As consumers we’re all pretty aware that emotions play a really big part in our purchasing decisions. We here at Bc are definitely guilty of paying a bit extra for our daily coffee fix: simply because the atmosphere in the cafe gives us a feeling of comfort in an otherwise pretty hectic day (baristas and coffee connoisseurs: please excuse our ignorance).
And yet, as b2b marketers we often focus our marketing messages largely on business value and the rational reasons why to choose us over our competitors. And why not? Business decisions are rational, right?
A recent whitepaper by Google and CEB really challenges this assumption and got us so excited that we wanted to share some of the key findings on lead conversion rates with you.
Business value is still important
The good news is that delivering business value is still important. The bad news is that it’s not a differentiating factor: your competitors are likely to offer almost exactly the same value.
The report calls this the “one out of three” problem. Delivering value is the reason why you’re being considered as a suitable supplier in the first place. You might get the chance to put in a proposal, but your biggest competitors have probably been invited to the party too.
Time to roll-up your sleeves and really set yourself apart: by making emotional connections with your customers.
Don’t turn your nurture campaign into an “Unhappy Valley”
The researchers at CEB made an interesting discovery about nurture campaigns that really stood out for us. It’s what they refer to as the “Unhappy Valley” (not the kind of place you’d want to hang out for too long):
1. Most b2b brands focus their more emotive marketing content on the awareness stage of the buying cycle and when they are just about to close the deal. During the nurturing stage - when the prospect is actually most engaged with the brand - the message shifts to being completely logic driven.
2. Purchase intent actually doesn’t increase as the buyer gets closer to the purchasing decision. And while you’re busy nurturing your prospect with rational content about your product, the buyer is already in a more rational frame of mind. This means at this stage you’re actually amplifying distance rather connecting more with your potential customer. Whoops! What now?
Combine commercial insights with personal value
The report found that combining commercial insights (teaching your potential customer something new or unexpected about their industry) with personal value (how your product or service can help them make the most of this commercial insight) can lead to up to 20% better conversion rates. Yep, that figure had us all ears as well!
We here at Bc are all for good chemistry with our customers. Over the last few years, we’ve definitely seen a massive trend towards much more personalised messaging in b2b marketing. And it’s only bound to get more important.
Luckily, the technology is already there to support personalised marketing messages. Be it through clever automation or personalised landing pages. So get to work. Slice and dice your data into meaningful segments and start forging new connections.
To learn more about the different types of brand archetypes and how to connect with your customers, download our Hero, Explorer or Outlaw: Which archetype is your brand? ebook today.
Brand chemistry is a strategic brand agency. With more than 10 years experience building brands, we know what it takes to stand out amongst your competitors. Take a look at our client case studies to find out more.