In a relatively short span of time, the coronavirus pandemic has undeniably had a significant impact on the functioning of businesses in various industries. You can see this playing out in the B2B industry. Unable to participate in events such as trade shows, many B2B companies have responded to the limits imposed by the coronavirus pandemic by turning to digital marketing. This recent development could mark the start of a long-term shift in the way these companies do business.
Why digital marketing is now a priority for B2B
It is almost impossible to overestimate the extent to which the coronavirus has affected the way B2B companies will need to allocate their marketing budgets. According to research As of 2018, on average, B2B companies are spending around 41% of their marketing budget on exhibitions and just over 10% on digital marketing.
It changed very quickly. Once again, due to the pandemic, events in which B2B companies typically attend are frequently canceled. They started to respond by reorganizing their marketing budgets and spending more on digital marketing.
It’s logic. These companies no longer have the ability to promote their services in person. Depending on where they are based, they may even be legally prohibited from conducting business in person until the outbreak is brought under control. Fortunately, digital media still gives them the opportunity to promote their services without the need for actual meetings or events.
Those who choose to focus more on digital marketing in the coming months should keep the following points in mind. They will help them spend their budget wisely, which can be difficult when unforeseen circumstances have forced you to switch to a new strategy so quickly.
Look at the numbers
Forcing people into isolation has been one of the most notable effects of the coronavirus pandemic on society at large. That said, marketers who now have more free time due to isolation should take this opportunity to take a deep dive into their past marketing data.
It is essential that you take this step before deciding precisely how you will spend your budget. After all, digital marketing consists of a range of channels and techniques, including email, social media, advertisements, and more. You need to take the time to figure out which channels typically generate the best ROI to better understand where you should be spending the most money to grow.
To show creativity
Exhibitions and networking events have been invaluable for B2B companies as they allow them to meet a large number of potential clients in a relatively short time. While it is true that these companies may no longer participate in these events in the same way, you can develop alternatives if you are creative.
For example, you may decide to host the digital equivalent of a networking event through a platform such as Second Life. Just because you have to change your strategy thanks to the coronavirus pandemic doesn’t necessarily mean you have to change it completely.
Take into account the new weak points of your customers
As a marketer, you probably already understand that you need to think about your customers’ weak spots when develop your content and strategy. You need to know how your business services can benefit their business. What problems can you solve?
However, don’t overlook the fact that your clients’ pain points have likely changed thanks to the coronavirus. Again, this has significantly disrupted many industries.
For example, maybe you offer payment processing tools and services for e-commerce and physical retailers. You will not be promoting your products for physical stores in the near future. Instead, you’ll want to focus on explaining how you can help your customers who had to suddenly switch to e-commerce do so seamlessly.
More than ever, valuable content is essential
Again, people will continue to isolate themselves as the pandemic spreads. Many of your clients probably have a lot more free time than they are used to. More and more people have faced their new situation by consuming more educational and entertaining content than before.
Keep this in mind when planning your B2B digital marketing strategy. During their downtime, what kind of content would your customers find valuable? For example, depending on the nature of your business, you can market your services with a guide for CEOs on how they can prepare for the rebound after the coronavirus pandemic ends and business returns to normal.
Keep these points in mind for the future. Next year, digital marketing will be crucial for B2B businesses. These points will help you take advantage of it properly.