Article | November 20, 2020
Often people believe that brands do not matter as much in a B2B environment as in a consumer one. In fact, the opposite is often true. In a consumer environment, the buyer is using his or her own money, so it is a major factor in the buying decision. In a B2B environment, the buyer is using the company’s money, and the key driver may be career advancement or even job protection. This means that avoiding making a mistake may be more important than making the best decision. As the old saying went, “no one ever got fired for choosing IBM.” So there are many B2B brands which have achieved and retained a status which justifies a price premium. Strong ingredient brands are among these. So Nutrasweet became a brand which justified a premium, as did Intel. However, these brands cannot simply be exploited without being nurtured. Just as with consumer brands, these brands can die or be superseded. Splenda came along and took much of the same space as Nutrasweet. The fact that it is both an ingredient and stand-alone brand gave it a stronger presence in the mind of the end-user.
In B2B giving a product a name is easy, but that does not necessarily mean a brand in the customer’s mind. The key factor is whether, when we use the B2B grid, the use of the brand is compatible and enhancing to customer perception.
All too often, in B2B, companies sabotage themselves. They focus on price, and in fact draw attention to it. Perhaps, if their costs are lowest, this may give the company leadership for a while. However, they end up placing themselves in the worst quadrant – the commodity segment, such as wheat or iron ore. Second worst is “service goods,” where price is the most likely distinguishing feature, but where the goods are so unimportant that the buyer may ignore price. Such examples are paper clips and cleaning supplies. Following this is the strategic goods quadrant, where price is secondary, even if high. High grade steels in the manufacture of jet aircraft are examples of this. The most envied position is to be a specialty product. An example may be a high priced additive or processing aid. Price is relatively irrelevant if it ensure top quality. When Richard Guha of Take Control Of was CMO of the enterprise software business at Remedy/BMC, he spent much time positioning the product in this way through its brand. The brand was positioned to be the only safe choice to make, but the name was not changed as change was unneeded. It was also priced so that customers could buy on an a la carte basis for modest increments or on a prix fixe basis for a complete turnkey product. In the energy business also, while more difficult, this is still the objective. When energy deregulation started, Houston Industries, the third largest combination utility was faced with the fact that it provided services well beyond Houston, and that, although its name implied it, it manufactured nothing. Thus it rebranded itself as Reliant Energy very successfully. This brand was used in consumer and B2B markets equally.
The challenge which use of branding faces is to add perceived value to the product. Instead of merely “steel” a company such as Mittal Steel has to be perceived as providing some added value to the buyer. In each market, this may be different. The most extreme situations are when a product or service is “clearly” a commodity. One of the most obvious commodities is rigid metal packaging, aka, cans! Yet,
can manufacturers have succeeded in differentiating themselves on the basis of service, technological innovation, and end-user sensitivity. Often, adding service to product can add perceived value.
In B2B companies it should be far easier to measure and control the value of a brand. Usually, there is a direct connection to the customer. CRM systems, if well managed (another story), can identify them, and allow the company to understand the meaning of the brand, and the difference it makes to the price realized vs. an unbranded alternative. The sum of these differences is the effective Brand Value. Knowing all the levers to pull makes is possible to enhance it in far more direct ways than for a consumer brand.
In short, we have seen that in B2B markets, a brand can go even further in adding value to a product or service than in a consumer market.
Max Brand Equity works with corporations, turnaround managers, and private equity firms to understand and maximize the value of their brands – often the most valuable part of a business.
Article | November 20, 2020
What is OTT (over-the-top) marketing, and how is it molding the world? Why are marketers over-enthusiastic about executing it? Find out the ultimate guidance regarding OTT marketing.
There are several ways to receive a prodigious response for your business. Those are creative, technical, or economic methods that help grow your audience, find new leads, and so on. In the time of the pandemic, people cannot partake in outdoor activities the way they used to do. They are forced to be inside, and their medium of education, entertainment, or being aware is entirely different. One of the fastest-growing sectors is OTT which plays a significant role in making people's life entertaining and enthusiastic. It decreases the strain and gives them relaxation from their hectic life. Its market is currently valued at more than USD 101.42 billion, reaching approximately USD 223.7 billion by 2026.
Let’s have a look at OTT, OTT marketing in 2021, and the complete information about it, which makes it substantial.
OTT is a medium of providing television and film content over the internet. Nowadays, nearly everybody is streaming TV through OTT. There are various popular video streaming platforms like; Netflix, Amazon Prime, Disney plus, Hotstar, etc. The video, music, podcast, and audio quality has been revamped remarkably by the OTT adoption.
What is OTT Marketing?
OTT advertising is the conveyance of promotions through online video streaming. This incorporates associated TV publicizing (or CTV promoting), which runs video advertisement interferences, banner ads, sponsored content, and more.
Here are some survey reports that state how OTT marketing is booming.
A report by Conviva, a streaming media research firm, informs that video streaming grew by 20% in March across the globe, which included a high 26% increase in the U.S.
In the OTT Video segment, the number of users is expected to amount to 300 million users by 2025.
The average revenue per user (ARPU) in the OTT video segment is projected to amount to US$275.49 in 2021.
User penetration will be 83.7% in 2021 and is expected to hit 88.1% by 2025.
The largest segment is OTT video advertising, with a market volume of US$40,641 million in 2021.
How OTT Marketing is Different From Traditional T.V Marketing
TV advertising has been everywhere for a long time. It has been a prevalent medium for marketers to allocate their advertisement financial plan. Nonetheless, it has been changing drastically for as far back as a couple of years with a huge shift from traditional cable TVs to over-the-top (OTT) devices like smart TVs, phones, tablets, and many streaming sticks (Roku, Amazon Fire, Google Chromecast, AppleTV).Those are Internet-connected and can download videos from content delivery networks (CDN) and ads from online ad servers. The rise of online video utilization makes a massive inventory for video advertising.
However, focusing on alternatives was still exceptionally restricted and fundamental. Focusing at the individual level was unheard of. Many, if not all, viewers frequently watched similar advertisements on TV, paying little attention to their inclinations or interests. The viewers should turn on their TVs to a specified channel at a specific time to watch content and accompanying commercials. The advertisers could pick the station, program, and time based on ratings and audience data provided by a few significant research firms. This choice interaction had a few connections to the target audience hence;, it was not exact or quantifiable. There were a ton of evaluations, projections, and expectations for return on investment (ROI). The objective was essential to arrive at the majority, fundamentally whoever had their TV on. The location and engagement activities of viewers were not known or reported. These limits gave advanced OTT advertising numerous benefits.
Marketing Funnel for OTT Streaming Services
To be successful in OTT marketing strategy, it is essential to comprehend the buyer’s journey and to understand this; we need to focus on OTT marketing funnel that assists in visualizing where the buyer is from, how he became your user, and when he showed his experience into your brand. The funnel is divided into three parts:
TOFU (Top of the funnel)
MOFU (Middle of the funnel)
BOFU (Bottom of the funnel)
TOFU (Top of the funnel)-This is the first step where the user gets aware of your brand or services. You will find many leads, but it doesn’t mean that they will certainly buy from you. They are at the first stage, where they are figuring out their problems by doing research. Therefore, don’t come with too much information to resolve their issues. They will become annoyed therefore; you have to provide specific & concrete information to your leads.
MOFU (Middle of the funnel)-Once a lead passes, its first step enters the second step of funnel called middle of the funnel, where your leads express their interest towards your brand or services and consider using your product.
BOFU (Bottom of the funnel)-Finally, your leads entered the third step of the marketing funnel, where they decide to be your customer. In this stage, the content you are providing should be persuasive and readily available.
OTT Marketing Platforms
There are various dominant OTT streaming providers growing unstoppably. Netflix, Xumo, Starz, Sling, HBO, ESPN, Hulu, Showtime, Amazon Prime, Fubo, etc. are some of them.
Why Is OTT Marketing Booming?
Marketers are enthusiastic about OTT advertising because advertisement directly reaches viewers through streaming devices and services. They experience these ads on their devices like; connected TV, Smart TV, Laptop, etc.
OTT focuses on niche audiences, and when marketers run ads on OTT platforms, it automatically gives you those target audiences. So. marketers don’t need to cater broad audience unlike, traditional T.V broadcasting. Instead, ads are shown to your specific audience interested in your brand; therefore, it minimizes your ad spend.
OTT Marketing Strategy
2021 has changed the way of marketing entirely, especially when you are looking for a specific audience. Modernizing your advertising has become the imperative footstep to woo your audience.
Here are some meaningful steps that have been mentioned which can make your business profitable.
Search engine optimization is the effective medium to be seen. With the help of SEO, you can be seen high when your viewers search for videos. Therefore, SEO Implementation is indispensable in this competitive advertising world.
Millions of people are using social media such as; Facebook, Instagram, Twitter, etc. Create your brand-specific pages and profiles and maintain daily posts to encourage your audience towards your services. In addition, you can approach your audience in a very innovative way by making polls & quizzes, interesting image-based posts, etc.
There is a considerable demand for memers across social media platforms. So, you can hire some famous memers to create engaging memes regarding one of your best video content.
Offers & promotions are always welcomed. It attracts audiences and raises their interest in your services. So approach them with attention-grabbing offers.
Display advertising is one of the best practices to persuade your target audience. In-display advertising, you should create some attractive, colorful graphical screen on the internet through logos, animations, videos, photographs, etc.
Users always try to find the website or landing page regarding your brand. If you are holding a website, you can easily convenience your niche audience to visit your uploaded content.
Push notifications have a 71% opt-in rate, an incredible opportunity to be adopted.
Email marketing is the result-oriented medium where your reach millions of people by saving your time.
Monitoring your analytics can give you the expected results. Numerous OTT platforms provide analytics. It helps to know about the ROI (return on investment) of your business.
OTT marketing is booming. It is now unstoppable. A study by Roku found viewers of streaming TV in the U.S. could exceed traditional pay-TV viewership in the next five years. The research predicts that 60 million families will watch content on their TV exclusively via streaming services by 2025, which would likely trump traditional TV viewership by then. It aids in providing personalized content for your niche audience. Most marketers are experiencing great ROI while investing in OTT.
Frequently Asked Questions
Q. What is over-the-top marketing?
Over-the-top advertising is advertising delivered directly to viewers over the internet through streaming video services.
Q. How to do marketing on the OTT platform?
Implementing memers marketing, push notification, SEO, affiliate marketing, and tracking analytics are the best sources to do advertising on OTT platforms.
Q. What are the benefits of over the top?
It quickly provides your audience with an unparalleled experience that enhances your lead generation and gives desirable results.
Q. What are the OTT marketing examples?
Display marketing, affiliate marketing, and social media marketing, are the best example of OTT marketing.
"name": "What is over-the-top marketing?",
"text": "Over-the-top advertising is advertising delivered directly to viewers over the internet through streaming video services."
"name": "How to do marketing on the OTT platform?",
"text": "Implementing memers marketing, push notification, SEO, affiliate marketing, and tracking analytics are the best sources to do advertising on OTT platforms."
"name": "What are the benefits of over the top?",
"text": "It quickly provides your audience with an unparalleled experience that enhances your lead generation and gives desirable results."
"name": "What are the OTT marketing examples?",
"text": "Display marketing, affiliate marketing, and social media marketing, are the best example of OTT marketing."
Article | November 20, 2020
B2B companies are exponentially growing as they experience a boost in sales as well as other advantages. As per the report of Forrester, There is immense growth has been noticed in the U.S. B2B businesses. As a result, B2B e-commerce transactions are forecasted to reach US$1.8 trillion by 2023.
But, some common mistakes create countless challenges or make business unsuccessful. Elevate your business with sustainable development by comprehending those repercussions and their solution holistically.
Lack of Innovative Approach
Innovation is the key to success in B2B marketing that makes you different from others. Unfortunately, many marketers don’t implement innovation in their marketing tactics. Your innovative designs, content, tactics, etc., will undoubtedly provide an unparalleled experience to your audience. Therefore, it is good to always come up with new ideas or discuss them with your team to understand other’s perspectives. It’ll help you realize the opportunities and the risks involved in it.
Use of Outdated Technology
Many B2B businesses are still utilizing outdated technologies. Those technologies diminish the speed of your success. Other businesses evolve their approach via adopting advanced technologies such as Artificial intelligence, programmatic advertising, machine learning, etc. These modern technologies help in enhancing users’ experience in every aspect and elevate your business.
Less Focused on Responsive designs
In B2B business, responsive designs are the utmost vital tactics. Responsive designs make your customers way easier to access information. People use various devices to visit your website. Therefore, it is essential to provide them positive experience. If they face challenges while accessing your site, they will undoubtedly look up to other ways. Therefore, make sure your site is available in responsive design.
Lack of Adequate Research
B2B companies require in-depth market research in every aspect. It consists of products or service demand, competitive analysis, successful platforms, promotions, statistics, demographics, consumers’ requirements, etc.
Evaluating Marketing Performance
Performance evaluation is an unavoidable step of marketing. You must evaluate your performance. Track your campaigns’ performance, channel performance, etc. It will help you find whether your approach was appropriate or not and compel you to rethink to get possible solutions.
KPIs or marketing performance metrics are highly advantageous in understanding company operations and objectives. In addition, it helps comprehend competitive analysis, market strength, and management systems.
Unnecessary Usage of Jargon
One of the most common mistakes in B2B marketing is the excessive usage of jargon. It will be best if you use simple and concise language to approach your audience. Using too much jargon will confuse them to understand the entire message you want to convey, as they will have to take extra effort to understand the jargon. As a result, they won’t be able to receive information thoroughly. Make sure you know the audience before starting writing for them. They are diverse therefore, you need a sophisticated and easy-to-understand language.
Trends are crucial in B2B marketing. They help in expanding the horizon of your approach and provide perpetual development. Unfortunately, many marketers don’t follow the trends. Trends make you up-to-date according to the transformation of customers’ requirements. You can accelerate your growth by knowing deep into trends and their implementation accurately.
Search Engine Optimization
SEO is an indispensable tool in B2B marketing. It enhances your Google visibility and brings more traffic to your site. Various companies utilize SEO for brand awareness, building solid relationships with customers. It also improves your content marketing skills and provides an authoritative approach. Furthermore, SEO helps the Google algorithm perform better, and scale your business to reach innumerable business outcomes.
Lack of High-Quality Content
Top-notch content plays a crucial role in making robust connections with customers and building brand recognition. In this technologically advanced world, customers require quality content. They expect informative and significant content from their favorite brands. Most marketers believe that content creation is of utmost importance. High-quality and engaging content can easily persuade the audience to experience a brand’s product or service. Providing quality content will make your audience stay with you for a long time. It also builds brand credibility and increases the possibility of generating more leads. Quality content assists in improving marketing strategies and provides sustainable development in every business aspect.
There are other essential standard practices, such as content mapping, blogging, etc., that can help you improve your marketing tactics and meet customers’ requirements.
B2B campaign fails due to lack of strategic approach. Above are some common mistakes you must avoid while creating campaign for B2B. These valuable tips can improve your tactics and provide sustainable development in B2B marketing.
Frequently Asked Questions
What are the best practices to scale B2B business?
Providing informative and persuasive content, enhancing communication with customers through various platforms, creating attractive and responsive websites, and adopting advanced technologies are the best practices to scale your business.
How to generate leads in B2B marketing?
Strong SEO, improving communication with customers, providing social proof to earn customers’ trust, providing personalized messages, and utilizing advanced lead generation software helps generate leads.
What are the essential components of the B2B website?
The essential components of a quality website are a concise message, relevant content, responsive designs, and SEO that make your website more authoritative and practical to enhance engagement and visibility.
"name": "What are the best practices to scale B2B business?",
"text": "Providing informative and persuasive content, enhancing communication with customers through various platforms, creating attractive and responsive websites, and adopting advanced technologies are the best practices to scale your business."
"name": "How to generate leads in B2B marketing?",
"text": "Strong SEO, improving communication with customers, providing social proof to earn customers’ trust, providing personalized messages, and utilizing advanced lead generation software helps generate leads."
"name": "What are the essential components of the B2B website?",
"text": "The essential components of a quality website are a concise message, relevant content, responsive designs, and SEO that make your website more authoritative and practical to enhance engagement and visibility."
Article | November 20, 2020
The depth of customer engagement depends, in large part, on how personalized the shopping experience is. If a customer feels like a brand knows them as an individual among thousands of other customers, they will purchase more from that brand, more often, and remain loyal.
The path to 1:1 marketing is paved with personalization, and while there are many personalization tools out on the market, it’s hard to understand which one(s) to pick. This can become particularly challenging when distracted by a shiny UI — though usability is, of course, vitally important to the marketing teams who desperately need personalization tools.