Marketing isn’t working. Well, not the spray-and-pray, hit-and-hope variety. Even the recently fashionable programmatic marketing is leaving marketers disillusioned. For while these methods may be reaching large audiences, in many cases, those audiences aren’t relevant, aren’t interested, and certainly aren’t showing any intent to buy. In fact, at any given time, only 2-5% of any given audience is actively seeking to make a purchase.
New buying behaviours, technologies, customer choices, competitors and new and ever-tightening regulations mean that marketers in 2018 are facing a collective challenge like never before, seeing fewer and fewer returns from their volume-based, mass-marketing, despite more and more effort and spend. Mass-marketing is speculative, inefficient and indiscriminate.
Time to kick the Hopium Habit
Now is the time to stop relying on hope and move to the tightly targeted, behaviour-driven, qualitative approach of Behaviour Based Marketing, or BBM.
Behaviour Based Marketing is about Right people, Right time, Right message. It provides the insights that highlight active, intent-to-buy signals with pinpoint accuracy, and in real time, meaning you can find those precise prospects who are looking to buy the products or services you offer. Right here, right now. BBM finds the needle in the haystack.
Here are your 6 steps to effective BBM
- Adopt a tiered approach
It’s important to adopt a tiered approach to help define your total addressable market based upon current or future value to your business and levels of engagement. The idea is to dedicate the majority of your marketing and sales resources to the audiences and contacts who are most likely to engage.
- Create a framework to optimise and scale
With a structured approach, you’ll learn where to optimise your efforts, where to cut ineffective activity and how to more quickly identify those most likely to buy. It’s a model you can scale and expand across all of your campaigns.
- Identify your buyers
Here’s where you research and map the actions, influence and behaviours of the entire decision making unit for every customer. This way, you’ll be able to build a deeper understanding of your DMUs and the individuals within them, and begin to create personas. From here you can build a list of business topics and keywords associated with the various DMU roles and different buying stages, and target the right people when those topics are trending.
- Identify your active market
BBM allows you to target those precise individuals – that tiny 2-5% of your audience who are showing current, active buying signals. It works using a Context-Timing-Relevance approach. Context helps you ensure the accuracy of the signals you pick up - distinguishing positive from negative, determining influence, revealing intent, and more. Timing is about gathering insights in real time and reacting to buying signals as soon as you spot them. Together, Context and Timing helps you prioritise targets, so you can tailor your approach and messaging, giving it Relevance.
- Build your keyword strategy
A keyword strategy is crucial when it comes to identifying intent. Build your keywords according to the relevant behaviour topics for each stage of the buying cycle as follows.
- Awareness - keywords should reflect customer needs and pain points
- Consideration - include keywords relevant to solving their challenges
- Decision - include the names of your products and your competitors
- Get personal
According to the Cyance/B2B Marketing survey, over three quarters (76%) of marketers rate the ability to personalise marketing messages is ‘important’ or ‘very important’, and today you can go far beyond simply using names, job titles and companies in your creative and copy. With BBM technology you can personalise right down to what each prospect is interested in, who they are talking to about it and why. In real time. Right here and now. So why wouldn’t you?
In a nutshell, effective BBM uses predictive analytics, AI and machine learning to make sense of all available data; filter out noise; identify – in real time - the prospects with intent to buy; target them with laser precision; determine the messaging that will engage and convert them, and nurture and track every stage of the journey. And proven results show this isn’t just theory.
BBM gets proven results
From click through to conversion, Behaviour Based Marketing beats volume-based on every metric. Digital ad CTR is up from the B2B average of 0.06% to 0.38%; MQL to sales pipeline leaps from just 10% to 35%, and time and effort spent achieving those results is down by an impressive 66%. And when leads are qualified with the level of insight that BBM can provide, sales colleagues will be hungry for them. Their perception of the marketing function will change for good, and Hopium will be a thing of the distant past.