When you’re spending money on marketing and have very limited results to show for it, it’s time to take a closer look at your strategy. That means digging in and asking foundational questions to determine where things are going wrong so you can move on to fixing them.
1. Are you spreading the marketing budget too thinly?
“Marketing people always want more money.” Ever heard or said that? Regardless of the budget amount allotted, the best marketers typically invest it in ways that have measurable results. Most importantly, those results should be directly tied to business goals.
Focusing your efforts on specific channels or initiatives allows you to invest enough to really give the campaign a chance. Is that risky? Absolutely. But if you’re a small team trying to effectively manage too many competing priorities, none of them are getting the attention they need. Prioritize and focus where the potential is greatest to drive measurable business results. This means less time polishing your brand and more time selling.
However, leave some budget for testing other strategies — you won’t know the potential of a new idea if you don’t conduct controlled tests. Not everything is going to be a winner, but testing validates the strategies you have in place and identifies new growth potential. Keep monitoring results so you can adjust or pull the plug if needed. This also is an opportunity to bring in an external partner or agency who specializes in SEO, social media, influencer marketing, or ad buys in order to maximize the effectiveness of the money you do have available.
2. Have you correctly defined your “ideal customer”?
Take a big step back. Your lead generation efforts must center on trying to reach this persona, and that’s a big factor in driving positive results. But how large is this potential group? What’s the realistic amount of money they have to spend on your solution and does that make financial sense for you in terms of your business growth and profitability? It’s possible your marketing isn’t working because your target audience can’t really afford the range of services you most want to grow. If you have a solid understanding of who you’re trying to reach — and that target makes the most sense for your business goals — it’s much easier to identify the places you can find them.
Defining your ideal customer is more complicated in B2B marketing as compared to B2C. While firmographics like industry, company size, location, revenue, etc. are important in targeting and segmentation, businesses don’t make decisions. People who work at businesses do. And depending on the complexity and price point of what you’re selling, that could end up being a LOT of people over a long time. Gartner found the typical B2B purchase involves six to ten decision-makers, each of whom may be searching online for five to six pieces of information.
Understanding the multiple roles involved in the buying process and when and how they typically engage is key to building effective marketing strategies. But it doesn’t stop there. Now you need to speak in their language. The Customer Service Manager has different priorities than the CFO, for example.
3. Are you speaking to your prospect’s biggest pain points?
Many businesses fall into the trap of speaking mostly about themselves and their products — that’s where their expertise lies. There’s certainly value in communicating your company’s strengths. But effective marketing isn’t about you. It’s about the problems you’re solving for your customers…how those strengths deliver what the customer needs.
Here’s where you may need to dig a little deeper. “Problem solving” is a rational concept. To really resonate with your prospect, go beyond the problem to identify your prospect’s pain. That may sound dramatic, but understanding and speaking directly to your prospect’s struggles garners an emotional reaction. For example, a manager who is responsible for contracting with multiple service providers may be frustrated because he or she is spending a lot of time managing communication, invoices, and trouble-shooting instead of focusing on the big picture. That’s the problem; the pain may tie into worrying about missing important opportunities or details that impact the company financially. Or it’s a personal pain: the job is time-consuming and exhausting and the manager is missing out on important family time. Could your streamlined product make life better all the way around?
Get prospects’ attention by focusing on their pain. Put yourself in their shoes. What is keeping them up at night? What are the possible negative outcomes of them NOT making a change?
4. Are you using conversion language and devices effectively?
Now it’s time to spur action. Take a look at your current marketing campaign assets — the emails, ads, landing pages. Are you giving your prospect a compelling reason to keep reading and then to take action? Is it crystal-clear what they need to do next and why that’s a good idea? Readers should never be left with the question “How do I get this?” Including links/buttons like “Reserve Your Seat,” “Sign Up and Get 50% Off Today,” “Start Your Free Trial,” “Show Me My Savings,” or even just “Learn More” makes it easy to take that next step.
Small copy changes can make a big difference. For example, instead of saying “This app organizes your To-Do list every day”, painting a picture like “Wouldn’t it be great to end your day feeling like you’ve accomplished everything you set out to do?” leads the reader to mentally nod and then read on to learn more. Likewise, a “Download the Guide” button is much more compelling when rephrased as “Download Your Free Guide Today.” It references ownership (your guide), emphasizes this is something of value you don’t have to pay for, and encourages immediate action.
One of my favorite authors on the topic of persuasion is Dr. Robert Cialdini. To gain a deeper understanding of how language persuades and some great ideas for moving people closer to decisions, I recommend his book Influence: The Psychology of Persuasion. You’ll start noticing universal principles of persuasion like scarcity and social proof in marketing everywhere. That’s because they work.
5. Are you rushing leads to sales before they’re ready?
This is what marketers affectionately refer to as “trying to get married on the first date.” Are you being realistic in your expectations regarding how quickly a prospect becomes a lead? Sales is hungry for leads, but the reality is most buyers don’t want to engage with a person until they have done their preliminary research. The increase on remote selling in 2020 drove this even higher. Forrester & Gartner found 80% of the average B2B buyer journey took place online.
Your prospects need to feel in control of the process.
Here’s where having quality content comes in. When you have a deep understanding of the customer journey and the types of questions and doubts that arise at points along the way, you can develop content that addresses these proactively. Structuring your lead nurturing program around these issues will help you connect the right content to the right moment. At the same time, you’re providing Sales with additional tools to help them close more deals.
You have great resources for uncovering these problems and objections. Talk to the sales team, customer support, and even current customers who are willing to share what they like most about your product or service and what they wish it could do better.
It’s a learning process, but the goal is to keep moving prospects closer to a decision and the belief that your company is the best choice for them. Don’t skip steps because it’s easier for you. Make it easier for them to engage with you…when they want to.
It’s frustrating to spend money on marketing that isn’t working. Stop wondering what’s going wrong and start implementing changes to fix it. I’m happy to review your current plan and identify opportunities to improve your results and maximize the effectiveness of your marketing budget. Contact me today to set up a 30-minute, no-obligation review.