Industry Insights: Fixing What’s Wrong With B2B Healthcare Marketing

Industry Insights: Fixing What’s Wrong With B2B Healthcare Marketing

Marketers in the B2B healthcare space face unique challenges that practitioners in other fields simply can’t fully appreciate. With an entire regulatory maze to navigate around and a slew of highly-specialized customer expectations to meet, healthcare marketers need to constantly evolve and develop creative solutions both more quickly and more carefully than their peers in other industries.

Right now, as the pace of change continues to accelerate, many healthcare marketers remain on edge, wondering whether their strategies will still stay relevant in an ever-evolving healthcare landscape, while others simply haven’t yet taken stock of how their marketing programs measure up against all these developments.

In this post, we’ll take a deep dive into the current and future state of B2B healthcare marketing, then identify and fill the gaps in marketers’ approach to meeting these pressing challenges.

 

B2B Healthcare Marketing: Diagnosis and Prognosis

Let’s first take a step back and try to diagnose the biggest problems in B2B healthcare marketing today, and then dissect trends shaping the industry.

 

The Unique B2B Healthcare Buyer

Having a clear picture of your target buyer makes things so much simpler in marketing. But things aren’t as easy in the realm of B2B healthcare. Buyers in this industry belong to a class of their own, and this is largely what makes marketing in this vertical very challenging.

According to Andrew Macy from SmartBug Media, today’s decision makers in healthcare companies/organizations vastly differ from other industries because:

  • Most buyers in healthcare are risk-averse and move very slowly through their purchase journey, especially with an overwhelming amount of options available to them.
  • Healthcare companies tend to follow different budget cycles, typically in terms of fixed fiscal year periods, unlike other industries which can make purchases any time of the year.
  • Healthcare companies form buying committees which make purchase decisions. This can slow down the purchase process since buying decisions require every member’s nod of approval.
  • Many healthcare firms rely on a group purchasing organization (GPO) to negotiate and make the final purchase on their behalf.

 

Trends Reshaping B2B Healthcare Marketing

While B2B healthcare marketing also shares some common trends with other industries, the healthcare sector is currently undergoing a number of industry-specific marketing developments which drive how marketers reach out and nurture opportunities (as pointed out by Futurescan and HITMC):

  • Movement from B2B to B2C (also known as the consumerization of healthcare) as patients become part of marketers’ core audience (in addition to traditional healthcare decision makers)
  • Growth in the self-directed path to purchase as 72% of potential buyers start off with a search engine query, and as buyers are 60% to 90% through the purchase cycle before reaching out to a vendor.
  • Increased use of omni-channel and multi-channel touches as more customers prefer consistent and relevant experiences across different channels and devices
  • Addition of both influencer marketing and thought leadership into marketers’ initiatives as potential customers make digital research a primary activity in their buying journey

Chief Marketer translates these changes into key challenges that healthcare marketers need to overcome:

  • Aligning their pipeline with a shift in buyer behavior
  • Determining which content types work best for their audiences
  • Combining traditional and digital marketing tactics
  • Optimizing the marketing mix

Related: Top Healthcare Marketing Trends to Expect

 

B2B Healthcare Marketing: The Treatment Plan

Now that we’ve figured out which problems need fixing and why, it’s time to talk about ways to actually address these difficulties.

 

1. Help prospects find the information they need

An overwhelming number of your potential customers start out the purchase process with an Internet search. Your job as a healthcare marketer is to help your target buyers get the information they need.

You must turn the bulk of your online presence into a tool that your target customers can use to glean actionable insights from the vast amounts of information available out there.

Related: How to Use SEO To Influence B2B Buyers On Social Media

 

2. Make the customer experience the main focus

More and more B2B buyers want a B2C experience. That is, they look for a unified, consistent experience with your healthcare brand, regardless of channel or device. In fact, a Forrester survey reveals that B2B buyers expect to view product information, analyze activities, complete transactions, etc. across different channels.

From your website to your emails, to your social media presence, you need to deliver a coherent engagement experience to your target audience.

 

3. Build and strengthen your thought leadership position

Half of all B2B marketers use content marketing for thought leadership. That’s because thought leadership content influences buying decisions. According to a LinkedIn survey, as much as 39% of C-level executives said that thought leadership content had led to an RFP; and another 47% said it had resulted in a purchase.

But becoming a thought leader in the healthcare space doesn’t happen overnight. It takes consistent value, quality content, distinct identity, and an engaged community.

 

4. Master the art of influencer marketing

As digital research continues to be a go-to information resource for many healthcare buyers, influencers are increasingly becoming an important component in B2B healthcare marketing. Influencers can vastly expand the reach and engagement of your content, helping you make an impact on your prospects’ buying journey.

Influencer marketing is all about quality over quantity. While influencers with a large audience can be promising, it’s influencers who have an engaged audience that will really help you out.

Related: 3 Keys to Influencer Marketing in the Healthcare Industry

 

5. Restructure your sales process around your prospects’ buying cycle

Earlier, we learned about the healthcare buyer’s unique budget cycle and how this affects their buying decisions. To improve the quality of your touches, you need to keep this in mind, especially when timing your nurturing activities.

Another way to align your sales process with your prospects’ path to purchase is to look at past campaigns and look for key milestones and include these into a sales timeline.

Related: How to Skillfully Recognize and Respond to True Buying Signals

 

The Takeaway:  It takes the right approach to effectively reach out and engage potential healthcare customers. With these timely insights and guidelines, you’ll be in a better position to avoid making the usual B2B healthcare marketing mistakes and getting the right kind of results.

 

Callbox has more than 14 years of experience in planning and managing campaigns in the B2B healthcare sector. Find out how we can help you generate qualified healthcare sales leads and appointments.

 

Author Bio:

Judy Caroll

Judy Caroll is a marketing executive at Callbox. She is a blogger, online marketer and loves to share with you the best stuff in sales and marketing. Follow Judy on Twitter and Google+.

 

 

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Industry Insights: The 5 Types of Buyers You Meet in Cloud Selling

Savvy Ways to Identify and Qualify B2B Decision Makers

Savvy Ways to Identify and Qualify B2B Decision Makers

We’ve all been there before; we have a hot lead and the company that we’re pitching to looks like they need our product or service. However, the challenge is still to qualify B2B decision makers because, at the end of the day, a lead is just a lead if no conversion has taken place.

Qualifying leads in the B2B realm might seem to be a daunting task, but it isn’t that difficult.

In this article, we’ll help you identify the ways that you can reach the real decision makers in any organization that you have a hot lead in. So what are we waiting for? Let’s dive right in!

 

Understand Your Product!

Wait, what? More often than not, we as marketers fail to understand our own products and we dive right into the sales process. Understanding your product means understanding it’s price points and whom you will approach as a result.

Take for example normal office sundries. In a large company, it’s a matter of looking for the purchasing department. It’s nothing revolutionary and there isn’t going to be a great deal of change in the work environment if they adopt your product.

While we’re on the subject of things, it’s also important to know what impact your product or service will have in the company that you are marketing it to. Remember that if something causes a drastic change in the work environment, improves the system or causes a revolution, it can’t be left to an office manager to figure.

Instead, you’ll have to find a whole new department – in some cases – to be able to market your product to.

Related: How to Make a Compelling Presentation For Your Software Product

 

Understand The Company

Now that you have a firm understanding of your product you have to understand the company that you are marketing to. You have to find out how the company or business is going to adapt to your product and how it will benefit from it so that you can start making the right decisions right off the bat.

We’re not just saying look at their website.

We’re talking about digging deeper.

Check out LinkedIn and find out who seems to have the most influence out of the people you are talking to, ask around and stalk your “prey” before swooping in and making a selling decision.

While you’re on LinkedIn, check out their social media, you have to immerse yourself in the corporate culture so that you will know how to adapt your directives for maximum efficacy.

This is extraordinarily powerful if you are dealing with larger companies because corporate culture becomes a definite factor in them making a buying decision.

Related: Social Listening: The Power to Gain Business Insights and Increase Sales

 

Build Relationships

Let’s face it, apart from the gatekeeper; you’re not going to get close to the major decision maker instantaneously. You have to build relationships with the other people who work there.

Instead of getting annoyed at the gatekeeper being unable to process your requests, you have to understand that an executive’s executive assistant has a lot of roles to play. They won’t appreciate a salesperson that is trying to jam a product at them every chance they communicate with you.

These guys also know when you are trying to be overly nice just to get something out of them. So, beware of being of your façade when you’re interacting with them. They already know that you are representing a product so you can’t also fake it.

Related: 4 Ways to Get Past Gatekeepers and Reach Prospects Every Time

 

Pre-suade and Qualify B2B Decision Makers

Here’s a tactic that not a lot of people use and some people refer to it as retargeting, before you even get in a meeting with the person that you need to talk to make sure that they already have a good grasp of your message beforehand.

This could be in the form of putting your content in front of them beforehand, and you can even get a little sly and hit them with a targeted Facebook ad if you have their details.

 

Personalize Your Channel and Approach

If you want to get your point across, it has to be designed for the person receiving it. Whether it be a welcome or sales package, content that you want them to see or even the channel that they use, your message has to be built for them for it to be effective. This is one of the most critical parts of the whole equation.

If they use snail mail, then use snail mail. If they’re on social media, follow them and make sure you engage with them in a non-sales manner. If you followed the first tips at the beginning of this article, this should be an easy step for you.

Related: Effective Lead Generation Channels to Watch For (In Case You Missed Them)

 

So there you have it, by following these simple steps you can aim to build relationships instead of just seeking to qualify B2B decision makers. Relationships will help in the long run, and a lot of salespeople agree it helps in repeat sales!

 

Author Bio:

Rebecca Matias

Rebecca Matias is a Business Development Manager at Callbox. She is a proactive marketer who is willing to share her passion, leadership principles and craft in marketing. Follow Rebecca on Twitter, Facebook, and Google+.

 

 

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What is Smarketing? (And Why It’s Important)

What is Smarketing? (And Why It's Important)

We live in an age where everyone is just looking for that next catchy catchphrase used to describe the latest innovation in business, but believe it or not, “smarketing” has been around for at least a decade. It’s nothing too fancy; it’s just a term to describe when sales and marketing converge to form a tremendous force.

Wait, let’s take a step back and try to understand this amalgamation of the words sales and marketing. Smarketing is the process of integrating your sales and marketing departments into a brute force of conversion prowess.

In many companies, sales and marketing form two different departments with divisions that are clear, but with roles that seemed too intertwined to be left on their own. When put together they open up the doors in the achievement of proper growth that would seem to be untapped if left to operate in separate detachments.

 

Smarketing in a Nutshell

Imagine being able to integrate your marketing-qualified leads and your sales-qualified leads. The ability to be able to funnel in the proper target audience in your market share into a lead converting machine that integrates the prowess of your sales team in closing the sales.

Sounds terrific?

Well, the truth is it is, and companies have been doing it for a long time. Have you ever heard of inbound marketing? It’s an example of how you can get this thing to work.

 

How Can I Take Advantage of Integrating Sales and Marketing?

The integration of sales and marketing is not only advisable for previously scaled companies to scale up even more, but it can be used in a variety of setups. This means whether you are a digital nomad turned entrepreneur or the owner of a Fortune 500 company, there are a lot of ways to use it to enable growth in your company.

In fact, it can be advisable for a smaller business to apply the tenets of smarketing to help streamline the qualification of leads from the moment a target is made aware of the brand. Trust us; it’s the next big thing.

Related: Marketing and Sales Alignment – Best Practices

 

How Do We Go About Implementing Smarketing?

First things first, communication is essential. In all relationships, including yours, the only way a secure form of relationship between two – sometimes clashing – departments to work is through effective communication.

This means that everything from the jargon has to be streamlined in a way that is intelligible with both departments. The integration won’t happen overnight, and there is often an easing-in process that starts everything off. If you think about it is similar to romantic relationships sans the chocolate.

Both departments have to be aware of the changes that are happening, they have to start communicating, and the information has to be shared between them effectively.

Related: Lead Nurturing Activity Your Sales & Marketing Team Can’t Afford to Miss

 

Information Sharing is Key

For smarketing to be effective, the sharing of information has to be transparent and instantaneous.  Knowledge is power and sharing ideas, facts and statistics is one of the most effective ways that campaigns can be tested, experiments can be conducted, and feedback is implemented.

Look, you don’t have to come up with a “smarketing division” and abolish both departments altogether – we’re not that revolutionary, but something as simple as mixing desks and getting staff from both departments to meet together is enough to get you started.

An effective way of going about it is to start working on campaigns that are done in collaboration with both teams. This allows for them to utilize their unique set of skills and come up with the most active projects that both captivate and convert.

Now tell me if that isn’t an easier way of making conversions.

Related: Callbox Amazing Race: Enhancing Team TRUST & Effective Communication

 

Again With The Feedback

Let’s face it; we won’t be able to convert everybody and not every campaign is going to be as successful as we would want it to be. However, the most critical part of the whole endeavor is to derive feedback even from the initial sets of campaigns that the teams will be working together on.

The feedback will help develop the synergetic cross-developmental platform that will help your business achieve that level of growth that you want it to achieve.

 

Is It Worth It?

In 1969, we were able to get a couple of people on the moon with proper cooperation and synergy over at NASA. So, collaboration does work. It’s also proven that companies with great communication perform better and are more effective than those without.

We have to face it, the way conversions work has been changing, and we have to adapt to survive, but smarketing is more than just adapting. It’s the process of being able to scale in ways that we have never known before.

 

Try it out, the worst it can do is improve communication between your teams, and that does not seem to be too bad if you think about it.

 

Author Bio:

Rebecca Matias

Rebecca Matias is a Business Development Manager at Callbox. She is a proactive marketer who is willing to share her passion, leadership principles and craft in marketing. Follow Rebecca on Twitter, Facebook, and Google+.

 

 

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A Guide To Building an Effective Quarterly Marketing Plan

A Guide To Building an Effective Quarterly Marketing Plan

A quarterly marketing plan is one of the most important parts of your digital marketing tasks. Think about it this way, will your audience still be captivated by an infographic that you released a couple of months ago? Does brand awareness stop at a certain point?

It doesn’t. You need to constantly maintain brand awareness. You need to constantly captivate your target market. More importantly, there is a definite correlation between constant marketing and constant sales.

More often than not, we sometimes forget or fail to take advantage of maintaining a certain level of marketing velocity required for consistent brand awareness. We focus our efforts on things that can be done today while neglecting tasks needed for tomorrow.

In this article, we’ll help you build an effective quarterly marketing plan to make sure your brand is always in pole position.

 

Why a Quarterly Marketing Plan?

Why make a quarterly plan when you can quickly create an annual one? The logic behind it is simple: it’s easier to adapt to inevitable changes on a quarterly basis and planning becomes less of a hassle when taken in smaller chunks.

Before you start out on building you quarterly monthly plan, you should set specific goals that you are trying to achieve through all of this. This could be increasing the number of unique visitors of a particular page, improving bounce rates, or garnering more followers or interactions on social media.

It is crucial that you have some form or a calendar ready so that you’ll be able to get things done on a consistent basis.

 

The Essentials of a Quarterly Marketing Plan (in Digital Marketing):

 

Content

Digital marketers are more than a little familiar with the phrase, “content is king,” and this statement forms one of the crucial parts of your planning. You have to remember that content is what you give out to your users. Whether it is videos, infographics, or lead magnets in the form of spreadsheets, you have to have content ready.

Content has to be prepared and planned, it has to be relevant enough for the time, and its release has to be timed correctly. Proper content selection and production aids in conveying a company’s message. It provides value for the consumers and potential customers, and you can use it as a tool to maintain brand loyalty.

Related: Content Intelligence: Leveraging Data and AI to Create Smarter Content

Email

Instead of struggling with your email outreach, you should aim to automate your email marketing campaign. Whether you are using it as a tool to announce new content or using it as a method to reach someone “coldly,” email should be set up in a way that is automated.

This cuts response times and helps with conversions, and frees up the resources of the marketing team.

Related: We’re Halfway 2018; Your Email Subject Lines are Subject to Change

Social Media

Social media is one of the best ways that your company can communicate with its existing customers and it’s a great way for your business to have a voice. As with email automation, there are a lot of tools available for you to automate your social media posts and what not.

Plan ahead and integrate IFTTT protocols if you have to, there are a lot of programs out there that can syndicate content with all social media profiles and plan the release of posts.

Related: Social Listening: The Power to Gain Business Insights and Increase Sales

Website Optimizations

Website optimizations should also be done on a regular basis. Search engines are constantly updating, company information and offerings change, and you should always be able to keep up with the changing demands of the people who interact with your web properties.

If you’re engaged in improving your off-page optimizations, then you should also place close attention to this part.

These optimizations and checks should be done on a regular basis. Keep your website constantly fresh, and you’ll thank us for it later on.

Related: Essential Components of a Lead-generating Website

Tracking and Feedback

The most important part of having a quarterly marketing plan is tracking your key performance indicators (KPIs) and keeping up with feedback from your customers or focus groups. This allows you to adapt properly, conduct split testing and ensure that you are always on-point with your releases.

Tracking can be related to anything from measuring the improvement in bounce rates on your analytics platform, tracking the performance of keywords that you have been trying to rank for and strategizing based on buyer intent. Social media metrics should also be a factor in this stage if you’re trying to improve in that area.

At the end of the day, your next plan is going to be primarily based on what results you’ve had in the last period.

Related: The Math Behind A/B Testing: A (Simplified) Visual Guide [INFOGRAPHIC]

 

A quarterly marketing plan does not have to have all these factors, but if you’re trying to get your digital marketing plan off the ground, these are probably most of the particulars that you need to get you started. So pull out that calendar and get cracking!

 

Author Bio:

Rebecca Matias

Rebecca Matias is a Business Development Manager at Callbox. She is a proactive marketer who is willing to share her passion, leadership principles and craft in marketing. Follow Rebecca on Twitter, Facebook, and Google+.

 

 

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The Math Behind A/B Testing: A (Simplified) Visual Guide [INFOGRAPHIC]

The Math Behind A/B Testing: A (Simplified) Visual Guide

Just off the top of your head, can you explain what p-values are and what they tell you about your A/B test results? If reading that question almost made you close the current tab, you’re not alone. In fact, according to FiveThirtyEight, even scientists themselves can’t clearly explain what p-values really mean.

While your testing tool probably does most of the number-crunching under the hood, it’s much better to gain a solid understanding of how the math works out than simply running the test and waiting for the results to flash on your dashboard.

Without a good grasp of the math and statistical concepts behind A/B testing, you’ll simply end up guessing rather than actually experimenting. Knowing the underlying technical details helps you make better decisions in your testing and sampling design, as well as gives you a sound framework for interpreting results.

That’s why we put together this quick infographic that visually summarizes the ideas behind key mathematical/statistical concepts you typically encounter in A/B testing.

Don’t worry if you’re allergic to equations and arcane Greek symbols. We won’t be dealing with any of those here. We’ll only focus on building the intuition needed to make informed testing decisions.

Also, the rest of the blog post gives a more in-depth discussion of what’s on the infographic, so you should definitely check that out as well.

 

 

The Math Behind A/B Testing: A (Simplified) Visual Guide [INFOGRAPHIC]

 

Let’s say you wanted to see if changing the color of your call-to-action (CTA) button on your whitepaper landing page from red to green would impact the number of downloads. You then randomly split your traffic 50-50, with one half assigned to the page having the red-colored CTA (the control group) and the other half assigned to the page which has the green-colored CTA (the variation group).

After recording 500 unique visits for each page, you observe that the conversion rate (number of downloads as a percentage of page traffic) for the control group was 7%, while the conversion rate for the variation group was 9%. You may be tempted to conclude that changing the CTA’s color has a real impact on conversions. But before you accept the results as valid, you first need to carefully answer a number of questions about your findings, such as:

  • Do I have enough samples (page views) for each of the two groups?
  • How likely is it that I got the test results simply by chance?
  • Is the difference between the conversion rates big enough to justify making the change?
  • If I ran the test again and again, how confident am I that it’s going to give me similar results?

These are only a few of the things you need to think about when planning and carrying out A/B tests. Below, we’ll go over the mathematical/statistical tools to help us objectively answer each of these questions.

 

The Very Basics

ConversionXL says the three statistical building blocks of A/B testing are: the mean, variance, and sampling. Let’s now gain a more intuitive feel for these concepts and understand what the numbers really tell us.

Mean

We commonly refer to the mean as the average. But what does the “mean” really mean? You can think of the mean as the number that represents a collection of numbers really well. That is, knowing the mean gives you a rough idea of what values a sample tends to have since most of the numbers in that sample will tend to cluster around the mean.

For example, if you determined that your average monthly site visits was 70,000 for the last 12 months, then you’re saying that 70,000 is a fairly acceptable summary for your monthly site traffic. That is, most of the time, your monthly site traffic will be “close” to 70,000.

Variance and Standard Deviation

The variance measures how dispersed the values in a collection of numbers are. The higher the variance, the more scattered the values in our sample set will be.

As the variance increases, the mean becomes a less reliable representative of our dataset.

Let’s say you want to compare the average time (in seconds) spent on two different pages of your site. For simplicity, you only collect 8 observations for each page. Your datasets look like this:

  1. [20, 22, 21, 20, 20, 19, 17, 21]
  2. [14, 27, 31, 10, 11, 28, 2, 37]

Both sample sets have a mean of 20 seconds. It’s easy to see that the average summarizes the Page A sample really well. Most of Page A’s observations tend to stick very closely to 20 seconds. On the other hand, 20 isn’t a very good summary for the observations reported under page B. That’s because the values in the second set tend to be farther away from the mean. If we compute the variance for each of the two sets, we get 2.3 for Page A and 152 for Page B.

We see that it can be misleading to solely rely on the mean to describe a sample set. That’s why you always need to look at the associated variance as well.

But one problem with the variance is that its value can be a bit tricky to interpret and use. Just look at the variances we calculated earlier. They’re both expressed in “second-squared” units (whatever that means).

To work around this, we often include the standard deviation in our analysis. The standard deviation is simply the square-root of the variance (don’t worry, you don’t need to compute this yourself most of the time).

As shown in the next example, it’s easier to work with the standard deviation. The standard deviation of the average time spent on Page A is around 1.5 seconds. Now, we can measure how far a given value is from the mean by expressing the difference as units of standard deviation. For example, the value 17 is around 2 standard deviations below the mean of 20 (the difference between 17 and 20 is 3, and 3 divided by the standard deviation of 1.5 is 2).

The key thing to remember is that the variance tells you how spread out your observations are, and the standard deviation gives you the average distance of each observation from the mean.

Sampling

In our landing page split-test example, we use a sample of 500 unique page visits for each version. We select a sample that (hopefully) statistically represents the entire population of our landing page visitors. Since studying the whole population of page visitors is impractical, we settle for a representative sample instead.

Exactly how large our sample size should be will depend on a number of factors. Although you don’t need to know the formula for computing the ideal sample size, it’s important to understand that it uses the following factors:

  • Significance level (the probability of  seeing an effect when none actually exists)
  • Statistical power (the probability of seeing an effect when the effect actually exists)
  • Effect size (how big the difference or change is)

We’ll dig deeper into each of these later. For now, the main thing to know is that generally, the larger our sample size is, the more reliable (unbiased) the mean becomes.

Related: 5 New Year’s Resolutions to Refine Your Marketing Analytics Stack

 

Null Hypothesis Testing

When running A/B tests, we’re actually applying a process called null hypothesis testing (NHT). We compare the conversion rates of the two landing pages and test the null hypothesis that there is no difference between the two conversion rates (meaning the 2-percentage-point difference between the control’s 7% and the variation’s 9% simply happened by chance).

In A/B tests, a null hypothesis typically states that the change (or changes you made on the page) have no effect on conversions.

We reject the null hypothesis if the p-value is less than the significance level we set (more on this below). Rejecting the null hypothesis means our test shows evidence that there’s a “statistically significant” difference between the 7% and 9% conversion rates we saw earlier.

Having a “statistically significant” result in our A/B test indicates that the change we made to the landing page probably had an impact on the conversion rate.

Significance Level and p-value

The significance level is the probability that your A/B test incorrectly rejects a null hypothesis that’s actually true (i.e., the chance that you conclude there’s an effect when there’s really none). In other words, the significance level is the probability of getting a false positive result (or a Type 1 error).

It’s up to you how much significance level to use, but this is typically set to 5%. Having a 5% significance level means you’re willing to accept a 5% chance of a false positive result in your A/B test.

A related concept is the p-value. Statistics textbooks define The p-value as the probability that the result would be at least as extreme as those observed, assuming the null hypothesis was true.

If you get confused by the “assuming the null hypothesis was true” portion, think of it as simply assuming you ran a test that’s only made up of the control group (i.e., you made no variation).

Let’s say that in our landing page split-test example, we got a p-value of 3.2% or 0.032. This means there’s a 3.2% chance of getting at least a 9% conversion rate for the green-buttoned landing page (the variation group), assuming that the variation’s conversion rate was the same as the control’s 7% conversion rate.

Since we set the significance level at 5%, the p-value lies within the rejection threshold. This means it’s very unlikely we got the 9% conversion rate assuming the null hypothesis is true. This is taken as evidence against the null hypothesis, and so we reject it.

In other words, the p-value simply tells us how surprising a given result is. If it’s very surprising (i.e., p-value is less than the significance level), then it’s most likely safe to reject the null hypothesis.

Statistical Power

Statistical power refers to the probability that your A/B test will correctly reject a false null hypothesis. In plain English, it’s the chance that your test detects a specific effect when an effect actually exists.

A low-power A/B test will be less likely to pick out an effect than a high-power test. The higher the statistical power, the lower the chance that your test makes a Type 2 error (failing to reject a false null hypothesis or false negative).

According to ConversionXL, A/B tests follow an 80% power standard. To improve your test’s statistical power, you need to increase the sample size, increase the effect size, or extend the test’s duration.

Effect Size

In order for your A/B tests to be actionable and useful, you not only need to determine if a given variation has an effect, but you should also measure how much is the effect. The significance level, p-value, and statistical power make up only the starting point. You also need to analyze the effect size.

In our example earlier, the effect size is the absolute difference between the two group’s conversion rates (2 percentage points). We may also express the effect size as units of standard deviation.

It’s important to estimate and/or compute the effect size in an A/B test. Estimating the effect size at the start of a test helps you determine the sample size and statistical power while reporting the test’s post-experiment effect size allows you to make more informed decisions about the variations you’re analyzing.

Related: B2B Lead Generation: What Works and What Doesn’t?

 

Confidence Intervals

The 7% and 9% conversion rates from our earlier example are called point estimates (i.e., each of them corresponds to a single estimated number). But, since these values have only been estimated from samples, they may or may not coincide to the true conversion rates for each group.

That’s why you also need to build confidence intervals for your estimated conversion rates. Confidence intervals measure the reliability of an estimate by specifying the range of likely values where the true conversion rate will probably be found.

For example, here’s how we would most likely report a confidence interval for the variation’s conversion rates: “We are 95% confident that the true conversion rate for the green-colored landing page is 9% +/- 2%.”

In this example, we’re saying that given the test results we have, our best estimate for the tweaked landing page’s conversion rate is 9% and that we’re 95% confident that the true conversion rate lies within 7% to 11%. The “+/-2%” value is called the margin of error.

Since we’ve also made a point estimate of the control group’s conversion rate, we need to construct a separate confidence interval for it. If we find, for example, that a 95% confidence interval for the control group’s conversion rate overlaps with the other landing page’s confidence interval, we may need to keep testing to arrive at a statistically valid result.

Keep in mind that, in general, the larger the sample size, the narrower the confidence interval becomes (since more samples mean a more reliable estimate).

 

More Resources

Here’s a list of helpful resources and further readings on A/B testing statistics and inferential statistics in general:

The Search for Significance: A Crash Course in Statistical Significance (InContext)

 

Author Bio:

Rebecca Matias

Rebecca Matias is a Business Development Manager at Callbox. She is a proactive marketer who is willing to share her passion, leadership principles and craft in marketing. Follow Rebecca on Twitter, Facebook, and Google+.

 

We’d love to hear from you!

Share your thoughts in the comments below! 🙂

 

 

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B2B Chatbots and How This Tech Can Improve Your Conversions

B2B Chatbots and How This Tech Can Improve Your Conversions

Ladies and gentlemen, this is the future. No, we haven’t colonized Mars – yet – and we don’t have personal housekeeping robots, but digital marketing has undoubtedly had some developments that we would have never thought possible. We do have a different kind of bot; let’s all welcome B2B chatbots!

Bots are taking over the many different ways that you can interact with your existing and potential clients, and even at this rate, that opportunities still seem to be limitless if you ask us.

We’ve all heard of bots answering customer service requests, but now you are seeing them sell, update, disseminate information and make life generally interesting for everyone.

 

A Couple of B2B Chatbots Statistics

Did you know that if you want a chatbot right now, you are not alone? According to a survey conducted by the folks at Oracle, 80 percent of businesses would want a chatbot by 2020.

It gets better; too, some companies have been reporting major successes. From companies who do makeup reporting more than 10 percent increased appointments being booked via chatbot, with coffee sales being boosted by 20 percent via instantaneous replies. It is undeniable that chatbots are indeed helping with the business.

Related: 5 Pieces of Advice for Live Chat That you Can Never Live Without

 

How Can B2B Chatbots Help My Business?

A lot of people started using chatbots in the hopes of answering customer service requests, but then we saw the applications become limitless. Chatbots are now present in these areas:

  • Human Resources
  • Finance
  • Sales
  • Recruitment
  • Personal Assistants
  • Marketing
  • Hospitality
  • Travel

It is undeniable that a lot of industries have already been penetrated and nothing is stopping them from penetrating even further.

There is also a cost efficiency calculation when employing a chatbot, they can now replace specific roles that have previously cost money and made human resource requirements too onerous and burdensome for the company. They can also be used to augment what the staff have right now and allow them to handle more significant things in general.

Related: 5 Surprising Benefits of Live Chat Software

 

How Do Chatbots Work for my Business?

Before you jump on the bandwagon, it is essential first to understand the potential and limitations of chatbots. Chatbots allow you to instantly respond to a customer or a client’s request via some variations in the algorithm or responses being used. This will enable chatbots to immediately fix problems and answer queries.

You can connect them to a database and use them to extract information. For instance, you want to check what credit card transactions you made on a particular date, a chatbot that is linked to your bank’s database can answer your queries.

People like interaction and the way chatbots are designed makes them interactive, isn’t asking questions about your banking statement better than logging into your account online?

However, they also have limitations. They are limited by what is programmed into them, so that means you have to predict responses and how your bot will answer queries.

Don’t fear though, as long as you have been tracking customer requests, it should not be that hard to do at all.

 

What Can I Use a Chatbot For?

The most obvious use for a chatbot is to answer frequent queries that your customers have, but you can also use it for many other things.

Content can be given a significant interactive boost if you add a bot that can answer queries right then and there, or make things more interactive by providing more insight to the already “rich” content that you have.

Are you planning on selling a product? The people who were marketing the last Call of Duty game used a chatbot to preview the video game to potential buyers of their product, the last time we checked, it was a success.

Information dissemination is also great with a chatbot. Take for example companies that offer a travel service; they can use a chatbot to send information about a customer’s flight and other details about itineraries. Imagine having the company chat with you and remind you about your trip, instead of having to rummage for that PDF in your inbox.

So as long you have to interact with your customers and you can either predict their replies or “control” their responses, then you can always find a way to insert a chatbot into the whole experience.

Related: How Marketing Automation Helps You Outgrow Your Competitors

 

The Future is Here

Believe it or not, there are guides available if you want to create your chatbot from scratch. You do not even have to spend a ton of money in the process. The way you use a chatbot is highly dependent on what you want to do, and as detailed in our little article, there are a lot of ways you can use them.

The bottom-line is that the playing field is changing. How is your business going to adapt to it at the soonest?

Related: 5 Marketing Technologies to Invest In 2018

 

Author Bio:

Rebecca Matias

Rebecca Matias is a Business Development Manager at Callbox. She is a proactive marketer who is willing to share her passion, leadership principles and craft in marketing. Follow Rebecca on Twitter, Facebook, and Google+.

 

Like chatbots, what other technologies do you think will impact B2B marketing?

We’d love to hear your insights in the comments below! 🙂

 

 

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4 Fathers Who Shaped the Evolution of B2B Marketing

4 Fathers Who Shaped the Evolution of B2B Marketing

This Sunday marks more than four-and-a-half decades of Father’s Day as an official U.S. holiday (which traces its roots back more than a century ago). Throughout that span of time, pioneering marketers have helped shape the marketing landscape into what it is today.

To celebrate dad’s special holiday, let’s get to know some of the marketing forefathers that caused tectonic shifts in the evolution of B2B marketing. Just like our dads, we probably wouldn’t be here today without these individuals.

 

Lester Wunderman (The Father of Direct Marketing)

Lester Wunderman (The Father of Direct Marketing)

Widely considered as the “Father of Direct Marketing,” Lester Wunderman coined the term “direct marketing” in a 1967 speech at MIT, in which he predicted that sales interactions would someday happen in an electronic marketplace. He invented the magazine subscription card, the toll-free 1-800 number, loyalty marketing programs, and other customer reward schemes.

His most important legacy includes the vast body of direct marketing wisdom from 50 years of experience, which he describes in his book Being Direct: Making Advertising Pay. His marketing philosophy is best summed up as follows:

Acquire with the intention to retain, and retain with the intention to grow. Tweet this!

Advertising becomes a dialogue that becomes an invitation to a relationship. Tweet this!

Always try to turn a marketing disaster into a marketing opportunity. Tweet this!

 

Philip Kotler (The Father of Modern Marketing)

Philip Kotler (The Father of Modern Marketing)

Philip Kotler is acknowledged as the “Father of Modern Marketing” and one of the world’s leading authorities on strategic marketing. He currently holds the SC Johnson and Son Distinguished Professor of International Marketing post at the Kellogg School of Management.

Throughout his celebrated career, Prof. Kotler has written more than 50 books on different areas of marketing and has published over 150 journal articles. He has helped companies like IBM, General Electric, Michelin, AT&T, Honeywell, Bank of America, Merck, and many others refine their marketing strategies. His approach to marketing goes somewhere along the lines of:

Marketing is a race without a finishing line. Tweet this!

Marketing is not the art of finding clever ways to dispose of what you make. It is the art of creating genuine customer value. Tweet this!

No company in its right mind tries to sell to everyone. Tweet this!

Related: Understanding Multi-channel, Cross-channel and Omnichannel Marketing

 

David Ogilvy (The Father of Advertising)

David Ogilvy (The Father of Advertising)

For over 50 years, David Ogilvy towered high above the advertising world. His career spanned the pre-television era up to the dawn of the digital age. His innovative approach at native advertising and other selling techniques earned him the title “Father of Advertising” and In 1962, Time called him “the most sought-after wizard in today’s advertising industry.”

Although he was primarily an adman, many of Mr. Ogilvy’s selling principles resembled how content marketing is being done today. He was the first to use extensive market research to help guide his campaigns, and he strongly believed in selling benefits instead of simply flashing cute headlines. Among his timeless pieces of marketing wisdom are:

The more prospects you talk to, the more sales you expose yourself to, the more orders you will get. But never mistake quantity of calls for quality of salesmanship. Tweet this!

If you’re trying to persuade people to do something, or buy something, it seems to me you should use their language, the language they use every day, the language in which they think. We try to write in the vernacular. Tweet this!

On the average, five times as many people read the headline as read the body copy. When you have written your headline, you have spent eighty cents out of your dollar. Tweet this!

Related: Amplify Your Leads with These Content Distribution Tips

 

Gary Thuerk (The Father of Email Marketing)

Gary Thuerk (The Father of Email Marketing)

On May 1, 1978, a marketing manager at Digital Equipment Corp. (DEC) named Gary Thuerk launched the world’s first email marketing campaign. He sent out unsolicited emails to around 400 ARPANET users in order to promote DEC’s new product line. The campaign proved to be highly successful (generating almost $14 million in sales), but it also drew a lot of complaints and criticism from the tech community at that time.

The outcome led Mr. Thuerk to simultaneously become the “Father of Email marketing” and the “Father of Spam.” Although it wasn’t until the 1990s when marketers were able to take full advantage of email’s enormous potential, Mr. Thuerk had undoubtedly planted the seeds of email marketing and changed the practice of marketing forever.

Looking back on how decades of technological advances have shaped marketing, Mr. Thuerk recently commented:

I have observed the technology changes and noticed that people make the same mistakes over and over again. It is as if every new generation must go through the same learning curve by repeating the same mistakes. Tweet this!

Related: 5 B2B Email Marketing Goals that Make or Break Results [VIDEO]

 

The Takeaway:  Just like our dads, these four prominent fathers of marketing can teach us a lot about what we do. We’re very fortunate to have them blaze the trail for us. Again, the marketing world would have been a very different place if these marketing forefathers hadn’t come along. And so, with that, we say:

Happy Father’s Day from the entire Callbox team!!

 

Author Bio:

Rebecca Matias

Rebecca Matias is a Business Development Manager at Callbox. She is a proactive marketer who is willing to share her passion, leadership principles and craft in marketing. Follow Rebecca on Twitter, Facebook, and Google+.

 

 

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5 Essentials of Hyperlocal Marketing to Help You Find Your Best Customers

5 Essentials of Hyperlocal Marketing to Help You Find Your Best Customers

There has never been a time in history where people are exposed to so much information than now. From the important to the irrelevant facts, everything is searchable on the World Wide Web by anyone, even by a five-year-old.

Advertisers and marketers have used this to their advantage that it led to a billion dollar industry. The question, however, is if all these marketing efforts are worth all the money being spent on it. Sadly, even Google admits that only very few people click those ads. In fact, 56 percent of those ads were never opened. In other words, nobody really cares so if you are a small business, what are you going to do against all big competitions?

There’s only one answer: hyperlocal marketing.

 

Hyper… What?

Hyperlocal marketing is the new buzzword in marketing. However, it is more than that because it accomplishes more than what an ordinary marketing campaign can do.

With the world becoming more mobile than before, consumers don’t just search for businesses, products, or services in general. Not only have they become more specific about what they want, but they want those results to be as accessible as possible. In other words, they want those results within arms reach.

For example, if you want to have lunch with a friend, go to a gym, or find a new bestselling book, what do you search for? Basically, you type “restaurants near me,” or “gyms near me,” or bookstores near me that have this or that book.” By doing that, you have already conducted a hyperlocal search.

More so, users now expect that Google will take their location in consideration every time they conduct a search, even when they do not put location qualifiers, such as “near me” phrase, zip codes, or addresses. Google revealed that these types of searches have increased by 150 percent.

With those numbers and statistics, it makes sense that businesses should focus more on hyperlocal marketing. But how can you take advantage of it? Here are some practical tips to boost your hyperlocal marketing campaign:

 

#1 Categorize your business as local

Categorizing your business as local makes sense if you want to capitalize on hyperlocal marketing. But how do you do it? Schema markup, a code you place on your website that helps search engines conk out more informative results for users.

Some of the information that is included in the schema markup is the address, business days and hours, and event schedule page. Thus, when people search for your business, they won’t just see the business name but other useful information about your business as well.

Related: 7 Reasons Why Social Media Marketing is Necessary for Small Businesses

 

#2 Build a Google My Business page

A comprehensive Google My Business (GMB) listing is another important element in boosting your hyperlocal marketing efforts. It displays your business in Map results along with your business hours and opening days as well as the busiest time or day of your business. It also tells users whether you offer other special services.

Here are some important elements you should place in your GMB listing to fully utilize it:

  • A unique description that contains links and your primary keyword. Your keyword should be placed within the first 100 words of the description.
  • A high-resolution cover photo and profile image
  • A local contact number
  • Your business address. Make sure that it is consistent with the address on your website and other social profiles.
  • Your open hours and business days
  • The correct category for your business

Related: How to Use SEO To Influence B2B Buyers On Social Media

 

#3 Optimize your website for mobile

More and more local searches have been conducted on mobile. A mobile optimized website has higher chances of appearing in local searches. Thus, you have to make sure that your website is responsive to make the user experience as pleasant as possible no matter what device they are using. It is also advisable to create a mobile app where you can engage your customers directly.

Related: 10 Undeniable Ways Mobile is Reshaping B2B Marketing [INFOGRAPHIC]

 

#4 Get reviews

Word-of-mouth marketing has been one of the powerful tools any business has. Think about the last time you were looking for a good place to have dinner with your friends. What were you looking for aside from the location? Customer reviews, right? If you did that, what makes you think that your customers aren’t doing the same thing?

A 2017 report from Moz revealed that

13% of how Google decides to display the search results for local search comes from customer reviews

Related: How to Turn Customers into Brand Ambassadors

 

#5 Use geolocation tools

Geolocation tools work two ways – you allow your customers to find you easily and, at the same time, helps you reach out to the local audience. With these tools, people can see how far you are from their present location and how they can get to where your business is. On the other hand, these tools allow you to engage local social media influencers that can help you connect with the community better.

 

Conclusion

Start implementing these tips/strategies to your hyperlocal marketing campaign and take your business to the next level as you find new customers and prospects.

 

Author Bio:

Rebecca Matias

Rebecca Matias is a Business Development Manager at Callbox. She is a proactive marketer who is willing to share her passion, leadership principles and craft in marketing. Follow Rebecca on Twitter, Facebook, and Google+.

 

What do you think of hyperlocal marketing?

Let us know in the comments! 🙂

 

 

Check out our recent Client Success Stories!

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Humanize Your Brand: Marketing Your Technology Business With Human Touch

Humanize Your Brand: Marketing Your Technology Business With Human Touch

Everything is evolving, including the way how technology companies market themselves.

Technology companies in the B2B sector are doing everything they can to get the attention of decision-makers, a feat that is becoming more challenging with the increased competition on different digital channels. Connecting to these decision makers has a significant impact on the success of their companies.

Despite all the competition, however, some companies manage to rise and do the unexpected. This article will look at various practices that made these companies a success.

 

Manage your expectations

Most, if not all companies, know how important managing the expectations of their customers are. It makes customers happy which, in turn, increases sales. The sad reality, however, is all the strategies for management expectation barely gets done.

Are they difficult? No, but they can be challenging because it requires a change in whatever wrong you’re doing in your marketing strategies.

Managing expectations has primarily three essential components – provide more solutions, be transparent, and provide clear timelines. These simple components are what give your marketing solution a human touch.

Now, expectation management does not start when you negotiate the purchase. It begins at the very touchpoint – on your landing page, when you reach out to your clients first, and even when clients are talking to your customer service support.

When everything is evident at the beginning, especially the pricing, your customer will trust you. And that can translate into sales.

Related: Becoming an Online Entrepreneur: The Expectations vs. The Reality

 

Tell better stories

Stories are an integral part of culture and society. People connect through stories. People relate to stories. In other words, stories give your marketing a human touch.

Stories are abundant, even clickbait advertising has a story. Your competitors also have their stories to tell. Your challenge, therefore, is to create better stories. Observe great and long-lasting brands – what kind of stories do they show?

These stories usually provide a solution to their target audience’s pain point, an idea that impacts the lives of their clients, or simply showing your client an exciting side of your business or company.

What kind of story do you want to tell? Better yet, how do you want to consume information? Use this to tell a compelling story packed with emotion.

Related: A Complete Cheat Sheet to Social Media Branding for Consulting Firms

 

Create a contrast

What makes an exciting story? One which has conflict or contrast.

Not only are these stories exciting but they also stick to your brain. That’s because it affirms what people are already thinking in their minds. Your clients or customers might have liked your product already, but they still have reservations in their minds. Contrast allows you to reframe any objectionable element in your product, such as price or product features that might be unclear to them, so that your audience will proceed to purchase your product.

If you don’t believe that, consider this example:

A person who has plans to go on vacation to a tropical island might be dreaming of getting a tan and reclining on a lounge chair, sipping some piña colada, and reading their favorite book. However, that might change if he or she learns the statistic saying that falling coconuts kill 150 people each year than shark attacks.

One SaaS company that has nailed this strategy is Miva. They created contrast by talking how downtimes happen every time there’s a software update. They used that pain point and created a difference by saying that they don’t break on upgrades.

By creating contrast, they show their difference from their competitors.

 

Make your product appeal to humans

Even if you are a tech company, you are still selling and talking to humans. Thus, it makes sense to give your marketing solution a human touch. You might be offering to solve a technical problem, but you don’t need to sound like a robot.

Humanizing your brand is very simple – think about how you interact or talk to your friends. If you notice, each of you has their unique voice. The same goes true when you communicate with your customer. Find your unique voice and maintain it when talking to your customers and prospects.

Another way of creating a human touch to your strategy is by putting a spotlight on your employees. It tells your audience that they are dealing with humans, who grow the brand. Do this by sharing stories with your employees or sharing the story of an employee on social media. Not only will it humanize your company but it will also boost the morale of your employees.

 

It’s not easy to market your product

The tips given above should guide you towards making a more thoughtful marketing campaign.

Why thoughtful and not successful?

A thoughtful marketing campaign builds trust as people realize you understand them and their pain points.

Eventually, you will increase your ROI rate as they trust you more and more.

 

Author Bio:

Judy Caroll

Judy Caroll is a marketing executive at Callbox. She is a blogger, online marketer and loves to share with you the best stuff in sales and marketing. Follow Judy on Twitter and Google+.

 

 

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How to Skillfully Recognize and Respond to True Buying Signals

How to Skillfully Recognize and Respond to True Buying Signals

Proper sales prospecting, setting up lead funnels, and qualifying leads is a lot of hard work, and usually, we as marketers are tasked with making sure that our efforts are not in vain.

Sure, we are all familiar with the premise that we cannot convert everybody, but the thing is, how can we make sure that we are not wasting our time on leads that will never convert?

In this short article, we will be examining the different types of leads that we get as marketers and how we can adequately identify buying signals and make sure we appropriately respond to them.

So sit back and relax as we go through the most common signs of buyer intent.

 

Some Subtle (And Not So Subtle) Buying Signals You Could Be Missing

There are a couple of signals that some marketers fail to take note of when they are presenting – or tracking – a product or service to a client.

For instance, constant repetition may not always be considered a buying signal especially if a client is insisting on acquiring some level of functionality from something that you are offering them. However, there is also the flipside to this if you think about it.

If the client is continuously asking about something, it means that there is the intention of that need to be fulfilled and this is where you can strategize your product or service to make the most of this opportunity. As long as you can also focus on meeting this need with your product – and not just faking it – then you can quickly make a sale.

Also look for the constant desire to be in contact with your sales team or metrics indicating that they are visiting your web property multiple times in a week.

Think about it this way, too, the metrics do not lie. If you see them visiting your site more than once in a day, or better yet, checking out your pricing page way too often to be a casual visitor, then the chances are they are ready to be converted at the soonest possible time.

Other tracking telltale signs are them checking out the case studies you have on your site – if you do not have any, then you should start putting them in.

Related: Using Social Signals to Spot Sales-Ready Leads

 

The Questions You Have To Look Out For

One of the best signs that you have as a marketer is when the prospective buyer has started to ask you questions about your product, services or the business in general. Not all questions are indicative of a buying signal, but there are a few that usually means that the buyer is ready to close.

The most important questions that you have to look out for are questions about the specifics such as terms and delivery dates. These are extremely indicative of a lead that is willing to consider your product as long as it can meet their standards. This is the time for you to play your cards right and make sure that you meet their organization’s needs.

If they ask specific questions about your business in general, this could mean that they are curious about your eligibility because they could already be hooked to your USP (unique sales proposition). This is also a time for you to act accordingly and try to deliver.

Of course, there are the more obvious questions about how the services or products that you offer would be able to meet their needs in general. However, the most significant questions that you should always get them to ask are:

 

How Much Does The Product or Service Cost?”

How Much Does The Product or Service Cost?

This is undoubtedly the best indicator of purchase intent, and a lot of marketers will even confirm this for you. This means that the product seems to have met the specifications that are needed for it to meet a particular need, but the only question is how much would it cost them.

In essence, there is only one other question that can rival this one, and this would be:

 

“What Are Your Modes of Payment?”

What Are Your Modes of Payment?

This goes beyond the former question that was stipulated because this means that the intended buyer is alright with the pricing and is now wondering how they will be able to pay you. This is one of the most potent signs of buyer intent because it shows the inclination of the lead to make the decision soon.

Related: Using Neuroscience to Better Answer 5 Questions Leads Ask Themselves Before Buying

 

At the end of the day, sometimes the buying signals can be significantly trivial, and it might seem as if they could be more than evident. The critical thing to remember is if your product or service could potentially meet their needs. This is the main tipping point in getting conversions.

Be sensitive and feel around for a response, you never know what’s in store for your conversion efforts.

 

Author Bio:

Rebecca Matias

Rebecca Matias is a Business Development Manager at Callbox. She is a proactive marketer who is willing to share her passion, leadership principles and craft in marketing. Follow Rebecca on Twitter, Facebook, and Google+.

 

We’d love to hear your thoughts on this article.
Feel free to comment below! 🙂

 

 

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Approaching Psychographic Segmentation In B2B Marketing

Approaching Psychographic Segmentation In B2B Marketing

As marketers and entrepreneurs, we sometimes get ourselves into a pickle trying to maximize conversion for every kind of customer. However, we all know that a better long-term strategy in converting more customers is to engage in practices of segmentation – like psychographic segmentation for instance.

Creating general campaigns usually works in the beginning; it helps set the standard for your selective segmentation as times goes by. It allows you to open new markets and identify potential customers for your business. This article aims to open new areas in segmenting your customers.

Instead of looking at income brackets, we will be looking at emotional factors that affect decisions and how we can group these factors proper in ensuring that conversion is highly likely.

 

The Importance of Segmentation

Businesses run on efficiencies and the more efficient the company, the better it is likely to perform. Segmentation allows you to focus your marketing resources on particular segments of your overall market that are more likely to buy from the company.

For instance, if you were to release an expensive line of your product – let’s say a more bespoke level of internet marketing services, it will generally appeal to parts of your market share that have a higher propensity to make money. It is also implied that those who make a smaller amount of money would not even consider these services.

However, how about if the real kicker in this product or service is the emotional appear for instance? Imagine that you can get any income bracket to purchase the upsell if it is packaged in a way that appeals to the emotions. For example, you can sell it as a product that safeguards their business’ success in the future. What sort of idealistic B2B client would not want that? That goes beyond income brackets.

 

B2B versus B2C Customers

B2B and B2C customers differ in a variety of ways, B2B relationships tend to last longer and create more repeat sales than B2C relations and, as a result, there is more focus on the relationship that you have.

B2B relationships tend to last longer and create more repeat sales than B2C relations

The personal relationship is one of the factors that drive the sales process. You are talking about complex products and services with real long-term purchase periods, and that is why there is a mix of different factors that drive the sale.

Also, there is the rationalization factor because B2B customers do not make impractical decisions compared to B2C customers that can make decisions due to impulses. However, this does not mean that there is no emotional component in B2B transactions, when in fact psychographic segmentation is partly the analysis of the emotions that could be associated in a B2B deal.

Related: The B2B Buying Process Has Changed: Here’s How Not to Get Left Behind

 

The Beauty of Psychographic Segmentation

Psychographic segmentation goes beyond the typical social and economic demographical factors that we have studied as marketers. It involves the careful analysis of the behavioral factors that influence a decision for a potential or current B2B – and B2C customer.

Psychographic segmentation looks at factors such as the emotional responses that cause a specific buyer from a particular demographic to make a buy decision towards your product or service. It involves data collection and fine tweaking particular campaigns to elicit certain emotional responses that could be highly beneficial to the company.

This is a more complicated process than trying to find out the geographical demographics of your customers because we are looking for emotional responses that we can quantify and use for our benefit.

Related: Industry Insights: How to Influence Today’s B2B FinTech Buyers

 

How do you go about Psychographic Segmentation?

In the example above we talked about a new product in an Internet marketing service that is priced higher than usual because of its custom/bespoke nature. However, we have failed to take into account another kind of customer there. How about those that do not fall into the same income bracket, but are willing to spend more on their Internet services depending on the emotional stimulus that you would attach to your campaign.

Psychographic segmentation involves a lot of data gathering with your current and potential customer base because you are trying to find that particular behavior that elicits a specific response. Also, we have to take into consideration that customers differ from one another, and what could work for some could be different for the next batch.

A useful way to go about this is to get your CRM software prepped and ready for your data. We are trying to analyze the personal and professional lives of your current and potential customers. We are looking at what makes them tick and what the factors that dominate their decision-making process are.

Related: Industry Insights: The 5 Types of Buyers You Meet in Cloud Selling

 

In reality, segmentation is more than how much money people have in the bank and how old they are. It is the process of analyzing emotions, responses, and behavior. This makes your marketing campaigns more effective and efficient.

 

Author Bio:

Rebecca Matias

Rebecca Matias is a Business Development Manager at Callbox. She is a proactive marketer who is willing to share her passion, leadership principles and craft in marketing. Follow Rebecca on Twitter, Facebook, and Google+.

 

 

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Grab a copy of our FREE EBOOK, Targeted B2B Marketing: Guide, Checklists, and Worksheets! A comprehensive guide to targeted marketing to help organizations get in front of the right people at the right time through the right channels with the right message to influence a purchase.

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