As a business-to-business company, there is a lot more you can do to improve your promotion marketing strategy.
14% of businesses fail due to poor marketing (B2B PR Sense Blog).
Today we will share 5 effective promotion ideas you can add to your B2B marketing strategy:
Compared to B2C marketers, you have a different sales funnel, target audience and set of decision makers, but that should not stop you from sending promotional campaigns.
When implemented successfully, your promotion campaigns will improve customer engagement, increase brand awareness, lower customer acquisition costs and increase conversions.
Let's get into it.
1. Social Product Referrals
The example: Ask customers to share your product on social media using a unique URL. Every time a new customer signs up for your service or purchases your product, reward the advocate with a discount for your service.
The reason why: "75% of B2B Buyers are influenced by Social. The new B2B buyer is educated, social and doesn’t require face to face contact (Ecommerce & B2B)."
Tactics: Use segmentation and personalization to communicate the benefits of your referral program to a targeted group of active uses (e.g., make regular purchases, long-time subscribers). Ensure your call to action is clear and it is easy for customers share the right message.
2. Free Trial and Subscription Discount
The example: Offer customers a subscription discount when their free trial is about to expire, where they can get 5% off for 1-month or 30% off for a 6-month subscription.
The reason why: "42% of B2B companies state that Customer Retention is a top metric for measuring the success of their e-commerce programs. (Ecommerce & B2B)."
Tactics: To increase customer retention, strategically remind users that their trial is ending by offering a valuable discount on a subscription. Reward them for completing the trial and simultaneously encourage longer subscription plans with a greater discount. Use marketing automation to trigger well-timed and personalized email reminders.
3. Re-engage Your Inactive Leads
The example: Offer in-active leads or old customers a free trial or compelling discount on your latest features with by sending a coupon code in a personalized re-engagement email.
The reason why: “80 % of buyers say “no” four times before saying “yes”. However, 92 % of sales representatives give up after four negative answers (Marketing Donut )."
Tactics: Personalize your email as much as possible. Clearly communicate the improvements made to your service or software, new features and give reasons why they should still be interested. By offering a free trial, they have the opportunity to see the improvements themselves.
4. VIP Loyalty Program
The example: Invite enterprise or high-value customers to join your VIP Loyalty Program and offer them special access to new features, subscription discounts, partner with third-party companies to offer special bonus deals or access to special events/conferences.
The reason why: "75% of US companies with loyalty programs generate a positive return on investment (Loyalty 360)."
Tactics: Loyalty programs are ideal for retaining customers while improving the experience of high-value customers. Ensure the benefits are clearly communicated and the rewards are relevant to your customer segment. Ask users to sign up via email or promote on your website.
5. Product Bundling Campaign
The Example: To promote a higher value product or new feature, offer several products for a discounted price. Make it a limited time-offer to add a sense of urgency.
The reason why: “Half of all B2B purchases will be made directly online by 2018...B2B buyers expect to make around of 50 % of their purchases online, without the intervention of a sales rep (Forbes)."
Tactics: Offering several products or features for a discounted price or including something for free is a great way to nudge customers down the sales funnel towards conversion. You bring value to customers and increase revenue if executed properly. Promote it on your website, in a targeted email or newsletter.
Achieving B2B marketing success will require you to collect the right customer data, make detailed analysis and an have a powerful promotion solution in place.
Once you have the analysis and the right promotion solution in place, you will see positive return on investment, increased customer retention and reduce your promotional spend.
What is your experience with B2B promotions? What tactics have worked for your business? Leave a comment or get in touch.
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