Not everything you read or hear about business-to-business (B2B) marketing is true. Unfortunately, this misinformation leads many B2B marketers down the wrong path. To help clear up some of this confusion, we're going to debunk six of the most common B2B marketing myths.
With inbound marketing techniques like content creation and search engine optimization (SEO) now taking over, some B2B markets believe that cold calling is no longer effective. As you may know, cold calling involves calling prospects with whom you've had no previous content. Although it typically generates a lower response than warm calling, cold calling is still an effective, time-tested way to promote a B2B product or service.
Some B2B marketers mistakenly believe that targeting upper-level prospects, also known as the C-suite, is essential. After all, conventional wisdom should lead you to believe that these executives have greater purchasing authority than their lower-level counterparts. According to Think With Google, however, nearly one-quarter of non-C-suite employees also have the authority to make purchased on behalf of their company.
Just because you are generating a decent number of sales with a single marketing channel doesn't necessarily mean you should only use that channel. Statistics show that 72% of buyers prefer connecting with suppliers and companies through multiple channels. Therefore, it's recommended that you use multiple channels in your B2B marketing strategy.
Another common myth is that only a few B2B leads will convert to sales. In fact, it's believed that the industry-wide conversion rate for B2B leads is around 1%. In reality, though, leads -- when properly nurtured -- have up to a 50% conversion rate. This means you'll convert roughly one out of every two leads into a customer when you nurture your leads.
Granted, B2B marketing can be expensive, but it can also be cheap. There are low-cost and even free ways to promote your B2B product or service. Optimizing your website for higher search rankings, for instance, is a low-cost way form or promotion. Once your website ranks high in the search results, it will naturally attract high-quality leads, some of which may turn into customers.
Finally, don't assume that generating sales is the only objective in B2B marketing. For most B2B marketers, this is the single most important objective, However, other objectives of B2B marketing may include lead generation, lead nurturing, increased brand visibility and establishing your company as a leading authority figure.