CEO of ITSMA's Momentum , which helps businesses develop, implement and execute account-based marketing strategies, and author of The ABM Effect.
With increasing pressure to deliver short-term results, B2B marketing is at a crossroads. I see the role of marketing breaking down into different departments, and when most of the buying cycle is taken out of the marketing department, we run the risk of quickly becoming bogged down with corporate communications and branding.
Fulfilling the role of CMO means being the single trusted voice of the customer and understanding everything about your customers. You need to know why they buy, why they don't, how much they're willing to pay, and how they feel before, during, and after they buy. Today, more than ever, marketing leaders are challenged to lead the transformation of marketing teams to become engines of customer-centric growth.
Why Marketing Leaders Should Care
The role of marketing is still widely misunderstood, and as a result, many B2B marketers are hired to address a limited range of digital, social, and lead generation activities. There is a knowledge gap regarding the true extent of marketing's impact on senior management. Just as there are two types of CFO, one who is strategic and one who is responsible for financial management, there are two CMO archetypes: someone who embodies the CEO's strategic business partner, and someone who has experience providing leadership through marketing. of action...
This ambiguity is exacerbated by the fact that the current macroeconomic environment forces managers to demand short-term performance improvements from marketing, obscuring the potential for long-term value creation. Therefore, marketers must seize the opportunity to be the voice of the customer and identify their needs, motivations and pain points at every stage of the buying cycle.
How ABM accelerated this revolution
Account-based marketing (ABM) has helped transform business marketing strategies. By giving marketing a seat at the table, ABM can provide valuable insights into customer behavior and facilitate true customer intimacy. However, many companies tend to rebrand ABM to fit their sales or business goals.
Momentum's ITSMA ABM Benchmark Study shows that companies using ABM achieve a 55% average annual increase in billing revenue, a 71% increase in customer relationships, and a 34% improvement in customer reputation. So this tells us that we need to use ABM to improve marketing's role in customer acquisition and growth.
Where to go next?
According to McKinsey research, 83% of business leaders worldwide believe that marketing can be a key driver of growth. However, meeting these expectations requires a fundamental change in the way marketing functions operate.
To successfully navigate this changing landscape, marketing leaders need the knowledge and tools necessary to effectively integrate sales and marketing. By leveraging customer insights, marketing can access vast amounts of information that can influence strategic decisions. And building a marketing organization around customer buying behavior can help mitigate channel conflicts and optimize customer service. Ultimately, marketing leaders must become change agents by facilitating an integrated customer experience that removes friction in the buying cycle.
Navigate the buying cycle
To succeed in today's complex buying environment, marketing leaders must champion a customer-centric approach. By following these practical tips, marketing teams can position themselves as valuable allies in the five stages of the buying cycle:
stage 1 Illustration. Recognize the need to change the situation
A deep understanding of the client's business, inspires the value of change and delivers positive results.
2nd stage Awareness raising. identifying problems and identifying alternatives
Present solutions from the customer's perspective, provide use cases and evidence that solve real problems.
stage 3 Interest. evaluation of possible solutions
Provides timely information and insights to help develop a compelling business case by eliminating uncertainty and indecision with relevant data.
stage 4 Confidence. choosing a way forward
Ensure clear and consistent messaging across the procurement team, providing a visible buy-back path and working together to support successful implementation.
stage 5 Reality. Post-purchase evaluation
An exceptional buyback experience to reduce buyer's remorse by providing internal communication, training and support to increase the value of the solution.
Sales and Marketing. dynamic couple
A synergistic partnership between sales and marketing is essential to succeed in today's competitive environment. Both teams must fulfill their primary mission of serving customers by making the buying process easy and simple. To achieve this, marketing teams must move beyond a process-based structure and align with the customer's purchase journey. In highly profitable B2B companies, sales and marketing can be restructured around the tasks in the buying cycle, delivering greater impact at each stage.
This approach can position organizations well, as a staggering 64% of customers surveyed by Accenture say they want companies to respond more quickly to meet their needs with new offerings.
Three steps to effective collaboration throughout the procurement process
1. Build a dedicated team for strategic customers and major deals by investing significant sales and marketing resources in these key areas. Using standardized tools and processes to improve integration and productivity.
2. Prioritize skills development and training to equip teams with enhanced multi-functional capabilities. Stronger skills allow teams to more effectively navigate the buying cycle and increase customer value.
3. Develop a comprehensive marketing strategy for strategic clients, viewing it as a corporate growth initiative rather than an unstructured sales or marketing program. Use an integrated approach that reduces friction, improves the procurement process and fosters long-term customer relationships.
Adopting a customer-centric imperative
Now is the time for marketing leaders to embrace the pivotal role they must play as the voice of the customer. By being customer-centric, marketing can transcend traditional boundaries, transform the buying cycle and drive significant growth. Armed with the ability to understand customer needs and motivations, marketing leaders hold the key to success. By recognizing this imperative, marketing leaders can transform their organization, foster collaboration, and create meaningful connections that increase loyalty and increase revenue.
In our ever-changing world, marketing leaders must seize the opportunity to become the compass that guides their organizations to success, protecting customers' interests and helping them navigate the complex terrain of the buying cycle.
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