B2B brands allocate an average of 10% of their revenue to marketing. For well-established brands with a sizeable amount of disposable revenue that could amount to thousands. But for small-to-medium businesses, 10% of profits might not be enough to utilize the marketing strategies that typically work so well in the B2C and B2B industry, like SEO, for example. Luckily, some tactics work well for B2B brands and are low investment and high returns. Let’s explore these big marketing strategies that B2B brands can utilize without breaking the bank.
Loyalty Marketing
Loyalty marketing is an excellent strategy that works well and is a relatively low investment because it’s a spending-based reward system. Buyers are only rewarded once they spend or refer to another buyer. Therefore, it’s a high ROI marketing strategy that works. A B2B customer loyalty programme is also a tool for drawing in new buyers – 73% of them agree that they favor brands that offer a reward program, and 43% will spend more on brands they’re loyal to and brands that are loyal to them.
With a 60-70% chance of selling to existing buyers rather than new ones and the bonus of referrals that will bring in even more revenue, loyalty marketing should be high on the list of small business marketing strategies.
Email Marketing
Email marketing might seem a bit ancient in a world with the likes of the Metaverse and social media – social media being one of the most used platforms for marketing for B2B brands. Still, the target audience for B2B marketing strategies is different. 81% of B2B marketers say that email newsletters, for example, are their most used form of content marketing, and content marketing, in general, is one of the most popular marketing tools in a B2B marketer’s arsenal.
Why is it suitable for small B2B brands? It’s relatively inexpensive to generate and send an email. For every $1 spent, the ROI is $42. Plus, a brand is unlikely to spend more than $1 on creating and distributing an email. To make it easier to send out regular newsletters, brands can look at automation that’ll send out prewritten emails at specific points of the month. Automation is something 51% of B2B brands use to manage their email marketing campaigns.
The Metaverse And Beyond
Now, let’s get onto the mysterious metaverse and beyond. The metaverse is a relatively new concept that many brands are exploring as it explodes onto the market. Brands are starting to explore the metaverse by creating virtual extensions of their brand with stores, experiences, and even games.
What is the metaverse? It’s a collection of virtual 3D worlds that’s rapidly become popular. Small brands can jump on the metaverse hype by creating virtual showrooms, connecting with buyers in the virtual world, hosting meetings, and creating a multi-person immersive brand experience.
The metaverse is an exciting concept to explore – along with many other age-old B2B marketing strategies that work well. Small businesses can easily maximize these relatively low-cost marketing strategies that generate high ROI. It’s essential for small brands to find strategies that work from the off.
