B2B Martech to Get You Back in the Game for 2021
At the onset of 2020, no one could have predicted that within a month or two, well-thought-out B2B marketing strategies would be completely upended. Life has changed. Consumer spending has changed. Businesses have changed. And there are sure to be many more changes coming: industries, products, and services shifting to adapt as we head into the second half of the year. To marketers, this means now is a great time to begin preparing for a bigger and better 2021, and selecting the right martech to handle it.
Marketers are always on the lookout for what’s new and exciting in the digital marketing space — the better, faster, cheaper ways of reaching customers. "The Law of Shitty Clickthroughs," a breakthrough article written several years ago by Andrew Chen, partner at venture capital firm Andreessen Horowitz, still resonates with marketers today and can provide some insight.
The basic premise is this: The performance of online channels and growth tactics will always deteriorate over time. Why? Early adopters seeking the newest thing drive initial clickthrough rates (CTRs), but as you scale — moving into mainstream-market audiences who just need their problem solved and are notoriously more difficult to convince — the more your initial CTRs are going to fall off.
Over time, that means costs will be higher and finding efficiencies at scale will become more difficult, which is why you need to be smarter about how you’re reaching target audiences.
And in 2020, there are some game-changing martech that can help you do just that.
Personalization at Scale: Drive More Leads
One of the big challenges in marketing is that teams can work very hard to drive a ton of traffic to a brand website but will likely land only a 4% conversion rate, on average.
If this sounds familiar to you, it’s because when users click on an ad and come to your website, they’re looking for something your ad promised. But they’ll quickly leave if they can’t find it. The problem? You’re likely showing the same message or the same landing page to each user — no matter where they are in the sales funnel.
Personalization can change that. For example, driving high-intent traffic that will visit your website and convert at scale is extremely difficult. Most B2B users typically spend very little time — generally around two minutes — on websites. And if your site has contact or sign-up forms with multiple fields to fill, chances are you’re going to see low completion rates.
But what if the form only asked for a user’s email address and then prefilled relevant information like title and company name? This creates a better experience for the user and better conversion rates: potentially up to 30% increases. Powerful data enrichment tools like Clearbit can help with personalization.
Machine Learning: Predict Lead Value
So, you’ve improved form sign-up conversion rates and have received a good volume of leads. However, not all leads are of high value. How can your sales team prioritize marketing qualified leads (MQLs) to find and go after high-intent leads that are closer to purchase? One of the most effective ways to achieve this is through machine learning.
Using past conversion data to predict high-quality leads, machine learning can help you predict the value of a user and create effective lead-scoring models. Guillaume Cabane, growth marketing guru and growth advisor at multiple Silicon Valley startups, talks about machine learning tools such as MadKudu, which can return a high-quality lead score in 200 milliseconds, allowing you to identify a high-quality lead when it is on the website. This can be powerful for your sales teams. And users are treated better and served with relevant information, resulting in higher close rates.
Conversational AI: Real-Time User Engagement
A lot of the buying behavior patterns consumers follow when considering a purchase — asking friends for referrals, conducting online research, checking out reviews — have spilled over into the B2B and SaaS worlds. Which means a significant amount of research is happening before a B2B buyer ever visits your website.
Conversational AI — the artificial intelligence technology driving sophisticated website chatbots to respond intelligently to inputs — is changing the way companies are engaging with prospects online. Through a series of questions to website visitors while they’re engaged on your site, this technology can pinpoint where they are in the buying process and what the ideal next steps would be. Visitors are better served and you’ve likely shortened your sales cycle significantly.
One company that is fundamentally changing chatbot performance is Drift. And by injecting relevant information about the user with data from data enrichment platforms such as Clearbit, chat conversion rates can be improved by 5x.
Data Enrichment: Know Your Website Visitors
Using data enrichment to prefill sign-up forms can improve conversion rates of users who start to fill out the form. But according to Hubspot, 55% of users who visit your website leave within 15 seconds without any interaction.
While you can’t get data on the person who visited, you can get information on the company where they work through another Clearbit tool called Reveal. Reveal can ping the IP address (IP addresses of all large companies are generally known) to their API and it will return the name of the company the user works for.
Multiple visits from various users from the same company could indicate that they might be looking for a solution that your company offers, so an account-based marketing targeting effort might serve you well.
Predictive Analytics: Forecast Your Marketing Trends and Outcomes
Netflix and Amazon have pioneered predictive analytics to deliver personalized recommendations and make suggestions to their customers based on previous behavior patterns, consumption, and buying behavior. Consumers have now come to expect this personalization.
But B2B buying decisions are made by people who are also consumers. And their buying behavior mirrors consumer buying behavior. Therefore, it’s imperative for B2B marketers to sell B2B products the way B2C products are sold.
Companies like PredictLeads can help you create super-targeted sales campaigns or prioritize prospects based on hiring and technology intelligence to identify high-intent, in-market prospects.
Time to Get Your Martech Ready for 2021
As a B2B marketer, you need to be thinking more strategically about how to up your martech game over the next few months to be ready for 2021. Take the time to evaluate your operations, determine which game changers might positively impact your marketing efforts, and start preparing for better days ahead. There have been some amazing advancements in marketing technology that allow marketers to identify, reach, and engage target audiences better, faster, and — in many cases — more cost-effectively than ever before. While 2020 is likely to be a wash, get ready to hit the ground running in 2021 for what is sure to be a cracker B2B year!