current issues which have helped them stay relevant within their network: 

The ROI – What you will get

As we reiterate whenever the discussion of B2B marketing picks up, we firmly believe that strategic B2B marketing should be done with the intention of gaining brand visibility to the right set of audience in exactly the right context. 

Putting in efforts and investment in building a comprehensive marketing strategy based on all the points mentioned in this guide can yield that brand visibility.

You can create a positive impression of your brand in the minds of your target audience.

You will be more visible. You will be understood better.

Your target audience will be able to place you in the right frame in light of exactly what you can do for them.

Then, you will see them reaching out to you when they feel motivated enough to want to solve those specific business problems.

You will be the frontrunner in that race, maybe even the only runner. There will be a number of signs along the way that this is working.

You will see a noticeable difference in connection/follow requests for your founders’ social media pages, improved web traffic, and a warmer response to your sales outreach since your customers already know about you!

Maintaining the consistency and context with your content is the bottom line. Traffic, engagements, and leads will follow suit. That’s the way to beat the COVID-induced slowdown.

Let’s connect if you would like to know how this would work for you too.

Disclaimer: The examples shown here are all live and in the public domain. Not all the companies mentioned here are current clients of Midas Touch

The Immense Value of CEO’s Personal Branding on Social Media

Personal Branding

In a previous article, we had talked about how the CEOs of B2B companies can leverage the power of social media to widen their reach by effectively using channels like LinkedIn and Twitter. 

The company CEOs’ active presence and engagement on the social platforms help amplify the marketing message and enhance branding because the people are more interested in buying from ‘people’ and not just some ‘brand’.  

Did you know? Over 90% of customers trust recommendations from someone they know (Nielson). 82% of people are more likely to trust a company whose leadership team engages with social media.

Why should you consider being a ‘social’ CEO?

Many CEOs argue that they have a lot to take care of than spending time on social media. But something that they don’t realize is, being active on social media platforms is a part of their work, as personal branding will help them build trust in the minds of their target audience. You can take a look at a report by CNBC about the 10 most ‘active’ CEOs on social media to understand why you need to be there too. 

Being a ‘social’ CEO doesn’t really mean that you have to engage in personal interactions with your customer/clients on social media. It just makes you a real ‘face’ of your company, which, till now, was just represented by a graphic logo. As a CEO with a strong personal brand, you can help amplify the company’s message and augment the marketing campaigns. It can also help you express your unique ideas and insights on social media handles. Chances are, if your followers like you, your ideals, values, and gain sufficient information from your insights, they are going to opt for your products/services too. 

Let’s give you a detailed idea about the immense value of personal branding for the CEOs on social media. Scroll on!

It builds trust

Personal branding helps you create a reliable presence on social media. It gives your business the human touch that it desperately needs to attract more people towards it. As the CEO is one of the most influential ambassadors of the brand, their presence has a strong impact on the target audience. Creating a personal profile on social media platforms like LinkedIn and Twitter can improve your branding efforts as much as the business profiles of your products/services. The importance of the CEO’s reputation can propel the business by helping the customers/clients connect with the brand on a human level. 

It helps you attract talent

The millennials are more attracted to companies with an impressive and authentic personal brand than those with nothing apart from logos. If you can establish yourself as a leader and motivator on social media, you’ll attract numerous young minds, who align with your mission, vision, and values. However, it’s important that you actually live those values that you claim on, as authenticity sparks reliability, failing which, it may even put your integrity in question. For example, if you claim to provide an open ground for sharing ideas for business growth, you should provide a platform for the same, so that the youth can come and discuss their unique ideas with you without any hesitance. That way, you can not only find the right people to take your business to the next level but also make them promote your brand through word-of-mouth. Who doesn’t like to share an idea that they have been an active part of? We guess you got the cue!

It helps you get in front of the investors

When you share your beliefs and ideas on a social media platform, potential investors may also take an interest in your business. As the investors seek confidence in the core team before they invest their money in a business, personal branding can help you achieve that. With your presence on social media, you’re in the public eye, which enhances reliability on your company’s behalf. When you share your story, mission, vision, expertise, and ideas on a public platform, you easily get on the radar of potential investors and create a seamless communication channel for them to approach you. 

Being at the forefront of your business gives you certain responsibilities to fulfill, and you can do that through personal branding on social media. Promote your ideas and brand, publicize your opinions and expertise, and be the most important advocate of your business by staying active on the social media channels. In today’s digitized world, such small efforts can go a long way to enhance your brand visibility. 

Why COVID-19 Has Changed IT Services Sales Forever

As companies globally seem to become more invested in digital ways, even as different parts of the world open up slowly, I’m seeing a future where IT Services companies will have to sell very differently from now on in.

The COVID-19 pandemic has changed much, and some changes may last for a while longer. Remote working, shifting operations online, digital services, sales, and marketing are some of these changes that may become the defining themes of our future. In the last couple of months, we have seen how companies in even the most traditional sectors can indeed change their ways of functioning and adopt a digital-based way of life. This had been predicted by so many experts for so long, but it took a pandemic to change things at this scale.

But what about the impact on the world of IT services sales as traditionally practiced by Indian software services companies?

The way it used to be

Indian technology companies have traditionally been extremely export-focused. The largest market (by far) has been the USA, followed by other English-speaking regions like the UK, Australia, and S E Asia. The way they have approached these markets has usually been through a mix of means.

Tapping into the extended personal network of the founders and CxOs has always played a key role. Of course, this is a strategy that works well when the company is looking to establish itself, but it has limitations in scalability. And of course, these networks are also vulnerable to being tapped by the competitors.

Many companies have based their outreach strategy tremendously on participating in large events for visibility. They have exhibited, sponsored, and spoken at events like Oracle OpenWorld, ServiceNow Knowledge, AWS Summit, Microsoft re:Invent, and the likes. This has given them access to a massive pool of attendees from their target audience. They have leveraged that for visibility and for building connections and starting conversations that keep them going year-round. This costs lots of money. But the ROI is clear.

Most Indian IT companies have had a travel-heavy strategy for getting in front of the target audience. I say this from personal experience of having, cumulatively, spent many many months traveling to and across the USA to meet prospects and customers. This strategy has traditionally depended on the efforts of an “inside sales” or “cold calling” team. This team, almost always based in India, must spend nights sending email campaigns and making cold calls to try and set up that elusive first meeting with a new prospect. This mechanism was getting stretched even before the current scenario as campaign responses and answers to cold calls had been plummeting for an age already. Sales leaders felt comfortable with this strategy though, as it allowed them to retain a sense of control. At least, they were doing something, and everything was measurable.

But much of that will change now.

So, what will change?

There are some obvious changes already making big impacts.

All events and conferences have shifted online. While being a sponsor will still get some visibility for the brand name and the logo, the big value is, possibly, gone. There can be no networking in an online conference. There is also no possibility of new people “finding” you as they look through the exhibitors. It is this that drove “top of the funnel” awareness and got you exposure to a new audience. Without that there are no new prospects to add to the database and follow up with over the rest of the year. That opportunity seems gone for good.

Travel is, of course, off the table right now. But even once international travel reopens, it will be very hard to justify traveling. Many countries will implement mandatory quarantine periods on arrival. Airlines will be flying at reduced capacity and are, hence, likely to charge much more for seats. Measures like these will dramatically push up the cost of travel. Perhaps to an unsustainable level.

Other changes could be behavioral, and hence, more profound.

Companies like Twitter have announced that they intend to ask their employees to work from home for the foreseeable future. Other technology companies look set to follow suit to some degree or the other. While your target customers are working from home, it’s likely that some extremely significant changes in buyer behavior could become embedded in their way of working.

So, even if you do brave the travel, how likely are you to get someone to agree to a meeting in these strange times? Most people want to continue maintaining a policy of self-isolation even though the official lockdown may be lifted in their area. Under those circumstances, how many new prospects would agree to a face to face business meeting with you, masked or not?

It’s being said that the post-COVID buyer will be more discerning, less inclined to shop around, more direct, and consciously better informed. This could be a function of some changes in values brought about in testing times or just the fact that working from home gives them more time to do their research and educate themselves on the business problems that they’re seeking solutions for. If that happens, it would seem logical to assume that they will only engage with the vendors they see as realistically capable of delivering them value. They are unlikely to give openings to vendors who cannot project themselves in that light. Most first meetings were anyway given in response to the sheer persistence of the caller or email sender. It seems likely that these rates will dwindle even further. 

Is there any option?

The task for IT services companies has always been to become visible to a new audience and stay visible to their current audience. The complication in these times is that being physically present in the eye-line of the target audience looks unlikely. It’s also probable that the outreach-based methods like email and cold calls will become even less impactful. So, what does that leave?

This is a “made for digital” problem, in my opinion. IT services companies will have to turn to content marketing, social media channels, and distinctive personal branding of their CxOs to make themselves visible. This will have to be the medium where they showcase who they are, how they are different, what is the value they can deliver, and to whom? They will have to do this strategically, professionally, consistently, and over a sustained period of time. This will make them visible to the right audience and, more importantly, in the right context.

I believe that the only way forward may be for them to focus on growing the top of the funnel and on improving the efficiency of each stage of the funnel below that.

They will have to create an impact digitally -there’s no other option now.

Why Your Sales Team Needs Social Media to Achieve Its Goals

Photo by Neil Thomas on Unsplash

 

“Lead people with what they want. – Lead with what they’ve already said. – Lead people from where they’re at. – Lead them with the things that concern them.” – Sandi Krakowski

You will notice that Krakowski wants you to create a lead generation strategy around your target customers’ needs on the platform where they prefer to be. Today social media has become an inseparable part of our lives and work. While we meet potential clients and customers through professional networks like LinkedIn, we nurture those relationships through Facebook as they become more personal, get a glimpse into their likes and interests through Instagram, and if possible, chat with them on Whatsapp.

Why should your sales team then shy away from leveraging this powerful medium to enhance their lead generation strategies?

In fact, it’s time for them to start using social media marketing to increase sales and the visibility of your business if they haven’t already.

What is Social Selling?

Well, the term has been doing the rounds for quite some time, but it is not just about the use of social media. In fact, it is a way, used by efficient salespeople to create and nurture long-lasting relationships on social media platforms. In some quarters, this seen as a replacement for cold calling and mass outreach efforts.

Social-selling is a structured but indirect way to generate more leads, not by coaxing your target customers to buy your products or services but making them aware of the benefits of opting for the same. The nudge is subtle, structured, and sustained, once you appear in the eye line of your prospect as someone worth connecting with.

If your sales team haven’t adopted social selling yet, you may well be missing out on a lot of potential customers.

Are you still wondering why to engage your salespeople in social selling?

Building Real-Time and Long-Term Relationships

Lead generation with social media helps your sales team make real-time relationships with clients, who have similar tastes and preferences. Most people these days avoid responding to cold calling and direct advertising, so this may be the safest way to generate new conversations that turn into leads. Your sales team can also use relevant social media tools to identify potential customers (or clients), who are already talking about the problems that you can help them solve, taking an interest in your industry, or your competitors, and use that information to connect with them at the right time.

Managing your Online Perception Easily

With social media, you can manage the perception of your brand more easily. You have the opportunity to add a focus on customer testimonials, reviews, and feedback. According to some estimates, 70-80% of buying decisions are influenced by online reviews. Try conducting a Google search on your sales team. What do you think will come up? Ask your sales folks to optimize their social profiles, so that such a search, when conducted by a potential buyer of your products (or services), showcases a positive outcome.

Generating Prospective Leads

As mentioned earlier, people are becoming more and more turned-off by banner ads and cold calls. They tend to place their faith more on businesses that engage, listen, and specifically cater to their needs. In short, they believe in real-time conversations rather than machinated advertisements. Therefore, if you wish to grow, you have to engage on a personal level with your potential clients or customers. You need to earn their trust before you can expect them to buy from you.

Creating a Loyal Customer Base

What about after someone has bought from you? Your social media presence can go a long way in establishing a relationship of trust with your potential customers, as well as existing ones. Social selling helps your sales team stay in touch with your existing customers, engage them, and take their feedback on board. Responding to queries, taking suggestions, apologizing for mishaps, making amendments for negative reviews, all help create involvement and engagement. If you listen to your customers, you have the opportunity to build a relationship. That could go a long way in helping retain customers in the long run.

So how do you go about adopting social selling?

  • Instruct your sales team to create and optimize their individual social media profiles, as well as your business profile
  • Define a clear social media communication strategy and messaging that everyone can follow in tone, focus, and direction.
  • Hire professional content writers to generate content that your sales team can use in their social selling campaigns
  • Stay active on LinkedIn, which is the biggest professional social media network out there and optimize your profile according to your image
  • Use your Twitter handle to follow the current social media trends in the industry and also make some useful connections
  • Hire a social media marketing agency, if possible, to take the load of keeping your social media strategies current, off your shoulders

Conclusion

Marketing and sales are, of course, incomplete without each other. If you lag in one, the other will fall. Ensure that you invest adequate time and resources to updating your social media marketing strategies and integrate that with your lead generation process. It’s the right, in fact, the only way to get ahead in this social age.

Irrefutable Proof Of The Death Of B2B Sales (As We Know It)

“Without data, you’re just another person with an opinion.” W Edwards Deming

Seers have been prophesizing the end of the world of traditional B2B Sales for a while now. Despite that, there are people on both sides of the fence, each with equally strong convictions. In most cases, their belief in their cause is based on their personal experience. But there is a statistical danger in relying solely on personal experience. A personal experience represents just one instance, and as the data scientists will tell you, one example is not data. This post is an attempt to present strong evidence for the unfortunate demise of B2B Sales.

So, let’s start with some questions for the B2B Sales leaders out there reading this.

  1. Are you having far fewer early stage conversations that you used to even a couple of years ago?
  2. Are you not talking to as many “new” prospects as you used to?
  3. Are you frustrated by somehow being less able to ”influence” the pace of the sales process? Do some sales rush along at an extremely accelerated rate, seemingly under their own steam, and others never seem to progress beyond the initial evaluation?
  4. Are responses to your email campaigns tanking?
  5. Are your cold calls unable to get you the initial meetings you need to fill your pipeline? Is the no. of incoming leads from your website spiraling downwards despite your best efforts on Google? Be honest, did you answer “Yes” to most or all of those?

I recently presented a webinar on “The death of B2B Sales and what you can do to save it.” (A recording of the webinar is available here for those inclined to dive deeper into the reasons behind the passing and a possible path to resurrection.)

Here are some stats and what I think they mean. The stats presented here emerged from the research I put in while preparing for the webinar.

Fact 1

Only 19% of buyers want to connect during the awareness stage of the buying process, 60% want to connect after they have done their research and come up with a shortlist, and 20% only after they have already decided what to buy. (Hubspot).

Clearly, there is a sharp reduction in the opportunity for B2B Sales pros to engage early in the sales process and kick off a consultative sales process.

Fact 2

Customers rate the salesperson as the least influential interaction in the buying process. (Gartner).

Well, of course, given the numbers at #1.

Fact 3

84% of buyers now start their buying process with a referral. (HBR).

Really what chance does your cold outreach have of being successful in such a scenario?

Fact 4

90% of C-Level executives “never respond” to cold calls (InsideView).

That cold calling campaign is not looking too good now, is it?

Fact 5

Only 0.3% of cold calls generate even preliminary appointments. So, you would have to make 1500 calls for 4-5 meetings (Baylor University).

Is hiring an army of callers an option?

Fact 6

In the Technology industry, only 12% of emails get opened and only 6% of those generate “clicks” (Constant Contact). That’s about 1 click every 150 emails, give or take.

I know, you thought cold emails were an option -unfortunately not at any scale.

So, what does this mean for those of us who have made a living in B2B Sales? Well, the truth, like the data, is out there.

Impact 1

The average SDR performs 94 activities per day (SalesForLife), but only 21% of their day is spent talking to prospects (HubSpot)

Impact 2

57% of salespeople believe that buyers are less dependent on salespeople during the buying process (HubSpot)

Impact 3

55% of sales reps don’t have the right skills to be successful (the Brevet Group).

Impact 4

1 million sales reps will be out of a job by 2020 (Forrester) -will your name be on that list?

So, there you have it. Proof positive that B2B Sales, at least the way we grizzled veterans have always practiced it, is going the way of the dinosaurs. This is not a drill folks, it’s time to take this seriously. That said, this is not the end of the road. B2B Sales pros are nothing if not resilient in the face of tough odds. It’s time for the tough to get going. The way forward is hard -but it must be taken!

The 5 Essential Traits Of A Specialist B2B Social Media Agency

This post is for you if you are responsible for delivering the big numbers in a B2B-focused company. Yes, you -the sales leaders, the marketing heads, and everyone who feels the pressure of carrying a sales target, either directly or indirectly.

Chances are that if pay heed to the data, you would almost certainly have altered your marketing mix over the last few years to add more content, more social channels, and more of everything digital. It’s also possible that after starting down this B2B Social Media path, you may have wondered if you have the people or the time, or the strategic depth to be able to do all this on your own. At times like this, you may start considering engaging a social media agency –that’s where this post may come in handy. This is my attempt to outline the 5 defining characteristics of a B2B specialist agency. This could help you determine if the agency pitching to you has serious B2B chops or not!

  1. Understanding of the sales process: A true B2B specialist agency must have a deep understanding of just how the B2B Sales process is different. These agencies know that this is more complex, involves more decision makers, takes much longer, and is driven by logic more than by emotion. Such a complex sales process demands a more complex content and social strategy. Can your agency under consideration convey how the strategy will change to address the nuances of the different decision makers and the various sales stages?
  2. Focus on business outcomes: Branding is important, no doubt about that, but the B2B specialist agency will almost certainly focus the conversation on delivering some other, more tangible business outcomes. They will talk about numbers, they will showcase the reports they generate, they will explain at length what they measure and how those measures are relevant to the specific business objectives you are driving for. They may surprise you by their interpretation of some traditional metrics. For eg., they may well claim that reach/impressions are more important than the number of fans or followers. They may focus more on the clicks going back to the website than on the number of “likes” and so on.
  3. Channel focus: Most in the B2B game now agree that LinkedIn is the most important channel, with Twitter to follow, and your agency would know that too. The real expertise lies beneath the surface. What experience do they have of working with LinkedIn groups? What stories do they have to tell of the impact their clients got from Linkedin groups? On Twitter, beyond RTs, what is their plan for engaging with Influencers? B2B Influencers are acknowledged experts in their space and it takes skill to build and nurture a relationship with them that is based on mutual trust and respect. Does your agency give a sense of knowing how to do that?
  4. Expertise in “professional” content: B2B content is just different. This is professional content consumed by professionals. The focus is on being informative, showing thought leadership, and projecting expertise. Different objectives demand different types of content written differently. No doubt the content has to be readable but in many ways the depth of the content is even more important than the language. Can the agency point to their work that is available online? I submit that samples have relevance only if they have made an impact in the real-world.
  5. The right evidence: The proof of the pudding is in the eating and that’s where references or testimonials come in. Most agencies can provide references on request but to my mind, not all references or testimonials are equal. Does your agency have references they can share from companies similar to yours? Again, like content samples, I submit that the best testimonials are those that are in the public domain. Do the clients of your agency under consideration care enough about them to say so to the whole world?

This is a new space with potentially vast opportunity and a number of agencies are making their play there. But being a specialist B2B social media agency is hard. It’s not everyone’s cup of tea and so choosing the right agency could make or break your own B2B Sales effort. I hope this post will help you make that choice. Or you could make it easy on yourself and just call Midas Touch Consultants.

Our Experience of Hosting the First of its Kind B2B Sales and Marketing Event and Making It Super Successful

As a B2B specialist social media agency, we get many opportunities to interact with several business owners and marketers to discuss about how the dynamics of sales are changing, what is the impact of social media and content marketing on that, how are companies adapting to the new ways of selling, and so on. During our conversations, we realized that while there is lack of understanding in this area and a lot of curiosity about it, there is no common platform where people can come together, discuss, and learn from each other.

At Midas Touch, we had been contemplating creating such platform since a long time and finally we decided to take the first step towards it by organizing the first of its kind event. The event was titledWhy B2B Sales Must Harness the Power of ‘Digital Marketing’ to Go International” and we decided to have it on 24th Nov, 2017.

The Speakers and The Program

We knew that the key highlight of any event is the panel of speakers. We decided that the speakers have to be the industry experts who have “been there done that”. The people who have seen the revolution themselves and have adapted it. The people who truly “understand” B2B sales and marketing from their own experiences. We also wanted the attendees to not only understand the concept but also leave with some practical key takeaways which they can start implementing immediately. The whole program was then defined keeping in mind these objectives.

We are very thankful to Vishwas Mahajan and Ashutosh Parasnis, who came and presented their views at this event, outlined the evolution, the changing face of B2B marketing, and the importance of strong strategy and flawless execution.

Next was a panel discussion moderated by Sanjeev with Shivesh, Avani, and Ashutosh Saitwal as the panellists. The panellists very honestly shared their experiences – not only the success stories but also their failures and the lessons learned from those. Filled with lots of examples and practical tips, the panel discussion gave extremely good insights into the B2B sales and marketing process. Our sincere thanks to all these experts.

#PuneB2BSocial Panel Discussion

The best part of the program was that all the sessions were very interactive – the audience not only asked questions but also shared their experiences. Lot of attendees also learned where they are failing and what could be the reasons.

The Ecosystem Support

#PuneB2BSocial-Ecosystem Partners
We approached various associations and bodies for their support for this event. TiE Pune, Pune Open Coffee Club, HeadStart Pune, Indo American Chamber of Commerce, Software Exporters Association of Pune, Pune Digital Marketers, and GLOW – Global Organization for Women – all of these were our ecosystem partners who helped us in spreading the word about the event. After all, when you are creating such unique platform, you need all the support from the existing associations and bodies.

The Social Buzz

As a social media agency, we have a strong belief in the power of social media. After the event was conceptualized and announced, we had one month till the date of the event. The social platforms started buzzing with the hashtag #PuneB2BSocial – we started talking about the event, the speakers, what to expect, some interesting insights into how B2B marketing is changing, etc. Registrations started coming in through this buzz and before we knew it, we had a full house!

We prepared a list of potential attendees who we thought will benefit from this event and reached out to them through one-on-one messages on LinkedIn.

We created an event on Facebook and specifically invited people to join in.

Our learning – Twitter worked extremely well in driving traffic to the event page. Facebook helped in creating the awareness and LinkedIn helped in reaching out to specific individually on a one-on-one basis.

During the event, we covered the event live on Twitter through live tweets and photos and Facebook through Live videos. The attendees also shared their views by joining in the conversations and within the first two hours of the start of the event, it was trending on top on Twitter.PuneB2BSocial Twitter Trending

The Team with the Midas TouchTeam Midas Touch

The Midas Touch team worked really hard to ensure that the event was successful – right from managing the registration counter, handling the venue arrangements, managing the Q & A rounds, and most importantly, covering the event live on social platforms – the team did it all! Kudos to everyone!

PuneB2BSocial - Midas Touch Team

The Result

A full house. An extremely interactive audience. Loads of learning. Event hashtag trending on Twitter for over 6 hours. And most importantly, a validation of our belief that a common platform for B2B sales and marketing was needed and we have been able to establish that. We aim to host more such events in the future. Hope to see those who missed it this time!