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Opinions differ on whether the US is actually in a recession. Most indicators conclude that the recession is here and will not turn around before making your 2023 marketing plan.
Notable indicators of a recession:
- Rising interest rates
- Declining S&P (companies have less money to spend)
- Slowing real estate market
- Stagnant GDP
- Inflation – Higher costs for raw materials, goods & services, payroll, insurance, etc.
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There are still good marketing options for industrial companies.
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Even with supply chain snags that don’t appear to be untangling soon, the stressed economy, and the talent crunch, there are good options for industrial marketing.
Marketing is often one of the first things to get sliced in times of financial stress. CFOs and business leaders naturally comb through each line of the budget, and everything is scrutinized. When the ROI of marketing is unclear, it’s quickly considered for a budget cut.
Economic downturns are often the ideal time to gain a greater presence in your market. Reviewing the marketing budget, just like any line item, is a smart thing to do. But consider that your competitors may maintain or even increase their marketing efforts during an economic crunch. Or, they may be joining the cut-back-on-marketing pack. Either way, you risk losing the opportunity to gain market share.
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- Industrial companies budget 1-3% for marketing.*
What are you investing in marketing? How are you measuring the success of your efforts? - Defining a marketing strategy is a growing trend (85%) among industrial companies.*
Are you risking being left behind the marketing curve? - Over half (53%) of purchasers in the industrial markets will choose a supplier in less than one month. Another third (33%) will choose in under three months.*
How do you show up on your website? Are you present online when potential accounts are looking for new suppliers? Are you taking advantage of tools to follow up with website visitors? - While 80% of companies rate their customer service as excellent, 62% do not respond to customer service emails! Almost all (97%) do not follow up to see if their customers are satisfied with the response. Reference: Survey of 1000 companies.
Are you leveraging customer service issues? These are opportunities to automate surveys, build loyalty with follow-up, and increase sales.
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Here are some ideas to springboard your industrial marketing for 2023
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Evaluate marketing options with their value to sales and identify what’s working. If marketing efforts are working, don’t kill it. How can what’s working be improved? If it’s been working, can we add to it? While others are pulling back, there will be less noise in your space, allowing you to attract new customers.
Digital Marketing: According to online marketing guru Neil Patel, digital ad rates are trending down, so it may work like a sale on Google Ads. Ask your advertising partner to give you an update on the rates on keywords your business is targeting and the estimated click-through rate.
Referral Programs and Testimonials: How are you approaching current customers with referral requests? Can that be improved? What incentives could you create for existing customers to share with their network how your solution has helped them?
Brainstorm with your team: It’s easy to miss great ideas right in front of us! Your customer service employees are talking with your customers all the time. They may have a wealth of ideas that may cost little to implement. Bring your team together for brainstorming.
Bring customer service, sales, marketing, technicians, and leadership into the conversation. They know your product/service and customers and will offer ideas from differing vantage points.
Brainstorming a few:
- Add links to services in your email signature
- Add various upgrades to your proposals
- Automate customer satisfaction surveys
- Cross-sell to current customers with a stunning marketing piece
Leverage tradeshows with pre-show and post-show communication to prospects: If you anticipate your customers attending a tradeshow where you’ll be exhibiting, email them ahead and give them a good reason to stop by your table.
Follow up with a personalized email within 48 hours. Marketing automation software will allow you to set this up before the show. Simply upload your new contacts after the show and have a personal email in their inbox the following day.
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Inbound and Email marketing for industrial and manufacturing companies:
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Industrial companies are among the last industries to make the most of email marketing. It is one of the most underutilized tools in the industrial market.
Publishing an informational newsletter lets you curate industry-related news relevant to your audience and include your new services, capabilities, equipment, etc.
Marketing automation software tools allow you to segment your contacts into areas of interest where you can introduce them to other product lines, cross-sell services, or generate referrals.
A few cautions to bringing all marketing in-house
Because you may have someone on staff who likes to play around in Canva, can find a free graphic and paste it into a MailChimp email, does not mean that you have an email marketing strategy.
Sending an email ‘blast’ to procurement managers and MROs without connecting it to a strategy or maintaining alignment with your brand look and message can do more harm than good.
Software applications, from the simple (Constant Contact & MailChimp), to the complex (HubSpot & SharpSpring) are tools, like a hammer and saw. You want a skilled craftsman handling the tool. Beyond having an email that is aesthetically appealing, your brand message needs to be consistent with a clear goal.
Every part of an email campaign, from strategy to subject lines, plays a role in attracting customers and leading them to your solution. Every stage needs a clear call to action that guides prospects to the next step.
Your brand is too precious to put into inexperienced hands.
If you are already working with an independent marketer or an agency, have a frank discussion about how you are getting, and how you can improve, your marketing ROI.
When looking for a creative marketing resource, ensure it’s the right fit for your organization and goals. Our RightFIT Checklist will set you up with the interview questions and project scope parameters you will need to compare apples-to-apples in the branding and marketing providers.
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Account-Based Marketing: Reaching the people behind the door
Increasingly, companies are guarding their people against sales reps. Even sending gifts can be off-limits. How do you connect with decision-makers, purchasers, and maintenance and operations managers when shielded behind firewalls and closed doors?
Many industrial companies still limit their sales teams with traditional methods: cold-calling, tradeshows, door-knocking, and USPS mail.
Inbound marketing lets you connect with the people inside the account you want to win. They’re on their phones and laptops searching online, watching videos, and reading articles. You can be present, ready to answer questions and demonstrate your solution.
Zero in on your B2B marketing with a targeted strategy.
If you’re new to account-based marketing, these clarifying questions will help you focus your marketing efforts for better results. If you’re a seasoned marketer, taking a fresh-eye view of your marketing strategy is a healthy exercise.
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Identifying your ideal account:
Review your current client list:
- What accounts are the most profitable?
- Are there sectors or industries that fit our area of specialty?
- Where are these companies located?
- What is the average size of the company?
Getting to know the people within:
Who are the people inside these companies with whom we need to make a connection?
List their titles, from entry-level to decision-makers.
- What are their primary responsibilities?
- What are their top fears/worries?
- Where do they network?
Building contact lists and tracking their interests:
-Are we finding ways to attract them if we don’t have access to their email?
-How often are we emailing them with content that serves them?
-Are they researching providers like us?
Finding the right software tool:
Does our marketing automation platform connect with our sales CRM?
How do we determine whether they are interested in our message?
Ex: Are they more interested in “how-to” or data-rich articles?
– When do they engage with our content?
– How can we respond with an email, phone call, or direct mail?
– Are we ready to make a high impact with a personal, hand-written note, a sample, or a demo incentive?
– How are we tracking marketing leads to qualified sales leads that fill our pipeline?
– Can we pull reports of sales that have closed from our marketing?
Have a consistent differentiating message in all our marketing & sales:
– What do our prospects need to hear?
– Does our messaging sound like we’re constantly blowing our own horn? (Is it more about us than what concerns them?)
– How do we create a message that resonates with them?
– What channels should we use, email, mobile ads, social sites, paid search, traditional print, tradeshows, webinars, or video?
– Does every marketing effort have a clear call to action?
– Are our prospects directed to the next, easy step?
– Do we motivate them to take action?
– Are we including the risk of not taking action?
Connect marketing qualified leads with the sales team:
The hand-off is vital. Your sales manager must be working closely with your marketing director. Together you determine what would qualify a prospect to be a marketing-qualified lead before they are handed over to a sales rep. This article shares a great example of a marketing director working with sales, technicians, and customer service.
Inbound marketing – creating a consistent stream of relevant content in your industry – is an investment worth making. It helps position your company as an expert, builds organic search ranking, and allows you to overcome objections before your first sales call. Ultimately, you are building a ‘trust bridge’ between your existing customers and the accounts you want to win.
“Trust is the greatest shortcut to a buying decision and the bedrock of modern branding.” – Marty Neumeyer
*Statistical Reference: https://www.webfx.com/industries/industrial/industrial-companies/marketing-statistics/
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