Business
Creating a B2B lead generation strategy in the Covid economy
By Petra Smith, Founder and Managing Director of marketing agency Squirrels&Bears
The pandemic has transformed the relationship driven B2B environment in a significant way and what has started as an immediate response to a crisis, is now becoming the new norm in lead generation and sales. Compared to the more transactional interactions associated with B2C businesses, the traditional face to face nature of relationship building has now been fully replaced by digital conversations.
According to a recent McKinsey research B2B decision makers globally believe that digital prospecting is as effective as in-person meetings and that remote selling is as effective as in-person engagement. The new pandemic-induced digital patterns are likely to become permanent as nine in ten decision makers say that this new digital go-to-market strategy will be a fixture throughout 2021 and possibly beyond. With the long-term shift to digital business environment B2B businesses can drive their lead generation strategies by rethinking their approach and focusing on the following aspects:
- Define the changing priorities of your ideal customers
Buyer personas, representations of ideal customers, can be a useful way of helping to understand the specific profile of the customer segments and their key interests such as characteristics, behaviours, attitudes, needs, value drivers, concerns and motivations. Creating accurate buyer personas is key to planning how best to reach your target audience and deciding where resources should be focused to do so most effectively.
However, the pandemic has brought a new set of customer values and interests. For many, it’s a guarantee of safety and reassurance, as well as knowing that they can buy from and work with your business with limited close contact. Businesses can create value by effectively matching their offerings to specific customer needs, however this requires understanding what products and services they are looking for, what problems are they trying to solve and which offering works the best for them, in real time.
- Identify how they communicate
Forrester’s research suggests that over 80 percent of the sales cycle now takes place online. Customers make more decisions before contacting a business than ever before, and they expect your digital channels to educate them fully. If they can’t find the information they’re looking for on your digital channels, they might just head to your competitor’s website instead. Make it easy for your customers to buy from you by educating them about your offering, as well as implementing clear and simple calls to action that can guide them on their buying journey.
Lead generation is not about chasing a secret method that results in high volume of leads. It is about understanding and identifying the most effective combination of tactics that will help to achieve the unique lead generation goals. Any channel that generates interest in the business can be classed as lead generation, both online and offline. The channels that work most effectively include content marketing, email marketing, event marketing, social media, website and PR. A multi-pronged approach to communication that covers different avenues and tactics is required as no single method ticks all the boxes by itself.
Content marketing
Creating high-quality content tailored to your target audience and their needs can help to establish your company as a trustworthy thought leader, keeping the brand fresh in their mind when they are ready to make a purchase.
Email marketing
Building relationships over time through carefully planned emails sent at the right time. The emails should offer new service or product offering, advice, new content, or other helpful information and resources that add value to the recipient.
Event marketing
Whilst unable to host or attend in-person events, webinars can be an equally powerful tool. The key is that attendees feel they have spent their time well and accessed valuable information and resources.
Social media marketing
Social media lead generation is about being where the customer is and showing them the approachable, human side of the business. The goal is to build relationships over time, which will put your brand at the forefront of their mind when they are ready to buy.
Website and SEO
Drive website visitors to specific landing pages and capture their contact details through gated forms. Offer useful information in exchange for an email address and continuously nurture those leads by educating them throughout their buying journey.
Press coverage
Build a thought leadership profile through reputable publications recognised by your target audience. Leverage the subject matter expertise of your team and use it to sell through insights and business storytelling.
- Generate and nurture leads
Hope is not a strategy. The process of generating and nurturing leads involves purposefully engaging the target audience by offering relevant information, supporting them in any way they need, and maintaining a sense of interest throughout every stage of the buyer’s journey. Every buying journey is different, but establishing a strategic communication strategy that guides your customers as they progress through their journey, will lead to higher return on investment and more in-depth customer relationships.
96% of B2B customers want content from industry thought leaders to inform their buying decisions, so creating compelling content is key to establishing your brand as the go-to, educational leader in your industry. Nurturing these leads is critical as it directly impacts customers’ decisions about whether or not they want to convert into paying customers. Establish a regular lead generation and nurture campaign schedule and leverage targeted content to reach industry-specific audiences through multiple channels and touchpoints.
