B2B Monday Myth: A Brand’s Social Involvement Is Unnecessary
by MGB2B
The Myth: A Brand’s Social Involvement Is Good But Unnecessary
The Truth: When Done Well, Corporate Social Involvement Can Reap Many Benefits for Your Company
In 1970, American economist, Milton Friedman, made the bold claim that:
“There is one and only one social responsibility of business–to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud.”
He believed that attempts to achieve social goals would create market inefficiencies, distorting the free market system and ultimately creating social costs. While most businesses are now aware that social responsibility can at the very least boost their reputation, there are many that avoid social responsibility altogether. And contrary to Friedman’s thinking, it is avoidance that can cost you, not participation.
Nearly 50 years after Friedman’s New York Times article, we know that social responsibility and economic goals are not mutually exclusive. It is in the best interest of the company to balance them. That balance is valued by stakeholders, employees, vendors, and most importantly – prospects.
These Are the Benefits of Corporate Social Responsibility:
- Bring in Stronger Employees. Companies are respected for social efforts, which means you can use it to increase employee loyalty and may even attract better talent.
- Increase Efficiency, Lower Costs. Sustainable business practices can actually increase efficiency and lower costs over time.
- Better Relationships with Public. This includes not just an enhanced reputation, but improved relationships with suppliers and distributors and goodwill in the eyes of public officials and prospective customers and clients.
- Increase Profits. Contrary to Friedman’s original claim, it is widely believed today that corporate social involvement actually increases profits. Even if it doesn’t happen immediately, the benefits to the long-term financial health of the company are nearly indisputable.
Haven’t yet incorporated social responsibility into your business’s platform? We’ll discuss how you can do that next week.
Continue ReadingKnow Your Enemies: A Checklist for Manufacturers
by MGB2B
In the early stages of developing a Marketing Plan, it is crucial for manufacturers to understand not only who their target audience is and what they desire, but who else is within the realm of consideration. Sometimes you think you know your competitors well. But you can learn a lot from doing a robust competitive analysis and a little core user research.
START WITH A RE-EVALUATION OF YOUR COMPETITIVE SET
The competition can change from year to year, so it’s very important you don’t gloss over this part. Perhaps one of your competitors switched their main focus from defense to aerospace. That affects you in one way or another, so you’ll need to do a bit of homework. Knowing each competitor’s game plan is essential.
There are many questions you can ask when evaluating your competitors, but these four are required in order to position yourself correctly:
- What’s their primary message?
- How do they position themselves?
- What do they do differently than you do?
- What do you do better than they do?
Evaluate your competitors with as much depth as you would your own brand. Make a list of your major competitors. Go over them one by one, and ask yourself the questions above. Then look at their websites, their social media sites, their ads. Leave no stone unturned. And have a very detail-oriented person on your team create a spreadsheet to house all of this information. This way you can evaluate over time. By the end, you’ll have a thorough assessment of where your brand stands and how you can stand out to prospects.
CONDUCT CORE USER RESEARCH TO GET MORE QUALITATIVE INSIGHTS
Beyond the competitive set, core user research can give you more qualitative insights into how you are regarded in comparison to your competitors. The second part of your checklist is aimed at what you want to find out from your core users. Keep in mind, these are people who like you, so they may be reluctant to tell you what they like about your competitors. That’s why it’s always wise to get a third party involved to gather this research.
You’ll want to ask:
- Who did they consider partnering with before they chose your company?
- Why did they choose to work with you over the others?
- What do they like about the other manufacturers that you didn’t offer?
- What are all the aspects they consider, and in what order, before choosing a manufacturing partner?
- Who in their company makes decisions?
These are just a few questions to get the ball rolling. You can make your research as robust as you’d like as long as you don’t take up too much of your customers’ time.
Once you have both your competitive analysis and core user research done, you’ll know your enemies (er, competitors) better than yourself. And you can start building personas and a Marketing Plan that’s more effective than ever. May the force be with you.
Continue ReadingB2B Monday Myth: Your Website Is an Online Brochure
by MGB2B
The Myth: Your Website Is Like an Online Brochure
The Truth: Your Website Should Be Used as an Engagement Tool
Your website should offer more to your visitors than a listing of services or products. It should do more than simply tell people who you are (although it should do that at the very least). Think about what your prospects want from your website. Then think about what you want them to find out.
Take into account how your prospects make purchasing decisions. Chances are, a visitor is not going to arrive on your home page and decide right then to buy your product. It takes time, and they are likely exploring competitors. To foster engagement, your website must go beyond what’s contained in a traditional brochure. But it needs to have a clear path for your prospects to follow.
Here Are the Keys to Building a Better B2B Website, and More Effectively Convert Leads:
Define The Primary Function Of Your Site
Clearly identify what you want people to get out of your website. What actions would you like them to take now that they’ve visited you? Is your overall goal to provide buying solutions, or is it to direct a customer to a sales representative? These two functions are very different, and the decision you make will change how your website is set up. Once you know what you want your visitors to do, you can provide them with a clear call-to-action.
Give Your Home Page Purpose
Your home page should very clearly state who you are and what you do. These are basics for what the visitor should get from initially viewing your website. It is also helpful to state your value proposition, or a clear statement that tells the customer what benefits you can provide them.
This may be the first thing website visitors see when checking out your website. First impressions are important. If your home page has too much going on, or doesn’t have a clear call-to-action, people will move on. Keep it simple and easy to navigate.
Create User-Focused Landing Pages to Build Your Leads List
If you haven’t already, you should consider landing pages that live as a part of your website but focus on specific topics that interest prospects. For instance, if you are a manufacturer or components for multiple verticals, but you want to push a product that benefits only the aerospace community, a specific landing page will help you get the job done. You can drive the exact type of prospect you are looking for to this page using Paid Search. If their search terms match what you’re offering, they find a product that is relevant to them instead of finding your home page. Furthermore, you can use the page to capture their information and get them into your sales funnel, instead of having them kick around on your home page, then bounce on over to your competitor’s site.
Use Content To Your Advantage
Another way to drive people to your website is by creating relevant content, usually in the form of a blog. Doing so is a good way to provide information while positioning yourself as an honest company with integrity and authority. Some larger companies go beyond the blog and create full, separate sites just devoted to content. You have to examine what your capacity is for creating content, and churn out only what you feel will be most effective given the time you put into creating it. Whatever you create, make sure it is optimized in order to draw in prospects who are in the right mindset. It is a slower burn than Paid Search, but a great way to gain the trust of a prospect over time.
If your website is only providing information, you are missing out on these key opportunities. Give your site more of a purpose, and use the web as a tool instead of a stand-alone collateral piece, and you’ll both engagement and leads start to rise.
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