What are you going to do about revenue?
Remember when the answer was a simple, “sales is down the hall?”
The traditional marketing organization with a sales funnel as the sole profit center has now changed with new technologies, automation and ever-changing buyer behaviors.
The new marketing organization must research, utilize data and employ different strategies and technologies to match up with different buying habits.
Business leaders need to know how to navigate these new rules in the fastest, most efficient way in order for their marketing “to earn a seat at the revenue table,” said The Pedowitz Group.
“B2B marketers are behind the eight ball on customer experience and B2B buyers expect a B2C digital experience that they control,” said a spokesperson for the company . “The MarTech landscape is exploding, but that doesn’t mean marketers should invest all of their money on technology alone. We help marketers optimize the customer journey, navigate digital transformation and deliver business accountability.”
The Pedowitz Group (TPG), the leader in Revenue Marketing ™ helps companies plan, build and optimize their revenue engine by delivering services in MarTech, demand generation and marketing operations. TPG believes that Marketing is the driver of customer engagement that fuels the revenue engine, as explained in their book, The Rise of the Revenue Marketer by Debbie Qagish.
“We help our clients move from a cost center to a revenue center” said Debbie Qaqish, chief strategy officer. “Their marketing will earn them a seat at the revenue table.”
Remember when technology matters were just handed off to the IT department? Now it’s not unusual for C-Suite executives to participate in purchasing–or HR, for that matter.
That means they research and understand products and services and can engage and be supportive–or critical. What was once the sole domain (“profit center”) of one department is now a shared effort and while the phrase “one-size-fits-all” might be relevant in some instances, it certainly doesn’t work when dealing with the the B2B buyer–and that’s where the martech stack comes in.
A martech stack is a grouping of various technologies and strategies designed to attract and retain customers quickly and efficiently. It’s a way to get marketers from one point to another and brings a little order to what could be a confusing mix.
This is just one example of how the landscape has changed and differs from the B2C buyer..
B2B buyers–say, an auto shop looking to buy tires–almost never purchases on impulse. Decisions are based mostly on rationale, with a little bit of emotional thrown in. Since it is a company, there can be many decision-makers, and the buying cycle can take as long as nine months.
The B2C buyer, however, almost always bases the decision on emotion (“I need–or just want”), buys on impulse and usually has one person or couple as the decision-maker.
It’s also important to note that many B2B buyers are of the Millennial generation. According to Pew Research Center, they are the largest generation in the U.S. labor force, with 73 percent of them being involved in the product or purchase decision-making. That means a marketer better know their shopping habits.
Millennials use reviews and rely on sites like Amazon and Yelp and, according to one study, eight out of ten won’t consider a purchase until they’ve read at least one review. They are also more likely to write reviews, in an effort to assist others in their decision-making.
They use both peer and personal reviews, references and recommendations; according to some reports, they don’t see vendor marketing as reliable–they often believe that company websites are are biased toward that product or service, as are the sale staff.
Millennials rely heavily on social media, and the sales cycle can be long.
The question is: how can technology be used to shorten the cycle? It might give a company an advantage over a competitor.
“Marketing is at risk in a financial sense because marketers have difficulty proving their true value to the business –and the way customers buy is radically different thanks to technology and digital channels,” explains The Pedowitz Group.