Over the past year there have been dramatic shifts in the way business runs in the United States. The COVID-19 pandemic has changed the economic landscape and affected consumer habits and priorities. It has also altered the infrastructure and internal processes of many companies, leading to an increased focus on remote employment and digital services. Some industries—such as hospitality and tourism—have experienced major financial setbacks, while others—such as healthcare services and social services—are flourishing and expected to grow significantly in the coming years.
This means that B2B companies need to reorient themselves to the current business climate and pivot their marketing strategies to address the needs and priorities of 2021. We are living in a new type of society with new values, and experts predict that many of the pandemic-related changes are here to stay. For example, studies show that nearly 50 percent of consumers are avoiding leaving their homes and are purchasing more goods and services online. This shift will affect businesses of all types and sizes—whether they offer a digital-based product or not.
Here are five tips for B2B companies that will help them keep up with the times and tailor their marketing strategies to more effectively reach their target audience.
- Create new buyer personas. Perhaps you have already identified your target demographic and analyzed them in great detail. Well, it’s time to go back to the drawing board. Because of the pandemic, businesses now have different priorities in reaching their customers, which means your B2B company needs to reevaluate your target audience’s pain points, needs and channels.
- Optimize your website. More than 80 percent of shoppers visit a company’s website before purchasing a product or service. Business buyers also conduct thorough online research before moving forward with a particular company. In addition, the online spending of B2B buyers has been steadily increasing. This means that if your B2B website is not updated and optimized you will be missing out on leads and leaking potential profit.
- Focus on social. One study found that 75% of B2B buyers and 84% of C-level executives rely on social media to make purchase decisions. Social media engagement and interaction can potentially have more impact than cold outreach, such as email marketing campaigns, so it is important to heavily invest in social.
- Consider video and virtual events. A recent study by Cisco estimated that online video content will account for more than 82% of consumer internet traffic by 2022. Circle S Studio also predicts that virtual events and conferences are here to stay. If your B2B company isn’t taking advantage of video content and online events, you will be forfeiting leads and profit to the competition.
- Improve buyer enablement. In today’s digital-first world, buyers are seeking a personalized, self-directed buying process that focuses on their needs and allows them to lead the conversation. Buyer enablement means reducing friction in your online marketing channels and creating user-centric design and content that seamlessly leads prospects through the awareness-consideration-purchase process.
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