Organizational growth is top of mind for any B2B company. This is certainly true for those whose sales productivity is decreasing. But positioning your company to thrive and not just survive in this fast changing landscape can be challenging. It requires having a detailed growth plan.
Most companies find this fact to be vexing, either due to a lack of resources or the right talent. Yet, you need to figure out how to streamline marketing and sales organizations or risk getting left behind. In fact, CB Insights conducted a study in 2016 which discovered that 52 percent of Fortune 500 companies have disappeared in the last 15 years.
That fact can seem astounding, but there are alterations you can make that will help you grow. In this blog, we will share the three vital aspects of growth that will help any B2B company.
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The Trifecta: 3 Foundational Components to Growth Hack B2Bs
1. Knowing Your Buyer groups
Most organizations think they know who they’re selling to and they might know their ideal prospects. But to be a top performing company, you need data grounded in facts — not assumptions.
You have to take the time to truly figure out all the members who make up your buying group (researchers, influencers, decision makers, etc.) and document it. This requires identifying the roles they play, where they get information, and their top priorities.
With the amount of folks involved in the purchasing decision, getting a grasp of your buyer groups can be hard. But by researching and documenting who they are, you are positioned to surpass your competitors.
According to research conducted by Cintell, 71 percent of companies who exceed revenue and lead goals have documented personas and are 2.3 times more likely to research the drivers of their buyer personas than their competitors.
While the work you put in to know your buyers can be time intensive, the rewards outweigh the costs. As you account for different buyers and buying groups for each of your company’s solutions, you start to recognize there is a lot of info you must have to grow successfully.
2. Delivering the Right Messages
We often find that B2B companies look to tools or technology to give them a competitive advantage over their competitors. But what truly sets you apart from your competitors is communicating your worth with the right messaging. The fact is that prospects don’t care about your product/service. What matters most to them is how it helps them solve their problem. If you can’t connect the value of your product to the problem it helps solve, you can’t grow.
To get started in this exercise, you have to start with a messaging structure that breaks down what you communicate into different levels for different uses. We often use a messaging map in our branding workshops with our clients as the first step in building their marketing programs. This allows us to hone in on the right message for each buyer to ensure marketing resonates consistently.
3. Identifying the Right Channels
The last piece of the puzzle is identifying the right channels to target your prospects. There are countless channels available and a variety of tactical elements to be used for succeeding with them. No one has limitless budgets, so prioritizing and investing in the right channels is crucial to B2B growth.
When reviewing channels for investment, make sure to create a balance between owned, paid, and earned for optimal results. How you choose to choose, blend, and integrate each is dependent on your business, goals, and budget. The key here is to have a healthy mix within each category and align KPIs for all with your revenue and lead generation goals.
Channels within your control. They include:
- Social Media
Channels you pay for (ex. digital advertising) and are:
- Paid Search or PPC
- Display Ads
- Social Ads
- Content Syndication
Independent sources and can be:
- Media Review Sites
- Thought Leaders
- Influencer Marketing
Taking Action: Constructing Your Foundation
A Latin proverb proclaims, "Fortune favors the bold." The same holds true for how you approach your growth plans. Taking the time to understand your buyers, messaging, and channels may not seem like a viable action to take when you’re trying to move fast, but the long-term payoff is well worth the effort. By building a strong foundation, you will have the tools necessary to grow in 2019.