B2B marketing laid bare – finds of 35-year direct study

I grew that business in reputation and revenue for the next four years until I reached a time, I wanted to start my first agency. In the first week of my new business, I acquired BP and several other high-profile Australian and international clients. Over the next eight years, I built an Australia-wide network of firms and became one of the largest and most awarded privately owned companies in the Australian marketing space. I then launched a new business focused primarily on helping B2B business transition to digital marketing. Below are the lessons I've learned and will pass on to B2B business owners.

Don't believe the hype

When Joseph Pulitzer was at his zenith as a new publisher, his mantra to his editors was '"Accuracy! Accuracy! Accuracy!" At that time, his son had asked him to ban advertising with unscrupulous messaging. One big advertiser sold silk sashes they reported increased virility. Ads like that were allowed to be published due to a lack of regulation. The advertising sector is in a similar space today. The rapid changes in the advertising sector have left regulation wanting. The result is an environment where cowboys and unscrupulous operators have duped many advertisers. This fact has been particularly prevalent for B2B marketers. Extraordinary claims of overnight transformations and the power of social channels like Tick Tock and Instagram have led many B2B businesses down the garden path.

The reality is that B2B marketing is like any other part of your business. It requires an ongoing commitment of time and resources to work. While overnight transformation can happen, it's rare. Most successes in B2B marketing require complete overhauls of websites and other communication channels. There often needs to be more research into potential new target audiences, especially for mature markets and businesses that previously depended heavily on referrals. 

The good news is that with time, proper research, planning and accurate resourcing, B2B businesses can build a predictable, accountable, and scalable lead-generation marketing model.

Social media: Yes? No?

One question I am constantly asked by B2B business management is 'should we be on social media?' My response is always; your question is too broad. Your business type, average sale size, target audience and desired geographic reach define the answer. Once you reach an average client sale of over AUD 10,000, the most effective social media channels are LinkedIn and YouTube. 

LinkedIn is a professional networking solution with a promoted membership of over 13 million Australians and 875 million users worldwide. LinkedIn provides opportunities to create connections via individuals and groups, starting honest conversations with key decision-makers in your target audience.

YouTube has 17.8 million Australian users and 2.5 billion users globally. While much of the YouTube community is not professional users, your target audience uses YouTube to find 'how to' and other informational videos to inform their decision-making.

Is advertising dead?

'Is advertising dead?' was the title of an article written by Michael Schrage and published by Wired in 1994. Those who read the headline but should have read the article would have missed the point. The article accurately predicted the future of advertising and its rebirth, at the same time that many had prematurely prophesied the medium's demise. In 2022 has increased by 8.7%, reaching a staggering global investment of US 738.5 billion (AUD 1 trillion). 

Advertising today is more accessible and accountable for mid-sized businesses than ever before; however, with a proliferation of channels, the challenge becomes where to focus your attention. The one takeaway is that the shotgun approach does not work. Knowing how to reach the right audiences at the right time is part art, but mostly science.

Always keep an eye on the exit

Whether you run a start-up or a mature multi-generational B2B business, you must keep your eyes on the exit. There are many personal and financial reasons to exit a business. The most successful B2B business exits are planned years in advance. Digital Storytelling Collective has a proven record of helping company optimise their value at exit. In addition to our experience in the marketing space, we are part of a team of legal and financial professionals that help prepare businesses for an Exit. 

Like life and business insurance, Exit Planning is a risk mitigation strategy that prepares you and your B2B business for unanticipated opportunities and challenges. Marketing plays a vital role in this planning; however, it is almost always included in marketing strategies.