Optimizing and balancing marketers’ efforts
September 2, 2024
Are you still relying on the same old B2B marketing tactics? You know, the ones that bombard prospects with features and benefits, desperately trying to push them down a sales funnel? It’s time to rethink your approach.
Flipping the Script on B2B Marketing
Most B2B marketers believe their job is to persuade—to convince buyers they need their product right now. This short-sighted approach often leads to frustration and missed opportunities. The reality, as highlighted by Professor John Dawes and research from the Ehrenberg-Bass Institute for Marketing Science, is that only 5% of B2B buyers are actively in-market at any given time. The remaining 95% are out-of-market, meaning they might not need your solution for months or even years. Ignoring this vast majority is a costly mistake.
The High Cost of Ignoring the 95
According to a Forrester research report on the new B2B buying journey, 74% of B2B buyers conduct online research before ever contacting a salesperson. This statistic underscores the importance of brand awareness in the B2B buying journey. When companies focus only on the immediate 5% in-market buyers, they neglect the long-term relationship-building that is crucial for nurturing the other 95%.
Moreover, Forrester's findings show a clear shift away from sales reps as the primary influence in the "Discover" stage. Peers, tech analysts, online forums, and industry publications now have more sway over buyer decisions, making it even more critical to establish your brand early in the journey.
The Power of Staying Top-of-Mind
Building brand awareness early ensures your company stays top-of-mind when these out-of-market buyers eventually enter the in-market phase. The 95:5 rule encourages marketers to think long-term, focusing on brand salience that pays dividends when the buyer is ready to make a decision.
Turning the 95 into Opportunity
Focus on Long-Term Impact
Prioritize Memorable Content:
Broaden Your Content Reach
The 95:5 Rule: Your Competitive Advantage
Embracing the 95:5 rule gives you a significant edge over competitors who are stuck in the old ways of marketing. Here’s what you can expect:
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Realistic Objectives: Set achievable goals that build brand equity over time.
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Creative Freedom: Explore new creative avenues, such as brand storytelling and thought leadership.
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Efficient Targeting: Engage both in-market and out-of-market buyers with a multi-channel content strategy, ensuring a steady stream of leads.
The 95:5 Rule in Action: A BCG Case Study
BCG’s study on the impact of brand awareness highlights that companies focusing on out-of-market buyers achieved 3x higher market share growth compared to those targeting only in-market buyers. This reinforces the importance of a balanced approach that combines brand awareness with targeted sales outreach.
Conclusion: The Future of B2B Marketing
The 95:5 rule challenges traditional B2B marketing, urging a shift from pushy sales tactics to long-term brand building. By prioritizing informative content and focusing on the entire buyer journey, you can cultivate enduring customer relationships and achieve sustainable business growth.
Key takeaways that might come handy;
Long-Term Brand Building is Essential: The 95:5 rule highlights that only 5% of B2B buyers are in-market at any given time. Prioritizing brand awareness for the remaining 95% ensures you stay top-of-mind when they’re ready to buy.
Shift Focus from Sales Reps to Digital Influence: With buyers increasingly relying on peers, online forums, and industry publications, it's crucial to build your brand's presence early in the buyer journey.
Content Marketing Drives Engagement: Thought leadership and persona-specific content not only deepen customer engagement but also reduce sales cycles and boost acquisition rates.
Content Marketing Drives Engagement: Thought leadership and persona-specific content not only deepen customer engagement but also reduce sales cycles and boost acquisition rates.
Balanced strategy wins: Combined brand awareness efforts with targeted sales outreach can lead to significantly higher market share growth as demonstrated with BCGs case study earlier on brand awareness.
