MAIN INSIGHT 23
Julia Nixon
HEAD OF MARKETING
How do you think B2B buyer attitudes have changed in the post-pandemic recovery period and what in your mind should organisations be doing differently to improve customer acquisition?
I think the pandemic certainly caused a digital transformation overnight for many people and many organisations. The ones that didn't have the infrastructure in place were left behind, and this highlighted the need for organisations to be more agile and adapt quickly to different circumstances.
Now, post-pandemic, I believe we have seen a shift in behaviour once more. Attitudes towards organisations have significantly changed and, in some instances, taken a step back to the more traditional methods of customer engagement. People are coming back around from being completely digital to actually craving human-to-human interaction. So, businesses have to work harder and smarter in customer acquisition today because there are multiple touch points to consider.
Whatever your strategy is, it has to be sustainable for the long term and it has to be flexible because people consume information in so many different ways today. Also, it's important to not overlook customer retention because ultimately, your customers are your advocates. Referrals and references hold a lot of weight, especially in digital marketing.
What role in customer acquisition do you think human beings will play in an increasingly digital buyer journey?
The answer to this question lies in knowing your type of industry and business and the customers within that. Personally, working in a B2B industry, I understand that my customers often require a lot of technical support and many of them prefer to have this in the form of a person who is available on site to help them understand their issues and come up with the right solution.
Right now, our world consists of emails, laptops, mobiles, messaging platforms and it's infiltrating our lives on a daily basis. Technology is designed to augment human interaction, not replace it. I'm sure we can all think of an instance when we've been faced with a digital chatbot, or a stream of FAQs when all we really wanted to do was talk to a human being. The bottom line is that human-to-human connection doesn't come from the screen and even the most digitally mature businesses still need humans to foster and leverage that technology.
The bottom line is that human-to-human connection doesn't come from the screen and even the most digitally mature businesses still need humans to foster and leverage that technology.
Understanding their purchasing behaviour and segmenting accounts into those who we can easily convert based on the data, enables us to tailor campaigns and messages that align both the sales and marketing teams, so that they deliver in an integrated way.
What tools/techniques are you currently using to select your target audience and what innovation do you anticipate in the coming months/years?
For me, this is about harnessing the data, understanding your ideal customer profile and talking their language. If they ask a question, then we have to answer that, whether it's through digital channels or face-to-face. Understanding their purchasing behaviour and segmenting accounts into those who we can easily convert based on the data, enables us to tailor campaigns and messages that align both the sales and marketing teams, so that they deliver in an integrated way.
Inbound marketing is fantastic for attracting an array of potential customers, but I think effectively you're casting a net and hoping to catch a fish. On the other hand, by incorporating the data and identifying target accounts using the ABM approach, essentially you've got a fishing rod to go after the right fish.
In the coming years, data will become more and more prevalent in attracting, converting and retaining customers, and AI will definitely play a big role in predictive modelling of behaviour. I also think B2B marketing and sales can take a lot of what is happening in the B2C world and apply it to their own marketing strategies. Augmented reality, as it matures, will be utilised across an increasing number of industries. One thing that businesses need to keep in mind is that if everyone is making decisions based on data that's influenced by trends, a lot of the decisions will be very similar. Therefore, certain human touch and individuality has to come into play there and that will be the differentiator ultimately.
How important is it to know the size of your addressable market and how confident are you that you have this knowledge?
For us, this is extremely important to understand, because it allows us to see the available market share, but also where we've saturated a particular market.
I am pretty confident in our market data, purely because 70% of our data is based on tenders and contracts. We have a really good data model which tracks our current share in a particular addressable market. This is a challenge for many businesses and getting started in this can be difficult. My advice is not to underestimate the importance of having a robust data model within the business and somebody who fully understands data architecture. You're going to be pulling lots of different sources of information and you want it all in one place to have that 360 view. Also, you need to validate the market data and market knowledge in some way, whether that's through your sales teams or customers, because people have to trust in it. For me, that's one of the most important things.
It took us a while to get that data into a position that we can play around with and understand it better. Now we're in a much better position, we're able to identify those key accounts, and the people that are potential customers that are linked to an account. This assists us in being able to tailor our messaging. Going forward, we will be a lot more targeted in our approach than what we have been previously. And that is purely because we've got much better data to work with this year.
For us, this is extremely important to understand, because it allows us to see where we can go after market share, but also where we've saturated a particular market.
The AVK Group is one of the leading manufacturers of valves and fittings within the water, gas, waste water and fire protection industries worldwide. Globally, the AVK Group has over 100 companies and has more than 4400 employees. Their product program comprises a large range of valves, hydrants, pipe fittings and accessories, each complying with the highest standards of safety and durability. Their focus is on the products designed and manufactured to the British Standards, however, the AVK Group today offers products in accordance with the most national and international standards.
