Last week, I went along to the LinkedIn B2Believe event, which brought together 500 marketers to celebrate the best of B2B. Taking place close to Soho and near ‘Tin Pan Alley’, home of many of London’s music stores and clubs, the sense of going to an exclusive gig as we went downstairs into the new Outernet entertainment venue, reminded me of going to watch bands as a teenager.
There was an air of B2B as an up-and-coming rock band, with an increasing dynamism and confidence in response to the glitzy pop of the established Taylor Swift ‘B2C’ marketers. James Gill, Senior Director at LinkedIn bounded on stage reminding the audience that B2B companies represent over half of the global economy, highlighting the creativity in the industry and introducing a stellar line up of speakers.
Building Trust With B2B Buying Groups
A highlight of the show was Jann Martin Schwarz and Mimi Turner from The B2B Institute exploring the Better Bolder B2B Branding study. They highlighted that the biggest problem in B2B buying and selling is convincing a group of professionals to reach a collective decision. Alarmingly, 40% of B2B deals don’t progress because it is too hard to find consensus amongst the decision makers.
Many organisations spend time persona building, defining new groups and attributing common characteristics to them. But there is a tendency to assume all CIOs, procurement or finance professionals will react in a similar, rational way when faced with choices. The reality is that loss aversion, ‘satisficing’ and defensive decision making often prevail because these are high value, complex decisions, which carry a professional risk for the individuals.
Over three-quarters (81%) of B2B buyers report that “everyone” or “almost everyone” in the buying committee already knew the brand that was eventually bought, meaning that brand awareness and recall is critical in closing deals. Whilst brand is often perceived as a top of funnel activity, it is decisive at every stage of the decision-making process, including with ‘hidden’ buyers – those in legal or procurement, who value known brands due to a perceived risk of a less established provider.
For me, this becomes a question of trust. The most successful brands have inherently built trust with their audiences. The customer trusts what the brand represents; they have confidence in its ability to deliver on expectations; the dependability of its people and a sense of reassurance they are making the right choice. Trust removes the risk for B2B buying groups, making it easier for them to reach a consensus.
In the race to hit quarterly targets, generate and convert leads more quickly, B2B marketing can become transactional yet ask any salesperson about what closes deals, and they will say trust and relationships. As an industry we need to consider how we build and measure trust with customers, prospects and buyers.
Earning the attention and right to busy B2B decision makers’ time is also key. Earned business creative, which brings a fresh perspective, is memorable and distinctive and which has external societal relevance and depth has a better chance of sticking in the minds of everyone in a B2B buying group, as opposed to more rational campaigns which mirror what the rest of the segment is doing and rely solely on paid and performance marketing to hit the numbers.
Creators and Credibility
The other key theme of B2Believe was the role of B2B creators and influencers. If B2C influencer marketing is about the ‘halo of celebrity’ then B2B influence is about the ‘halo of credibility’, with LinkedIn’s research showing that 87% of B2B buyers placing far more value and trust in respected third-party experts and opinion formers, than in what they hear from a nameless corporation.
A brilliant panel which included Ophelie Janus from Siemens; Jon Evans from System1 and Imogen Coles from Ogilvy discussed B2B influence in more detail. Ophelie Janus explained how Siemens identified and established relationships with a group of 12 influencers, giving them behind the scenes access to its engineers and researchers and inviting them to its Innovation Days. Siemens has also created a Corporate Ambassador Programme, establishing its employees as influencers and making the most of their extensive, personal professional networks.
Jon Evans talked about the origins of the ‘Uncensored CMO’ podcast, which has become one of the most popular ‘listens’ for marketers and drives 50% of inbound enquiries for Jon’s company, System1. Jon explained how the podcast gives him the opportunity to get in touch with the senior marketers he is looking to target for System1 and brings huge credibility from his conversations with leaders from the BBC, Guiness and John Lewis.
Again, the key takeaway on B2B influencer marketing is that the right creator partnerships can add real value when it comes to earning and build trust with business leaders and decision makers.
Like all good gigs, B2Believe had a real vibrancy and energy, with the industry positive about creativity and experimenting with new collaborations (with creators and influencers) and the tools and tech to orchestrate and amplify its activity. I’m looking forward to seeing more B2B marketers topping the charts with successful, distinctive campaigns which drive commercial impact.
Three Takeaways:
1. Trust removes risk for B2B buyers, making it easier for them to reach a consensus.
2. B2B influencers create a ‘Halo of Credibility’ for business brands.
3. Business brands need to earn the attention of busy decision makers.
By Andrew Mildren, Managing Director, Edelman's Business Marketing EMEA.
