How much do you think reputation really matters when it comes to making a purchase in the business-to-business world? Do things like honesty, responsibility and specialized expertise help sell B2B products?
We’d say those things are the bedrock of your company’s story and cornerstones of a strategic communications plan. But don’t just take our word for it. With data all the rage these days, here’s a recent quantitative analysis.
According to McKinsey & Company, reputation matters more than most would think. In a 2012 study in which more than 700 executives with substantial influence on supplier selection in the United States, Germany, and India were surveyed, McKinsey found that, as with consumers, business buyers’ purchase decisions tend to be a lot less value-driven than they like to think. Like consumers, professional buyers use the vendor’s reputation as a short cut that reduces risk and simplifies the evaluation process.
Yet, according to McKinsey, most B2B communications campaigns do not focus on those elements about which their customers care most.
So how do you know whether your marketing communications strategy is ringing the bell? Intuition and experience? Qualitative deductions? Today, with everyone screaming for ROI, that’s not enough. And chances are, your marketing communications are off target, at least somewhat if not completely off the board.
Consider what Steve Ridgway, CEO of Virgin Atlantic Airways, had to say to:
“It’s popular these days to say that television and other traditional forms of marketing don’t work—that it’s a fragmented world out there, and marketing is henceforth all about the thousands of little things that companies do in different constituencies, markets, and segments. I’m not sure that’s altogether right. Focused, laser-like efforts are certainly very valuable, but I worry that we might get all the ‘micro’ things right and miss the bigger picture. I don’t want to lose sight of how important it is to have all of our marketing efforts somehow embodied in something bigger—something iconic, even.
Well said, Steve.
And finally, I’ll go hyper-granular here to put a period on my point. A recent survey of business-to-business “content marketers” showed that B2B content marketers use an average of 13 tactics to deliver messages about their products and services to their target audiences. That’s right – 13. It’s a pretty good bet that some work better than others, and that some don’t work at all.
A marketing revolution is under way. Big data and digital are challenging intuition and history. Among many, it’s popular to say traditional marketing is dead. And for many, it is.
Others are new age apostles, preaching the value and effectiveness of social media, on-demand content and customer participation. So what is the right mix for your organization?
For many communications professionals, daily responsibilities force them into a largely reactive mode. They’re left with little time to step back and survey the competitive landscape in which they market their products and service. When they review the effectiveness of their own strategies, in my experience, outside perspective is always helpful and, many times, eye-opening.
As 2013 winds down, now is the time to review what worked and what could be improved as you begin to plan your marketing communications strategy for 2014. A small investment now in a strategic review of your most recent strategic communications plan can pay dividends throughout 2014 by helping to inform a comprehensive, effective plan. It’ll also help to ensure your mix is right and your message is on target.
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Jason Snyder is a senior vice president for WordWrite Communications.
