Best B2B Marketing Channels Strategy in 2024
03 Jan 2023 By: Michael Kansky
Updated
Stepping into 2024, it’s crucial to reevaluate your B2B marketing strategies. Digital channels are becoming more competitive and costly, making it essential for B2B organizations to optimize their marketing to achieve good ROIs and engage their audiences effectively. Traditional methods like business directories and broad social media ads are losing effectiveness, urging a shift to a mix of old and new strategies. This article explores the evolving B2B marketing landscape, offering insights into channels that can boost your lead generation and sales. Discover the best strategies for 2024 to refine your marketing approach.
The OGs: Current Popular B2B Marketing Channels
PPC advertising AKA Google Ads: “A Lazy Marketer’s Tool”
Google Ads is a top choice for online advertising among B2B companies, yet many find it costly and inefficient. Often, these ads miss the mark on reaching target audiences due to limited customization and targeting, rendering them ineffective for B2B use. Additionally, the intense competition within PPC networks makes it hard for companies to distinguish themselves.
Close Variants of the Google Kind: An Example of Google Ads Missing the Mark
Google Ads often struggles to meet the demands of B2B marketing, especially with the “exact match” keyword type. In the B2B sector, targeting precise searches is crucial. For example, our company, HelpSquad, aims to reach clients needing to outsource customer service with terms like “BPO”, “outsource live chat”, and “live chat agents.” However, Google Ads frequently misdirects traffic to us from unrelated searches such as “BPO hiring” or “live chat with AT&T.” This forces us to constantly update a lengthy list of negative keywords, adding yet another time-consuming task to our daily routine.
Two is a Company, More is a Crowd: Overcrowded Ad Space Results in Higher Costs
Google Ads has grown more complex and less perfect over time. Ads now compete with up to nine others for visibility on a single search term, where once only two ads appeared. This competition drives up bid prices, sometimes to over $100 per click. While companies with high profit margins might still see a healthy ROI, it’s not sustainable for most.
For effective results with Google Ads in B2B, expect to invest at least $8k monthly. We believe Google Ads usage will decrease over time, giving way to more efficient lead-generation methods.
Directories: Lost in Sea of Listings
Business ranking directories like G2, Capterra, and Clutch.io are key for B2B marketing but often feel overcrowded. This overcrowding makes it hard for companies to use their resources effectively and reach their target audience. Many struggle to optimize their listings for better visibility. Also, tracking the ROI accurately remains a challenge.
Social Media: Big Audience, Little ROI
Social media platforms offer wide reach and engaging experiences, making them appealing for online advertising. However, they have been less effective for B2B organizations compared to consumer-focused businesses. Platforms like Twitter and Facebook often fall short for B2B due to their consumer-oriented focus, limited customization, and challenges in connecting with the right audiences, leading to poor ROI. However, for solo entrepreneurs in the B2B space, social media can be highly effective as they can leverage their personality and expertise to connect with prospects on a personal level.
New Kids on the Block: Alternative Marketing Channels for B2B SaaS Companies.
So what are some alternatives to the ineffective methods? Here is a list of our favorites which we hope could help you choose the right mix that works for you:
- Account-based marketing (ABM)
- Conferences and trade shows
- Content marketing
- Direct mail
- Email marketing
- Field marketing
- Partner marketing
- Search engine optimization (SEO)
- Traditional media
- Webinars
- Word-of-mouth
- Growth Hacking
In addition to listing all the current mediums, we are ranking their effectiveness by 🚀 (1-5, 5 being most effective) and cost by 💲 (1-5, 5 being most expensive).
Ready for take-off? Let’s go. 🚀🚀🚀🚀🚀
B2B marketing
Top 5 Effective Tactics you can implement now!
In this eBook, we will highlight 5 of the most effective marketing tactics that are easy to implement and are proven to generate leads.
Account-Based Marketing (ABM)
Account-based marketing (ABM) is a targeted strategy where marketing and sales teams collaborate to create personalized campaigns for specific high-value accounts. Unlike broader strategies that use generic communications, ABM focuses on the unique needs and goals of select accounts. This method is particularly effective for B2B companies as it helps build long-term relationships with key decision-makers at these accounts.
Examples of Account Based Marketing Campaigns
Successful ABM examples in the B2B sector include Terminus’s “Flip My Funnel” campaign, which used targeted ads and personalized content to engage key accounts, boosting their annual contract value by 300%.
Another instance is Pardot’s “One-to-One” campaign, employing ABM tactics like personalized landing pages and direct mail to generate leads and close deals with targeted accounts. Chet Holmes’ book, “The Ultimate Sales Machine,” offers an easy-to-understand guide on implementing ABM strategies.
Is ABM strategy a good fit for your company?
Effectiveness
🚀🚀🚀
Account-based marketing can be reasonably effective if implemented correctly and with precision.
We recommend starting with not more than 50 targets. Designing a landing page, direct mail, and email campaign specifically for each account with specific offers targeting individual customers’ pain points of each target.
Cost
💲💲💲
ABN could be costly as you will need qualified human resources to implement the strategy.
A researcher, designer, writer, and salesperson compile a team required to complete the task properly.
Suitability
🚩
This strategy is good for companies with an ARPA of $5k+ per year.
Idea
💡
This is more of a sales gimmick but we did successfully implement our version of the “Christmas Hess Truck” ABM campaign.
We sent out a Hess truck to the target with children in the appropriate for the gift gender/age group but held the remote, asking the target to give us 30 minutes of their time in exchange for the remote being shipped overnight.
Conferences and Trade Shows
Conferences and exhibitions bring industry professionals together, offering access to the latest products, services, and ideas, and opportunities for networking. One way to effectively manage participation and maximize engagement at such events is through using advanced tools like a RegFox event registration demo, which can streamline the process of attendee registration event engagement.
However, the costs and potential ROI of attending such events should be carefully evaluated due to their high expense. To make the most of these opportunities, B2B companies need a clear goal, whether it’s lead generation, networking, or launching a product. Planning is crucial; this could involve scheduling meetings with potential clients or creating an eye-catching booth display.
Is event strategy a good fit for your company?
Effectiveness
🚀🚀🚀
Conferences and trade shows can be reasonably effective if you are willing to sponsor an event or be a speaker in your area of expertise. If you intend to simply get a 10×10 booth and expect results, you will most likely be disappointed.
Cost
💲💲💲💲
Conferences and trade shows could be costly and exhausting. A company needs to prepare the booth, staff it with qualified personnel, and devise an effective trade show strategy. There is a significant investment of time and money required to properly prepare for a trade show.
Suitability
🚩
This strategy is not only suitable but is very beneficial for companies with an already established double digit market share and a proven trade show strategy. We do not recommend trade shows for startups or companies with a single digit market share.
Idea
💡
If you are unable to secure a large space in the favorable location of the trade show space, you need to find other ways to attract attendees to your booth. One way to successfully attract people is to have a bright display and an interactive floor. You may see some examples of futuristic flooring here.
Content Marketing
Content marketing involves creating and sharing valuable, relevant, and consistent content to attract and engage a specific audience, ultimately leading to profitable customer actions. In the B2B sector, this strategy can include blog posts, ebooks, infographics, webinars, and case studies. High-quality content delivered consistently, such as at least two blog posts per week as recommended by many SEO consultants, is crucial.
For B2B companies, content marketing is a powerful tool for educating target audiences about their offerings and establishing thought leadership within their industry. For example, HubSpot’s “Inbound” campaign, which featured blogs, ebooks, and free marketing tools, generated over 50,000 leads and achieved $100 million in annual revenue. Similarly, Intel’s “Intel Free Press” campaign is another example of effective content marketing.
Is content marketing strategy a good fit for your company?
Effectiveness
🚀🚀🚀🚀🚀
Content marketing is designed to bring prospects already interested in a product or service to your website. The only downside is the timeline of three months or more to see the results. However, if done correctly, this could be the catalyst for a B2B SaaS success. An example of effectiveness of inbound marketing is in front of you. You are on our website, reading our content which you found on Google.
Cost
💲💲
You will need to invest in 2-3 excellent writers and a keyword researcher.
Be prepared to produce at least 3-4 of utmost quality pieces of content monthly.
Suitability
🚩
This strategy is good for, and IMO, must be implemented by all companies, established or startups.
Idea
💡
Keyword research is crucial here. You need to produce dual-purpose content. Hit an interesting and current topic that receives daily searches and, at the same time, pertains to your B2B SaaS offering where you can link your product. The article must be written in a way that invites and promotes sharing its ideas with others. This is the key! Be creative, different, daring.
Tools:
Google Search Console
Semrush
ahrefs
Direct Mail
Direct mail marketing, involving physical items like postcards, brochures, or catalogs, remains a valuable tool for B2B companies despite the digital age. This method excels when targeting specific audiences.
To maximize the effectiveness of a direct mail campaign, B2B companies should ensure the mail piece is relevant and valuable to the recipient and includes a clear call-to-action. Testing different aspects of the mail piece, such as the subject line, offer, and design, can help determine the most effective approach.
Is direct mail strategy a good fit for your company?
Effectiveness
🚀
Ah, an all but forgotten medium. Though direct mail sounds like ancient history, we still recommend implementing it as an auxiliary medium in addition to another campaign you are doing. For example complimenting ABM campaigns with direct mail postcards or letters.
Cost
💲💲
Postage fee + printed media cost, very insignificant.
Suitability
🚩
Direct mail is suitable for all B2B SaaS companies and should be used as a supplementary campaign.
Idea
💡
Make direct mail campaigns personalized for each target. We have seen the use of video postcards having a positive impact. Learn more about video mailers here
Email Marketing
Email marketing involves sending promotional messages to a list of subscribers and serves as an effective nurturing tool for B2B companies to promote their products or services.
To enhance the effectiveness of an email marketing campaign, B2B companies should segment their email lists based on factors like job title, industry, or location to tailor messages specifically. Optimizing the subject line, sender name, and email design is crucial to increase the likelihood of the emails being opened and read. Additionally, using targeted marketing automation software can significantly improve campaign results.
Is email marketing strategy a good fit for your company?
Effectiveness
🚀🚀🚀
Though email marketing works really well for B2C businesses, it can prove ineffective for some B2B outfits.
Sending an unsolicited email to a decision maker might be treated as an annoying nuisance. You may consider using email marketing campaigns as an auxiliary to another campaign medium but never a leading or sole medium you rely on to generate results.
Do not, under no circumstances, consider buying an email list to blast your campaign. Most emails will end up in SPAM folders and more importantly in GMAIL SPAM folders which is owned by Google which also manages the most popular search engine, which also has a power to blacklist your domain.
Cost
💲
Email marketing is one of the cheapest mediums if not the cheapest. But, like my wife always says “cheap is cheap”
Suitability
🚩
This strategy is suited for all companies, in all industries and all sizes.
Idea
💡
One way to make email marketing effective is to use highly targeted drip campaigns.
Only if you have enough data on each individual you are targeting with your drip such as place and time of employment, education, professional achievements, their pains and wins should you even consider launching the campaign.
Also you have to be the perfect composer of an email. Become truly a master of composing an engaging, sincere and powerful email.
See some great examples by Alex Banayan in The Third Door
Field Marketing
Field marketing involves interacting with customers or prospects directly, outside of an office or store setting. It’s a potent tool for B2B companies, aiding in lead generation, relationship building, and creating buzz around products or services.
Common B2B field marketing activities include product demos, experiential events, and speaking engagements. To maximize the impact of these efforts, B2B companies must carefully plan and execute their activities and measure the results to ensure effectiveness.
Is field marketing strategy a good fit for your company?
Effectiveness
🚀🚀🚀
Field marketing could be extremely effective for location-based businesses. Field marketing takes a certain character, someone who has a neck for breaking walls and enough charm to schmooze their way to a “yes”. If you are a Tulsa King – Silvester Stallone look alike, this could work for you.
Cost
💲💲💲💲💲
An obvious cost is human resources. We recommend watching “The Founder”, it is an excellent movie showing the journey of McDonald’s which began with Ray Kroc played by Michael Keaton going door to door selling milkshake machines.
Suitability
🚩
This strategy is good for location based companies with an ARPA of $20k+ per year.
Idea
💡
Host an event or a conference that your target audience would want to attend. A captive audience right there with full intent and attention is invaluable.
Partner Marketing
Partner marketing involves collaborating with other companies to mutually promote products or services. This approach leverages the strengths and resources of each partner, making it a powerful strategy for B2B companies.
Successful examples include Adobe’s “Adobe Creative Cloud for Teams” campaign, which partnered with creative agencies to offer discounted Adobe product subscriptions, resulting in a 20% sales increase. Another example is Hewlett Packard Enterprise’s “Co-Marketing Program,” which worked with solution providers on joint marketing campaigns, generating over $1 billion in pipeline revenue.
Is partner marketing strategy a good fit for your company?
Effectiveness
🚀🚀🚀🚀🚀
Oh so much work here, but oh so much to gain.
If there is one marketing medium you want to focus on for 2024 and have resources to do it, it’s partner marketing. It is immensely effective, and when running properly is a gif that keeps on giving. Partner marketing is more effective when combined with direct mail, email drip, and even field marketing campaigns.
Cost
💲💲💲💲💲
You will need someone with experience to head your campaign. Do not implement a partner marketing campaign yourself if you do not have significant experience promoting partner programs in the past.
You will also need an experienced sales person, designer, software engineer and a marketing team. So yes, expensive, but so worth it.
If you decide to implement partner marketing, do it only if your gut tells you that you have the right team to do it. Your team’s focus must be partner marketing and only partner marketing, do not implement a partner program with the team that only does it part-time, it will fail.
Suitability
🚩
This strategy is good for companies with enough in the bank to be able to invest in a partner marketing program for up to 3 years with potentially very little results.
Budget needed varies but expect to invest $1mil+
Idea
💡
Selecting a perfect market segment for your partnerships is the most crucial component. This will make or break your partner marketing campaign. Create a spreadsheet listing all segments you can pursue and rate them by quality of customers they serve and their potential interest in your product or service, ease of approachability, market size, etc. and rate each, say, 1-10. Then sort your spreadsheet by averaging your ratings to select one you think will be most fitting and go after it.
Search Engine Optimization (SEO)
SEO involves optimizing a website to improve its ranking in search engine results pages (SERPs). For B2B companies, SEO is a vital marketing channel, allowing them to reach their audience at the moment they are searching for related products or services.
To boost SEO, a B2B website should conduct thorough keyword research, optimize its content and structure, and secure high-quality backlinks from reputable websites. Additionally, B2B businesses should regularly monitor and evaluate their SEO efforts to identify successful strategies and areas needing improvement.
Is SEO strategy a good fit for your company?
Effectiveness
🚀🚀🚀🚀🚀
SEO enhances both the quantity and quality of traffic to your website via search engines. When executed well, it can significantly boost your business’s visibility and success.
Key components include ensuring your website’s content is high-quality and relevant. Effective SEO should be an integral part of your website’s overall design and strategy from the outset.
It’s also vital to regularly review and update your website to keep it current and in line with the latest search engine guidelines.
The impact of SEO can vary greatly depending on the competition for your targeted keywords. However, with a strategically designed website and targeted SEO efforts, you can achieve notable improvements in search engine rankings and traffic. These enhancements can provide a consistent flow of warm leads to your business every day at no additional cost.
Cost
💲💲💲
The cost of SEO varies widely based on project scope and complexity. The expertise and experience of the provider also significantly influence pricing.
Companies can perform SEO in-house, which generally costs less but may be less effective if the team lacks the necessary skills. Alternatively, outsourcing to an agency or consultant can range from $75 to $200 per hour, or even higher, depending on their expertise and location. Some agencies offer fixed-price packages for services like keyword research or website audits.
While SEO can be a substantial investment, it often proves cost-effective in generating leads and boosting sales if executed well. It’s crucial to consider the potential ROI carefully before setting an SEO budget.
Suitability
🚩
This strategy is good for companies of all sizes.
Idea
💡
Spend significant time on research and focus on targeted keywords. Identify the keywords your ideal customers use to search for products or services related to your business. Analyze the competition for these keywords, and prioritize those you believe you can rank highly for initially. Consider targeting long-tail keywords as well; many companies find success with these, as they often bring a steady stream of leads.
Traditional Media
Traditional media, encompassing long-standing channels like print, radio, and television, has seen a decline but can still be a viable marketing tool for B2B companies. These media forms can effectively reach specific audiences, particularly in industries where digital penetration is less dominant.
Is a traditional media strategy a good fit for your company?
Effectiveness
🚀
Traditional media remains effective for reaching certain demographics or geographic areas. For instance, print ads in industry-specific trade publications can effectively target decision-makers within a particular sector. The success of traditional media in B2B advertising hinges on aligning with the campaign’s specific goals and target audience. The quality and relevance of the ad content are also crucial. Integrating traditional media as part of a broader, multi-channel advertising strategy, which includes digital media, can be a valuable approach.
Cost
💲💲💲💲💲
Traditional media often costs more than digital options, particularly for national campaigns. It’s crucial to carefully assess the expenses and potential ROI before committing to a traditional media campaign to ensure it aligns with your marketing goals and budget.
Suitability
🚩
This strategy suits companies with a significant market share and a successful history in traditional media advertising. It’s not recommended for startups, companies with small market shares, or those with limited media budgets, as the costs and risks may outweigh the benefits.
Idea
💡
Target Audience: Start by defining your audience, including their demographics, location, and industry. This precision helps in selecting suitable media channels and crafting messages that truly resonate.
Clear Message and Call to Action: Set clear goals for what your campaign aims to achieve. Develop compelling messages that speak directly to your target audience and encourage them to act.
Select Appropriate Media Channels: Choose traditional media channels that best reach your audience. Options might include print ads in industry-specific publications, radio ads on business-focused stations, or TV spots during business news segments.
Track and Measure Results: Implement tracking tools such as call tracking and coupon codes to gauge your campaign’s effectiveness. Adjust tactics as necessary based on these insights.
Consider a Multi-Channel Approach: Traditional media often works best when integrated with digital channels. Enhance your campaign’s reach by incorporating email marketing, social media, and other digital strategies.
Incorporate QR Codes: Add QR codes to your ads using a QR code generator. This strategy bridges the gap between traditional and digital media, aiding in removing conversion barriers and enhancing ROI tracking.
Webinars
Webinars are online presentations conducted via video conference, allowing remote participation. They are a cost-effective marketing channel for B2B companies, helping them reach a broad, targeted audience and showcase their expertise.
To run a successful webinar, a B2B company should first set a clear objective, such as lead generation, a product launch, or educational purposes. Strategies must then be developed to achieve this goal, including promoting the webinar, crafting interactive content, and engaging with attendees.
Optimizing various aspects of the webinar is crucial for improving attendance and engagement. Key elements to focus on include the title, description, and format of the webinar.
Is Webinar strategy a good fit for your company?
Effectiveness
🚀🚀🚀
Webinars can be an effective way to reach and engage a target audience. They allow for real-time interaction between the presenter and the audience. This can serve as a cost-effective way to deliver information and connect with potential customers.
Cost
💲
This strategy can help generate leads and gather contact information from potential customers. All you need is an interactive slide deck, good delivery, and an easy to use webinar software like Zoom.
Suitability
🚩
This strategy is good for companies of all shapes and sizes but best suited for companies with existing sizable following.
Idea
💡
To be effective, webinars should be well-planned and well-executed. They must present a clear and relevant topic and interactive elements to keep the audience engaged. It is also important to promote the webinar in advance and follow up with attendees after the event to maximize its impact.
Secure a celebrity or a subject matter expert with a large following to speak at your webinar. This will make your audience grow exponentially especially if promoted on social media.
Word-of-Mouth/Referrals
Word-of-mouth and referral marketing capitalize on recommendations from satisfied customers or trusted sources, proving effective in the B2B sector for generating leads and building credibility. Prospective buyers often trust the opinions of peers or industry experts.
To maximize the potential of word-of-mouth and referral marketing, B2B businesses should focus on providing exceptional customer service and creating positive customer experiences. Happy customers are more likely to recommend a company. Additionally, incentivizing referrals by rewarding customers who bring in new business can further enhance this marketing strategy.
Is referral strategy a good fit for your company?
Effectiveness
🚀🚀🚀
When someone shares a positive experience with your product or service with friends or family, it can be more powerful and credible than any other advertising media.
Cost
💲💲💲
Become a customer fanatic. Really! Build a culture in your organization that treats every customer like a hero, thru and thru. Bring a culture building consultant to help with that.
Having accomplished a healthy, customer-focused culture will also decrease your churn, which will improve your top and bottom lines
Suitability
🚩
This strategy is good for and must be implemented by all companies.
Idea
💡
Consider incentivizing customers to share their experiences with friends and family through referral programs or other promotions. Make it easy and rewarding.
Host events or experiences that allow customers to interact with your business in a unique and memorable way. This can create a positive association with your brand and encourage people to share their experiences with others.
Growth Hacking
Growth hacking is a potent strategy aimed at achieving rapid growth through creative, cost-effective, and unconventional marketing tactics. It involves constant experimentation, such as A/B testing, to optimize the customer journey. Successful tactics are scaled, while ineffective ones are adapted or discarded. Often associated with startups and small businesses seeking quick market traction, growth hacking demands a mindset geared towards experimentation and optimization.
A notable example of successful growth hacking is Dropbox, which escalated to a $4 billion valuation in just two years primarily through growth hacking strategies.
Is a growth hacking strategy a good fit for your company?
Effectiveness
🚀🚀🚀🚀🚀
Growth hacking is hard to achieve yet it can be one of the most effective strategies to get new business fast.
Cost
💲
It is hard to determine the cost of a growth hacking campaign but typically they are very inexpensive.
Suitability
🚩
This strategy is good for startups or single digit market share companies.
Idea
💡
Besides hiring an experienced growth hacking agency you may consider building the campaign in-house.
Typically focus on finding a web property where your target audience already hangs out in large numbers. Find a way to use this web property to organically inject a reference to your product or service.
A good example is AirBnB growth hack where the founders realized that people who were looking for accommodations often searched Craigslist. The founder offered an option for AirBnB providers to copy their AirBnB listing to Craigslist with one click. The result? Immediate access to a large market of target users.
Conclusion
In B2B marketing, various channels each offer unique benefits, making it challenging to rank them from worst to best. The effectiveness of each channel depends largely on the specific goals and target audience of a B2B company. It’s crucial for these companies to employ diverse approaches and consistently monitor and adjust their strategies across different marketing channels to achieve optimal results.
If you have any further questions or need additional assistance, please don’t hesitate to ask us. Or if you found the media that works for your company and need assistance in converting/prequalifying prospects, please give HelpSquad 24/7 live chat service a try!
Michael Kansky, Founder of LiveHelpNow and HelpSquad, has leveraged his 20 years of industry experience and innovative support strategies to revolutionize customer service approaches, making LiveHelpNow a leading customer service software provider, and establishing HelpSquad as a bridge between businesses and customer needs. You may contact Michael on LinkedIn: https://www.linkedin.com/in/mkansky/
