One major difference between B2B and B2C marketing is that B2B marketing typically comes with longer sales cycles. MarketingCharts.com has reported that three-quarters (74.6%) of B2B sales to new customers take at least 4 months to close, with almost half (46.4%) taking 7 months or more. (Source)
This is because the B2B marketing process often involves companies investing in a high value product or service, for which they might be paying over a long period of time. With the investment being higher, and the decision impacting more than just the one individual, a business buyer's research and decision-making process is generally much more lengthy.
When a B2B marketer detects a potential customer's interest in their product or service, they need to start a process of lead nurturing. This deliberation process might take 3 months, 6, or even more so in this time it is important for a marketer to offer interesting and relevant content throughout this period and focus on alleviating any concerns the customer might have.
When finally, the customer closes the sale and then the company turns a profit, the business will be able to continue to invest in high value products and services and the sales cycle starts again. In order to nurture customers down this pipeline effectively, B2B companies need content at each stage of the marketing funnel to grow awareness, encourage consideration, and prompt the decision to buy.
Stages of the marketing funnel
The concept of the marketing funnel is based around the idea that marketers initially cast as wide a net as they can to bring in as many leads as they can. Then as they nurture those leads through each stage of the funnel, there will be fewer customers. As you move down the funnel, the number of leads will be lower in number but more likely to convert.
Awareness
The first stage of the marketing funnel is awareness. At this stage of the marketing funnel, marketers need to create content that will attract customers' attention.
TYPES OF CONTENT THAT CAN BE USEFUL FOR THIS STAGE:
- Social media posts
- Blog posts
- Thought leadership, including whitepapers and eBooks
- Toolkits
- Infographics
- Video content
- Webinars
Consideration
The next stage of the marketing funnel is consideration. The customer will be doing in-depth research at this point to ascertain whether you are the right fit for them. At this stage of the marketing funnel, marketers need to create content that will inform customers how your solution meets their needs and to differentiate your business from other brands.
TYPES OF CONTENT THAT CAN BE USEFUL FOR THIS STAGE:
- Comparison guides
- Customer testimonials
- Case studies
- Free samples
Decision
The final stage of the marketing funnel is the buyer’s decision stage. Once you have attracted customers’ attention and informed them of your offering, you want to convert them to make a sale. At this point, customers are trying to figure out what it would take to become a customer. Your marketing content should encourage them to make that final step and buy.
TYPES OF CONTENT THAT CAN BE USEFUL FOR THIS STAGE:
- Free trials
- Live demos
- Consultations
- Case Studies
- Discounts and coupons
Of course, the journey does not end when a client converts. Customer retention is perhaps the most important and overlooked part of the marketing/sales funnel.
According to Harvard Business Review, acquiring a new customer is anywhere from five to 25 times more expensive than retaining an existing one. (Source) Keeping customers engaged to foster loyalty is a vastly important part of the marketing process, particularly in B2B marketing where you could be selling a highly specialised solution with the possibility of a long-term partnership.
What does this look like in practice?
In the example, you can see one buyer’s journey from their first contact with the business, as they are nurtured down the marketing funnel with more detailed information until they are finally encouraged to convert.
Whether you’re looking to refresh your social media strategy to bring in more leads, or step up your email marketing to nurture your customers down the marketing funnel, we can help. Download our ebook to learn more.
