In today's digital-first business landscape, CEOs and business owners of small and medium-sized businesses (SMBs) often find themselves grappling with the complexities of digital marketing. How can you ensure your marketing efforts drive real growth and provide a solid return on investment? In the first of our new Mastering SMB Digital Marketing webinar series, we explore essential digital marketing strategies to drive leads and sustain business growth. Moderated by Sajal Sahay, with marketing experts Carol Eversen and Angela Hill, read about key strategies and insights shared.
Before jumping into various digital marketing channels, it's crucial to develop a solid strategy. As Carol Eversen emphasizes, "The most important thing to do is to take a step back and think about what's going to be right for your business and not what another business that maybe has different drivers is leveraging." This involves conducting a market and competitive analysis, defining your target market segments and ideal customer profile, understanding your prospects' needs and pain points, and developing a clear value proposition. By laying this groundwork, you'll be better positioned to choose the right channels and tactics that align with your business goals.
Research shows that up to 70% of the B2B buying process happens online before a prospect ever reaches out to a salesperson. “If you are just relying on your Sales team and focusing only on outbound communications with current relationships, you’re missing 70% of the buying cycle,” explained Eversen. This means your digital presence needs to educate and engage potential customers throughout their journey. Ensure your website, content, and digital touchpoints are optimized to guide prospects through the decision-making process.
Identify key triggers that signal when a prospect is ready to buy. Carol Eversen shares a compelling example: "I had a client who learned that every time a company was getting ready to IPO, they hadn't IPO'd yet, but they were getting ready to IPO, that was the best time for them to sell their product." By using tools to track these triggers, they could proactively reach out to prospects at the perfect moment, significantly increasing their conversion rates.
Move beyond vanity metrics like impressions or clicks. Angela Hill advises, "Why would I look at just click throughs from my Google ads when instead I could look at the conversions, which is somebody called me, sent an email, filled out a form on my website, booked an appointment, or scheduled a demo." When you focus on conversions, you have greater insight into what keywords and ads are performing well; and what activity is the greatest predictor of future customers. Focus on conversion rates, percentage of leads that become customers, customer lifetime value, and cost per acquisition. By tracking these metrics through the entire sales cycle, you can better understand the true ROI of your marketing efforts and make data-driven decisions.
Invest in an integrated marketing and sales tech stack that allows you to track customer touchpoints across the entire buyer's journey, automate lead nurturing and scoring, analyze deal velocity and forecast revenue, and measure marketing attribution accurately. Angela Hill emphasizes the importance of this integration: "We need to have really good marketing automation systems with the right tracking codes. So for example, in advertising, we want to have our Google tag manager combined with conversions that we know ultimately result in revenue, like a phone call or form submission or appointment book or catalog download." Remember, the goal is to have a system that tracks the right metrics to provides actionable insights, not just analyze everything and get data overload.
While acquiring new customers is important, don't overlook the potential for growth within your existing customer base. Angela Hill points out, "I see a lot of companies typically focus on selling and converting new customers, and they forget to expand the pie and sell deeper into their existing customers." It’s far easier to sell to existing customers than trying to capture new ones. Use digital marketing to implement "land and expand" strategies, cross-sell and upsell additional products or services, and improve customer retention and lifetime value.
Stay informed about emerging trends like AI in marketing, but approach them strategically. Angela Hill advises, "If you have the right AI policies and procedures in place, you have your team trained, and you have rules of engagement for how to utilize it; AI can be a powerful tool for good in your organization. There are many, many cool AI software options out there. I encourage you to experiment with them and play with them." Experiment with AI tools to increase efficiency and analyze data but be cautious with sensitive or proprietary information. Develop clear policies and procedures for using new technologies in your marketing efforts.
For B2B companies with specific target accounts, ABM can be highly effective. Carol Eversen is particularly passionate about this approach: "Account based marketing... is an evolved form of target marketing and account-based selling. ABM orchestrates a series of integrated sales and marketing touches, combining digital technologies with human interface, to reach your exact high-value prospects or clients with tailored campaigns.”
Digital marketing is not just about tactics; it's about creating a systematic approach to growth. By focusing on strategy, leveraging the right technologies, and continuously measuring and optimizing your efforts, you can create a powerful engine for business growth.
Angela Hill reminds us of the importance of adaptability: "Keep in mind that what works this week or this month might not work next month. So don't be afraid of change. Make sure you have the right strategy, the right foundation, the right technology and the right intelligence to make good decisions." Stay agile, keep testing, and be ready to adapt your strategies as the market evolves. With the right foundation and mindset, you can turn digital marketing into a key driver of your business success.
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Authors:
Area Managing Partner & CMO Chief Outsiders |
Partner, CMO & CSO Chief Outsiders |