1 0

The Millennials are Coming!

Actually, they’re already here. While there are no precise dates for when this generation begins or ends, most consider anyone born from the early 1980’s to the mid 1990‘s to be a millennial. That puts the majority of millennials in the sought after 18-34 demographic.

According to the Pew Research Center, there were approximately 55.2 million millennials in the U.S. workforce in 2015. By 2025, that number is expected to grow to 74 million, representing 44 percent of the workforce.

Millennials are flooding the B2B industrial sector and advancing into positions where they influence and/or make buying decisions. Research conducted by the B2B marketing firm Sacunas found that 73 percent of millennials are involved in product or service purchase decision-making at their companies. Approximately one-third of millennials report being the sole decision-maker for their department.

As marketers, you must learn to connect with this group and win them over.

Preferred Channels for Millennials
Millennials are less reliant on any one information source than other age groups. A report compiled by Chief Marketer claims there is no “silver bullet” to reach the millennial audience, and that a “mix of channels and approaches is your best bet.”

Fortunately, a multichannel strategy is the best way to reach engineers and technical professionals of any age. The three most popular channels to research a work-related purchase are general search engines, supplier websites and online catalogs, according to the “2015 Digital Media Use in the Industrial Sector” research report from IEEE Engineering360 Media Solutions. In addition, online communities have seen a significant growth among younger engineers, with 39 percent now using them.

Naturally, social media is an attractive channel for millennials. Eighty-five percent use social media to research products and services for their companies. Facebook is the most popular platform, and the majority also use LinkedIn (Sacunas).

2015 Digital Media Use in the Industrial Sector” found that professionals under age 35 are more likely to make contact during the needs analysis/research phase of the buy cycle, while professionals over 49 are more likely to wait until the purchasing stage. The takeaway is that suppliers must be discoverable and approachable during any phase of the buy cycle, through a variety of marketing channels. This conclusion aligns with millennials’ desire for a hassle-free, multi-channel client experience that is tailored to their specific needs.

Types of Content Millennials Consume
According to Sacunas, when researching new products and services to make B2B purchasing decisions, millennials prefer video-based content and case studies. In terms of targeted content, they rate training, demos and product news as being the most helpful information to receive from vendors.

The way that millennials consume content is worth noting as well. Technical professionals under age 35 conduct significantly more product searches and read more news and e-newsletters on their smartphones than their older colleagues (“2015 Digital Media Use in the Industrial Sector”). Suppliers should consider creating websites and e-newsletters that are compatible with mobile.

What Millennials Look for in a B2B Vendor
What are millennials looking for in a B2B vendor? The top priority was ease of doing business (35%), followed by willingness to work collaboratively with their organization (33%), and industry/marketplace experience (31%), as reported by IBM. Eighty percent of millennials in the Sacunas survey indicated that social, environmental, or philanthropic efforts of companies are important to their purchase decisions.

How do you ensure you are the right company for a millennial customer? Pay attention to this audience’s preferences for channels, content and brand attributes during their buy cycle, and adjust your marketing accordingly. You might find your customer base becoming both younger and larger as a result.
 

Leave a Comment

Three Tips for More Effective e-Newsletter Marketing

Chances are your company publishes one or more marketing e-newsletters. Eighty-one percent of B2B marketers use e-newsletters as a content marketing tactic, according to joint research conducted by the Content Marketing Institute and MarketingProfs. Sixty-four percent of B2B marketers rate e-newsletters as very effective or effective.

Your audience gravitates toward digital publications. They subscribe to an average of 4.4 digital publications, in contrast to 1.4 printed trade magazines, as reported in the “2015 Digital Media Use in the Industrial Sector” research report from IEEE Engineering360 Media Solutions.

This audience uses e-newsletters as an important information source through all phases of their buy cycle, from early awareness, to research, to consideration and comparison. Engineers and technical professionals are looking for specific types of information in e-newsletters. They don’t want to be sold to; they want to learn and become educated. They want to know who’s who in the supplier world. They want to discover the newest products and technologies, stay-up-to date on industry trends and check the latest news.

Whether e-newsletters have a long-standing role in your marketing program or you’re of the 19 percent that don’t yet use e-newsletters (you should), here are three tips to pump up the effectiveness of e-newsletter marketing.

1. Determine goals and measurements in advance
At the Maven, we like to drill this message home: no matter what marketing campaign you’re launching, establish your campaign goals and metrics for success up front. If you already have them, see if they need tweaking. Also, make sure you know your audience: what they want and need. The reason that goals, audience and measurements come first is that these factors drive all other decisions.

One thing you don’t want to do is keep publishing the same old e-newsletter just because that’s the status quo. Instead, have purpose.. Do you want to increase exposure? Then you should measure opens and forwards. Do you want to drive readers to a web site to take further action? Count clicks and forms completed. Analyze what is working and tweak the aspects that your readers aren’t responding to.

2. Allow form to follow function
The “form follows function” principle says that the shape of a building or object should be primarily based upon its intended function or purpose. The same holds true for e-newsletters, in regards to both advertisements and editorial content. Design follows goals.

For example, if you’re primarily sharing articles, your design might include a branded graphic header, followed by a list of compelling headlines, snippets of copy and links to more information. These design elements combine to make for easy user recognition, scanning and action.

Many organizations include house ads in their company e-newsletters. These should be designed around what action you want the user to take. Provide value through a benefit-oriented headline, image, a bullet point or two, and a compelling call to action—that’s all you really need.

Use images in a similar fashion. If you’re introducing a new product, show a clear photo of it and ask the user to take action: “Download the data sheet.” “Read the article.” “Request a demo.” If you’re promoting a white paper or analyst report, use an image of the document in the banner ad. Show users what they are getting.
Buttons and arrows, as simplistic as they may seem, make good visual cues for the user to take action. The same is true for “action” verbs. All the examples above include action verbs: Download, Read, Request.

3. Think beyond your company newsletter
If you’ve been publishing a newsletter for a number of years, it might be hard to move the needle further forward in terms of user engagement. That’s to be expected. Applying the two tips above will help improve results.

When you take a look at your goals, you might realize they can’t all be achieved through your current newsletter alone. Maybe you want to connect with hard-to-reach prospects who aren’t in your database. Maybe your goal is to penetrate a new sector or geographic market this year. Or, maybe you’re strapped for marketing and production resources but you want to expand your newsletter advertising efforts.

The solution is often to advertise in a respected and relevant third-party newsletter. Ads in third-party newsletters, such as the dozens published by IEEE Engineering 360, deliver broader yet still targeted exposure, giving you access to a highly engaged audience and new markets.

Another advantage of advertising in third-party newsletters is that someone else does all the heavy lifting. The right media partner will handle database and list management, newsletter design and production, and sending and tracking. If the newsletter is opt-in, you should receive timely reports about who clicked on your ad, which will offer new engagement opportunities for your company.

Finally, a media partner can help you integrate newsletter advertising with other digital campaigns, resulting in a holistic approach to the market and producing greater impact for your overall marketing program. To learn more about newsletter advertising options from IEEE Engineering360 Media Solutions, click here.


 

Leave a Comment

Why Print Media Should Still be Part of Your Advertising Mix

For the past few years, the B2B marketing world has been buzzing about the rise and relevance of digital media. It’s true that there are many digital channels available to help companies connect with their potential customers. From social media to webinars, online catalogs to video, email to apps—B2B marketing has experienced a sea of change.

Conversely, spending on print is declining. According to research from CMO Survey, investments in traditional advertising have consistently dropped by single digit percentages each year for the last half decade. Digital marketing spend, by comparison, has consistently grown by double digit increments year after year.

And yet, data shows that print media still plays a role in a successful multichannel marketing strategy:

• The CMO Survey also found that digital spend is only a portion of total marketing spend for most businesses, and that companies are also spending marketing dollars on offline/traditional media.
• Fifty-seven percent of B2B marketers use print or other offline promotions as part of their marketing mix.. (2016 B2B Content Marketing Trends – North America: Content Marketing Institute/MarketingProfs)


The Benefits of Print
There are many benefits to reaching your customers using print media. Print is still a top-of-funnel medium, and can help you establish the value of your brand. Additional benefits of print include:

• With print circulation down, readership for most publications has been culled to only the most engaged, targeted audience, which is a desirable trait from an advertising standpoint.
• Print is perceived to offer credibility, especially in the B2B industrial space.
• Readers of print are not interrupted by targeted digital ads being served up in real-time based on browsing history or digital footprint.
• Readers are more focused when engaged with print, rather than multitasking like they do when consuming digital content.
• Print offers pass-along exposure among colleagues.
• Print offers high visibility—fewer ads mean more impact.

Finding Where Print Belongs
Research by the sales and marketing firm Outsell showed that marketers are increasing the number of tools in their marketing stack. Research from Lewis PR found that 84 percent of senior marketers worldwide state multichannel marketing is a key focus of their current marketing strategy.

Print advertising can still have a place within your stack of tools and overall marketing mix. . The question is finding the right fit in an integrated and multichannel marketing program.

When choosing print media, keep in mind that the real value in print advertising may be in brand awareness and perception, and in getting your message or offer to stick over the long run. By simultaneously using both print and digital media, you can achieve concurrency of media and have a greater opportunity to connect with your target audience in different settings—whether they are at their desks, on their mobile device or offline.

Measuring the effectiveness of print is easier than in the past.. Do this by integrating print and digital efforts. Marketers can include scannable QR codes, or set up ad-specific URLs and corresponding landing pages so that they can track how much traffic is generated from a particular print promotion.

Digital channels are more plentiful, and offer concrete measurements and flexibility. Plus, the majority of the technical audience goes online first when searching for product, services and suppliers. However, a well-planned print should still play an role in your marketing mix – as long as it’s integrated with
digital in your multichannel marketing strategy.

Tell us – Where do you see value in print advertising? How are you merging digital and print?

Leave a Comment

Five Industrial Marketing Trends that Matter in 2017

With the new year comes a fresh perspective and another chance to improve and optimize your marketing program. To make sure your plan is rock solid, check out the top industrial marketing trends for 2017 from the Marketing Maven and consider how to best implement them into your own strategy.

Trend #1: Media Mix is More Diversified
With so many media channels now in use, marketers have more competition than ever for share of voice, making it harder to capture the attention of your audience. Moving into 2017, we predict that more industrial marketers will incorporate a carefully planned, comprehensive mix of channels into their marketing plans.

According to a Content Marketing Institute/Marketing Profs survey, marketers use an average of 13 different channels to promote their message to the market. Leading the way are social media content, case studies, blogs and e-newsletters. B2B marketers also use an average of three paid advertising channels. The top three are search engine marketing, print or other offline promotion, and traditional banner ads. It’s not just paid search engine ads anymore.

The Industrial Marketing Trends Survey from IEEE Engineering360 shows that about 80 percent of industrial marketers are diversifying their mix, but the majority say they need to diversify more. If this describes your situation, you might want to work with media partners, agencies and other experts to help you determine the most effective mix for you.

Trend #2: Digital Spend Will Continue to Grow
The statistics are plentiful: At $83 billion, digital B2B spending outweighs all other B2B marketing spending by two times or more (Outsell). Forty-two percent of industrial marketers are growing their online budgets. Online display advertising is up 28 percent, while email spending is up 9.1 percent (Winterberry Group). Overall, 41 percent of marketing budgets will be spent online, a percentage that steadily increases year over year (Industrial Marketing Trends).
Industrial marketers are increasing their spending across a diverse mix of channels. The top areas of increased spending are content creation, search engine marketing, direct mail using in-house lists, social media, online directories/websites, and webinars. With the exception of direct mail, all of these channels are online or directly impact online marketing efforts. Digital is where your peers are focusing more marketing budget, and we expect this focus to continue in the year ahead.

Trend #3: Measuring ROI is a Priority and a Challenge
The pressure continues to rise for marketers to demonstrate ROI on marketing investments. Marketing budgets have gotten tighter, and are often under more scrutiny by executives. Additionally, the growth of digital media channels means an increased ability to measure marketing efforts — making demonstrating ROI no longer the exception, but the rule.

According to The Content Formula by Michael Brenner, 81 percent of B2B marketers say that measuring marketing effectiveness is their greatest challenge. But how is success measured? It depends on what metrics matter.
Salesforce reported that revenue growth is the top metric for digital marketing success. This makes sense, although it is often difficult to attribute a sale to a specific marketing program. A prospect has many touches with a potential supplier and there are often many decision makers and influencers involved before a purchasing decision is made. Hence, it remains a challenge to attach revenue gains to specific marketing initiatives.

After revenue growth, customer satisfaction and retention rates are the most important measures of success. In this way, the industrial space mirrors the overall B2B space. The number one metric of success is sales attributed to marketing campaigns. After that, metrics such as customer acquisition, customer satisfaction, leads and customer retention come into play.

Twelve percent of industrial marketers don’t have a method to measure success. If you fall into this category, consider working with your executive team and media partners to determine what results matter to you, and how you can begin measuring them.

Trend #4: Content is the Kingdom
As marketing expert Lee Odden says, “Content isn’t king. It’s the kingdom.” Content marketing is becoming more evolved, more sophisticated and is driving key performance indicators and measurements. Content is how companies get their message out to the market.

In a recent Content Marketing Institute survey, 88 percent of B2B respondents say they are using content in some way, shape or form. However, effectiveness varies. Only eight percent say they are sophisticated content marketers. Eleven percent say they are just taking first steps and have not yet made content marketing a process. Everyone else falls somewhere between these two extremes.

If you are just getting started with content marketing, you are not alone. Thirty-nine percent of industrial marketers are in the same situation (Industrial Marketing Trends). This means that 2017 presents a big opportunity for improvement and success in this area. Be sure to devote time and resources this year to developing a content strategy, producing engaging content on a consistent basis, and measuring content effectiveness.

Trend #5: Email Marketing Maintains its Value
You may have heard that email is dead, but that simply isn’t true. Email has remained a cornerstone marketing tactic for B2B marketers for almost two decades. With mobile phones and tablets, your audience can connect with email almost anytime, anywhere. And don’t forget that email marketing offers easy to measure metrics like opens, clicks, forwards and conversions.

Data reinforces email’s continued popularity and effectiveness. Salesforce reported that 73 percent of marketers believe email marketing is core to their business, 65 percent say email is an effective marketing channel and 58 percent are increasing their email marketing spend. Newsletters are the most popular email marketing tactic.

As you continue to shape your marketing efforts in 2017, be sure to keep email in your portfolio. If you already publish a newsletter, consider advertising in other industry newsletters to reach a broader yet still targeted audience.

Where do you see 2017 heading for industrial marketers? Comment below and tell us where you’re focusing your efforts in the year ahead.

Leave a Comment

5 Key Takeaways from the Industrial Buy Cycle Survey

 Every industrial marketer must be tuned into the industrial buy cycle—a complex, three-stage collaborative process for recommending, specifying and purchasing equipment, components and software, and services in the industrial and electronics space. The three stages of the buy cycle are:

1. Research and Needs Analysis—when you identify specific needs for your company and explore available options. Activities might include web searches, attending webinars, reading white papers, scanning industry news and connecting with peers.
2. Comparison and Evaluation—when you determine the most suitable options for your company. Activities might include comparing specifications, watching how-to videos, testing samples, and interacting with the supplier’s technical staff.
3. Purchase—when you make a specific purchase decision. Many engineers still stay involved when it’s time to negotiate terms, get proper signatures and finalize pricing and scope.

Recently, IEEE Engineering360 Media Solutions conducted the “2106 Industrial Buy Cycle Survey.” Its purpose was to better understand the buying process engineers and other technical professionals engage in, and to provide useful information for industrial marketers who must connect with this target audience. Below are the five key takeaways from the survey.

1. Engineers Have Substantial Buying Authority
Engineers are in the problem-solving business, and if you can demonstrate that your solutions help solve their problems, they will authorize a purchase. Engineers have substantial buying and sign off authority, and they employ this authority to purchase a wide variety of components, software, equipment and services.

Engineers possess an average sign-off authority of nearly US $5,000 when purchasing products and services. In addition, they personally are responsible for an average of $110,900 in spending. Those holding managerial titles are responsible for more personal spending—37 percent more spend than staff engineers—and a commensurately larger sign off authorization level.

2. The Average Buying Cycle is 12 Weeks
The average buying cycle is 12 weeks—although 20 percent of engineers report buying cycles of four weeks or less, and 14 percent of 20 weeks or more. The average annual workload of engineers is four projects per year, regardless of product/service under consideration. When you consider the average number of projects (four) and the average length of buy cycle (12 weeks), engineers are actively involved in buy cycle activities all year long.

This means that engineers and other technical professionals are constantly searching for products and services that will meet the demands of their projects. The question for industrial marketers is: When engineers are searching for solutions like yours, will they find you?

3. Engineers Influence All Phases
While it’s true that the buying process is a team effort, engineers and engineering managers hold the majority of influence—52 percent. They are most involved in specifying, evaluating and recommending products/services to be purchased. Corporate management (particularly financial management) and purchasing are most influential during the purchase stage when terms and conditions are negotiated and the supplier relationship is cemented.

For a supplier, this means that cultivating connections with engineers early in the buy cycle are as important as establishing relationships with the people who ultimately issue the purchase orders.

4. Remember the Rule of Three
Engineering teams are remarkably consistent with regard to the number of suppliers they evaluate or ask to submit quotes. During the buying process, three competing suppliers on average are evaluated and sent RFQs—the “rule of three.” Those spending $1 million or more on products or services are more likely to evaluate or request quotes from four suppliers, but overall this “rule of three” is consistent across product categories, project loads or company sizes.

5. Engineers Have a List of Buying Criteria
Engineers and technical buyers want to work with suppliers that possess certain characteristics. These criteria fall under three general categories (another “rule of three”): supply chain, support and brand.

• Supply chain considerations have to do with product availability, delivery schedule and comfort with the supplier—such as having purchased from the vendor in the past or the supplier being an approved vendor. Lowest cost is also a factor, but not the most important one.
• Technical support is the single most important consideration, with 78 percent of engineers saying it is very important or somewhat important. After-sale customer assistance, design assistance, help with system integration or compatibility with legacy solutions, or simple access to a knowledgeable sales team are all considerations when making a purchase decision. For approximately 40 percent of engineers, the location of a supplier’s manufacturing facilities or service centers is of preeminent concern, especially for those buying services.
• Only half of engineers around the world feel it is critical to deal primarily with vendors with “recognized company names.” This should encourage smaller or lesser known suppliers. However, to win business from the half of engineers who prefer to work with known brands, these lesser known companies must successfully demonstrate there is little risk in doing business with them, both in terms of products and ability to deliver.

Read the Entire Survey Report
Results of the “2016 Industrial Buy Cycle Survey” have just been published by IEEE Engineering360 Media Solutions. You can download your complimentary copy to see all the survey results, read the analysis, and access recommendations for industrial marketers. Click here to download.

Leave a Comment

Connect with Potential Customers Throughout the Buy Cycle

 Engineers and industrial professionals are problem solvers, and the way they solve the problem of sourcing and purchasing products and services is by engaging in a well-documented buy cycle. The cycle consists of three stages: research and analysis, comparison and evaluation, and purchase.

From the results of the “2016 Industrial Buy Cycle Survey,” we also know:

• Access to information throughout the buy cycle is vital to engineers, and their dependence on proven sources of information is part of what gives them a leg up in their search for solutions and know-how, and to keep current with technology and business trends.
• Purchasing is a collaborative effort, with influence from engineers, management, operations, purchasing and more. Budget authority resides throughout the organization—not just with senior managers.
• The buy cycle averages 12-weeks and the cycle constantly repeats with every new project that comes an engineer’s way, an average of four buy cycles per year for an engineer.

From these facts, industrial marketers can draw two conclusions that will help steer their marketing decisions:

1. Create compelling content—You need to have a consistent overall message to market, but you also need to ensure that you are creating compelling content for and communicating with the entire extended engineering team (including operations, corporate management, and purchasing).
2. Choose the most effective media—A constantly regenerating buy cycle means engineers are regularly looking for products and services, which in turn is always bringing you new opportunities if you are using the most effective media channels to consistently connect with potential customers.

Create Compelling Content
In the early stages of the buy cycle—research and analysis—your engineering audience is searching for approaches to solving their problems, insight on which suppliers might have offerings to fit their needs, or guidance on what new technologies might have an impact on their buying decisions. Your job is to educate them on how you can help solve their problems. It’s too early in the buy cycle to be in selling mode.

As the buy cycle progresses, more team members get involved in the purchasing process. Engineering management, IT and operations, and finance, for example. They want to know not only if your product or service will solve the problem, but also if it will fit into the customer’s environment and deliver a return on investment. Potential customers will compare your offering to competitive solutions. At this stage content such as specification sheets, how-to videos, success stories, product samples, and cost and ROI calculators are important.

In the final buy cycle stages, when the entire team might have a hand in the decision making, you need clear pricing sheets, terms and support policies. For every stage of the buy cycle, your goal should be to develop and deliver content that makes the purchasing decision simple and straightforward, and that gives your buyers confidence. Make sure your messaging focuses on relevant issues and salient benefits, not just glittering generalities regarding supplier capabilities.

Choose the Most Effective Media
The “2016 Industrial Buy Cycle Survey” shows the many different information sources that engineers and technical professionals use throughout the buying process. The takeaway is that there is no single “go-to” resource preferred by industrial professionals at any stage of the buy cycle. Therefore, you need a multi-channel marketing strategy to connect with potential customers. The name of the game is consistency across multiple modes of information delivery.

Asked about which sources of information they typically use when purchasing products and services, engineers and technical professionals have settled on several:
• Colleagues
• Search engines and the websites of suppliers and other industry players
• GlobalSpec.com/Engineering360.com and its e-newsletters
• Catalogs—online or print
• Printed publications, directories and buyer’s guides (including materials from industry standards organizations like IEEE or ASME)
• Trade shows and conferences
• Educational materials such as video as well as white papers and webinars
• Online communities, blogs and social media

Some sources are used consistently throughout the buy cycle—including colleagues, search engines, online catalogs, and supplier and industry websites. You should concentrate on showcasing your products and expertise and maintaining a consistent presence on these channels (except for colleagues, of course), particularly the digital media, where engineers turn first when beginning their buy cycle research. This way, you can increase the odds that you will connect with potential customers during their buy cycle.

Results of the “2016 Industrial Buy Cycle Survey” have just been published by IEEE Engineering360 Media Solutions. You can download your complimentary copy to see all the survey results, read the analysis, and access recommendations for industrial marketers. Click here to download.

Leave a Comment

How to Meet Marketing ROI Milestones

 Measuring the success of marketing programs is nothing new. There has always been a focus among B2B marketers to quantify the reach and engagement of their initiatives. In the past, much of this measurement focused on metrics like the circulation of print publications, the growth of catalog mailing lists, business cards collected at trade shows, and completed magazine “bingo cards.”

Today, online channels command the bulk of B2B marketing budgets, providing marketers access to more data, more metrics, and more insight than ever before. So it’s not surprising that B2B marketers at all levels of an organization are under unprecedented pressure to quantify the return on their marketing investment. In fact, ROI is the number-one objective for B2B marketers in 2016. According to The Content Formula’s Michael Brenner, 93 percent of CMOs state that their greatest challenge is showing measurable ROI. And 81 percent of B2B marketers claim that measuring marketing effectiveness is their biggest riddle to solve.

Whether you are looking to quantify the performance of your current marketing initiatives, or want to have a plan in place for 2017 that will help you reach your ROI goals, these five keys will help you get started.

1. Target your desired outcome. Return on investment is the name of the game, but ROI is not a “one size fits all” term.

According to the 2015 State of B2B Marketing Report from Salesforce, the top three digital marketing metrics for success are revenue growth, customer satisfaction, and retention rates. And when IEEE GlobalSpec asked industrial marketers how they measure the success of their marketing initiatives as part of our annual Industrial Marketing Trends Survey, we found that marketers care most about sales attributed to marketing campaigns, acquisition, satisfaction, leads, and retention.

By having a strong understanding of the goals and objectives of your organization, you have built the foundation for your marketing plan. From there, you can define objectives and tactics that will help you reach your goals.

2. Diversify your marketing mix. Your audience has more digital tools and sources of information to do their jobs better and more efficiently, and they are also exposed to many options when ready to buy. And as companies continue to allocate more of their marketing dollars to digital media, it will become increasingly important to fend off competition online. That’s why diversifying your marketing mix is critical.

Our research shows that a majority of B2B industrial marketers are reaching their target audience via multiple channels and tactics, but many feel like they could be doing more. Not sure how to get started? Consider working with a media partner to develop a multichannel marketing strategy that is measurable and can reach your marketing goals.

3. Understand your customer’s buy cycle. In the B2B space, the buy cycle is often long and complicated, involving multiple stages – needs assessment, comparison, evaluation, and purchase. As a result, it can be difficult to correlate sales to specific marketing channels.

Buyers will often interact with your content and brand many times before contacting you or making a purchasing decision. For example, they may download a technical article they found in an e-newsletter advertisement, attend a webinar that you are hosting, watch a video, type your company name into a search engine, and visit your website – all before beginning a conversation.

Understanding your customer’s buy cycle – and having content that helps them meet their needs at each stage – will help you define and capitalize on the value that your marketing programs deliver.

4. Put yourself in your customer’s shoes. It sounds simple enough – reach your audience by understanding what they seek. But remember that a key desired outcome is to reach your target audience where they can be found. Go beyond search engine marketing and consider the websites they rely on, the e-newsletters they read, and more.

Being found in the right place at the right time isn’t enough. Ask yourself, “Are we offering them content they want?” Your ability to answer this question correctly is dependent upon the tools you use to understand your customer and the quality of your analysis. In addition to the product data they are seeking, offer educational materials that position you as a thought leader and help them make a better, more informed decision. White papers, technical articles, datasheets, webinars, and videos are just some of the different content types used by today’s B2B buyers.

5. Implement a formal lead nurturing program. Now that marketing has brought in the leads, it’s time to convert them, right? Wrong.

Very few leads translate into an instant purchasing decision. Adding a clear lead nurturing program to the marketing mix has several distinct benefits that directly tie into ROI. First, you deliver more qualified leads to sales – making them happier and more productive. Next, you can successfully track contacts and inquiries along the sales process, resulting in easier and more accurate measurement. And finally, leads are less likely to fall through the cracks, reducing the potential for lost sales and wasted resources.

Hitting ROI milestones can seem like a daunting challenge. By taking a strategic approach to defining, executing and reaching your measurement goals, you will be well prepared to illustrate the value of your marketing efforts to the c-suite.

Patrick D. Mahoney is President and CEO of IEEE GlobalSpec. IEEE GlobalSpec connects a global audience of engineers and allied technical professionals with suppliers of industrial and electronic equipment, components, materials, and technology. The company combines rich technical product information with comprehensive digital media solutions that deliver measurable awareness, demand, and engagement opportunities at all stages of the buy cycle. Learn more by visiting www.globalspec.com/advertising.  

This was originally published on Marketing Tech News: http://www.marketingtechnews.net/news/2016/sep/15/how-meet-marketing-roi-milestones/

Leave a Comment

Are You Keeping Up with Content Marketing Trends?

Content is a valuable currency in the relationship between industrial marketers and their target audience of engineers and technical professionals. As marketers, you must work to acquire the contact information of prospects, and the way to get your audience to provide their contact details is to offer them something of value in return: relevant, helpful content.

As an essential part of their buying journey, engineers seek content to help educate them and to make more informed, intelligent decisions. By providing high quality content such as white papers, how-to guides, infographics, e-books, technical articles and more, your company can become a trusted resource to potential customers and be in better position to win of their business.

The vast majority use content marketing
Marketers in the B2B space already know the importance of content marketing—88% are already using it, according to joint research conducted by the Content Marketing Institute/MarketingProfs. These marketers use an average of 13 content marketing tactics. Their top tactics are social media, case studies, blogs and e-newsletters.
Industrial marketers are slightly behind other B2B marketers: 63% of industrial marketers use content marketing, as reported by the IEEE Engineering 360 Industrial Marketing Trends Survey. If content marketing isn’t part of your marketing plan, you should add it for 2017.

Content marketing goals and budgets
While lead generation (85%) and sales (84%) top the list of content marketing goals, objectives are varied and also focus on awareness and engagement (Content Marketing Institute/MarketingProfs). Seventy-eight percent state that lead nurturing is a content marketing goal, 77% seek brand awareness and 76% want to increase engagement. Few other marketing tactics have the power to help marketers achieve such a broad range of goals.

On average, 28% of an organization’s total marketing budget (not including staff) is being spent on content marketing. Fifty-four percent of industrial marketers are planning to increase their spending in content marketing.

Content challenges remain
Content marketing is a popular and proven tactic, but it is not without challenges. Marketers report struggling with producing a variety of engaging content on a consistent basis and measuring the effectiveness of their content. A lack of resources is also cited as a challenge.

Content creation tends to be resource intensive, requiring planners, writers, editors, designers and production specialists. Plus, you constantly have to come up with fresh ideas for content and you must understand what your audience will find interesting, helpful and relevant. Add these challenges to all of your other marketing responsibilities and you might consider seeking outside help for your content marketing efforts.

Are content marketing services right for you?
Many agencies, media companies and freelance consultants offer content marketing services. Some only write. Others design. Others strategize. But if you really want to overcome content marketing challenges, gain time back and earn a return on investment, you should probably consider turnkey content marketing services from a trusted media partner.

Make sure that your partner offers the following:

• Deep knowledge of your target audience and experience in your technical field. If you have to allocate too much time and energy getting a partner up to speed on your market, products and services, you might as well do the work yourself.
• A full stable of experienced writers, editors, designers and production experts that can produce compelling content in any format, from videos and e-books to white papers and infographics.
• The knowledge and expertise to develop an effective content marketing plan, distribute the content so that it gets into the hands of your target audience and provide reports showing the effectiveness of your content and marketing efforts.

To further advance your content marketing efforts, download the complimentary white paper: “Content Marketing for Industrial Marketers: Establish Thought Leadership, Build Brand Awareness, and Drive Engagement Opportunities.”

Leave a Comment

Not All Leads are Created Equally—So Don’t Treat Them All the Same

 As an industrial marketer, it’s likely your responsibility to create a marketing plan that will generate leads and engagement opportunities for your sales team. But not all leads you generate are the same—and therefore you shouldn’t treat all leads equally.

Because the quality of a lead varies, if you handle all leads in the same manner, you’re bound to run into trouble. Studies have shown that 70 percent of new business can come from long term leads. These prospects are in the early research stages of their buy cycle when they first engage with your company, and are not ready to make a purchasing decision. You can’t treat them as you would a highly qualified lead.

If you hand a pile of long term leads to your sales team along with a few hot leads that are ready to buy, you will end up with a damaged relationship between sales and marketing. Sales people will stop following up on leads because most leads aren’t ready for their attention. This could also result in even the good leads being overlooked or ignored. Then the finger pointing starts. Sales complains that marketing isn’t generating good leads; marketing accuses sales of not following up on leads.

You can avoid this disconnect and do a better job as a company of converting leads into customers by segmenting leads and handling each segment appropriately.

Determining the Value of a Lead
The first rule of assigning a valuation to leads is to make sure that marketing and sales work as a team to agree upon definitions and the value of the different types of leads.

You can do this in any manner that works for you, although a good starting point is parsing the amount of information you have available to you on a lead. At the lowest end of the spectrum, if someone visits your website from a general search engine, typically the only thing you know is click-through information such as the IP address of where a visitor came from. You could hardly call this a lead, because you can’t follow up. You can only wait for them to raise their hand in a more visible way.

At the other end of the information spectrum, you or a media partner might capture a wealth of lead data through a targeted marketing program that uses registration or lead conversion forms. You might get the prospect’s name, contact details, area of interest, buying timeframe and more. The more information you have on a lead, the better you can segment or score them and follow up appropriately.

Scoring Leads
Lead scoring is both an art and a science. It’s an art because you can be creative in establishing scores, using any criteria that are important to you and any scale that makes sense. For example, you could score leads 1-5, A-B-C, hot-medium-cold, or sales lead-marketing lead. Your scores could be based on any combination of prospect interest, demographics, the fit of their need with your offerings, the type and amount of content they’ve accessed, stage of buy cycle, the number of times you’ve interacted with them, prospect budget and purchasing timeframe, where the lead was generated from, and more.

Lead scoring is also a science, meaning you must consistently and rigorously apply lead scoring to all leads you generate. It’s the only way for you to know how to manage a lead moving forward. You should also review your lead scoring methodology at least once a year, to make sure it is still relevant.

Leads Ready for Action
Once you’ve determined a score for a lead, you must then act upon it. The highest scoring leads might go directly to your sales people, who should welcome them with enthusiasm because these leads are most likely to become customers in the near term.

Other leads may belong to marketing, yet still require action. Here is where your lead nurturing programs take over. Long term leads require long term attention in the form of regular and relevant contact with your company.

And there will be leads that are determined to be “throwaway” leads, often due to a lack of fit for your company, and the product and services you offer.

For each segment of leads, plan a campaign of scheduled touchpoints, which can include emails, phone calls, direct mail, and more. Each touch point should contain a call to action. Lower scoring leads might still be gathering information, and are attracted to white papers, how-to articles, webinars and other educational content. Higher scoring leads may be ready for demos, spec sheets and product trials. The point is to deliver value by offering prospects what they need to progress through their buying journey.

Establish response rules for your campaign. For example, if a prospect downloads a white paper and attends a webinar, you send them a related article; if they ask for a demo or price quote, they are considered sales-ready. It’s up to you and your sales team to define the rules of the campaign.

Marketing Automation as a Strategic Asset
While you may be able to handle lead scoring, management and nurturing through a simple spreadsheet, you might considering investing in marketing automation. These systems can track your prospect’s digital behavior across websites, social media, blogs and more. You can use marketing automation to score leads, create landing pages, track prospect actions, trigger automatic emails and report on the effectiveness of your campaigns. There are number of affordable marketing automation systems for smaller companies as well as robust software for larger and more complex marketing organizations.

Leave a Comment

2017 Marketing Planning: Part 2

 Last month we got you jump-started with marketing planning for 2017, offering advice on evaluating your current marketing program, identifying trends that will affect your strategy moving forward, and pointing out ways to align your marketing efforts with business goals. Read Part 1 here. This month, as we’re nearing the final quarter of the year, we offer tips to help you develop the optimal marketing plan that fits your budget and targets your audience of engineers and industrial professionals.

Meet the Mandate of Multichannel Marketing
Recent research (Digital Media Use in the Industrial Sector) demonstrates just how important digital media is to your audience. Seventy-one percent of technical professionals visit at least six websites each week for work-related purposes. Nearly half of technical professionals use 10 or more work-related websites each week.

Due to this diversification, you will find it increasingly difficult to capture your target audience’s attention by using only a limited suite of online channels in your marketing efforts. Instead, try to diversify your marketing spend across multiple channels to generate the results you need.

There are proven benefits to engaging in multichannel marketing. Manufacturers that can display their products and services simultaneously across multiple markets will have the best opportunity to gain new customers. According to the research firm Outsell, advertisers will achieve higher ROI by investing in well-designed cross-media campaigns than by relying on any single media channel. This is known as the Cross-Media Multiplier—integrated cross media campaigns perform better than single channel campaigns.

Focus on the Channels Your Audience Uses
Given the benefits of the Cross-Media Multiplier, wouldn’t it be great if you could use every possible marketing channel available to you? Unfortunately, reality and budgets prohibit such a strategy, which is why you must prioritize your marketing investments according to your audience’s behavior and how well your programs work together.

Your goal should be to maximize the visibility of your brand and opportunities for engagement. When researching a work-related purchase, the top three channels for technical professionals are search engines, online catalogs, and supplier websites. But in reality, your audience uses many other digital channels to keep up with the latest technologies, product news, companies, and brands.

Webinars, e-newsletters, industry sites, and social media are all important influences on your customers’ buying decisions. To fund additional digital channels, consider moving investments away from traditional channels such as print that may no longer perform well or that are difficult to measure.

Invest in Content Marketing
Your customers and prospects are constantly looking for content to help them solve problems, understand new technologies, and make more informed buying decisions. Suppliers that can deliver valuable, authoritative content can position their companies as industry experts, build trust with prospects, and ultimately make it easier for sales teams to close deals and drive revenue.

Research from the Content Marketing Institute/MarketingProfs found that 88% of B2B marketers are using content marketing. You should, too.

Plan out the content you will need by creating an editorial calendar. Match up content to expected events in 2017, such as new product launches or major announcements. You’ll also need to line up resources for producing and/or repurposing content. Next, select the channels for distributing content. Here’s where your multichannel strategy pays off. For example, you can promote a webinar in an e-newsletter advertisement or on social media and drive prospects to your site to register.

Use Only Measurable Marketing Programs
Marketers are under tremendous pressure to demonstrate return on marketing investment (ROMI). However, ROMI can be complex to measure because it’s highly unlikely that any single campaign or tactic can be correlated on a one-to-one basis with a sale, especially in industries with long and complex buy cycles. Most prospects will have multiple touches with your company throughout their buy cycle. Keep track of all touchpoints because your tactics and channels work together.

A good starting point for measuring ROMI is answering a simple question: For the total marketing dollars you spend, what kind of return do you get in terms of engagement opportunities? Programs such as webinars tend to have high return because prospects have proactively registered for the event, which already indicates their interest. Inquiries on your website from existing customers also offer high return; it’s lower for new customers. Specialized search engines and searchable catalogs tend to deliver good engagement opportunities because only your target audience would be using them, as opposed to general search engines which are used by everyone.

Work with Media Partners
Preparing an integrated, multichannel marketing plan is challenging, which is why it’s best to start now. As you begin, consult with an experienced digital media partner that understands and has the attention of the industrial audience you need to reach. Discuss your marketing objectives and have your media partners help you develop an integrated, multichannel media plan that will help achieve your goals and objectives.

2017 Industrial Marketing Planning Kit
IEEE Engineering360 Media Solutions created the 2017 Industrial Marketing Planning Kit to help you develop an effective marketing plan that targets your audience of engineering and technical professionals. Add this valuable resource to your 2017 planning efforts today. Click here to download.

Leave a Comment

Free eBook: Online Marketing for the Industrial Sector. Selection of marketing articles compiled from past editions of the Marketing Maven.

Subscribe To the Marketing Maven e-Newsletter

Follow Us

Subscribe to RSS