So we all know spray-and-pray, hit-and-hope marketing isn’t working any more. We all know that there are means within our reach to change our marketing practices, results and reputations for good. We may not yet know that Behaviour Based Marketing (BBM), using the very latest predictive analytics, AI and machine learning techniques will increase typical digital ad CTR by x6 (from 0.06% to 0.38%), boost average MQL to sales pipeline conversion by x3.5 (from 10% to 35%), and cut time and effort by a huge 66%. But once you take your first BBM steps, you see the difference immediately.
The reason BBM is so effective is its ability to accurately spot, and take action on those elusive intent-to-buy signals exhibited by the tiny and equally elusive 2-5% of your audience who are actively seeking to make a purchase here and now. BBM helps you target this active audience with pinpoint accuracy, create hyper-relevant messaging, and in real time.
So what’s holding you back?
In our experience there are 5 main barriers to BBM adoption amongst today’s marketers, so we’ve compiled a list to help you recognise them, and then take steps towards overcoming them.
- Fear of the unknown
For many, change implies risk, and with risk comes fear! Fear of unknown, uncharted territory can prevent many organisations from making essential changes, or at the very least, it can slow down decision making.
- Risk-averse leaders
A move away from volume-based mass-marketing to behaviour-driven, qualitative marketing means better qualified, but fewer leads. You’ll need to manage the expectations of a leadership team who still expect the same volume and pipeline as before.
- Drowning by Data
More data has been created in the past two years than in the entire previous history of the human race - and by the year 2020, about 1.7 megabytes of new information will be created every second for every human being on the planet. Marketers are increasingly challenged to identify the data that’s relevant, make sense of it and turn it into meaningful actions.
- Ever more complex buyer journeys
Most buying journeys at least start online and can switch across many different channels over time. A typical B2B buying journey includes an average 9 marketing interactions and 6 calls or conversations. But outside of those, prospects both known and unknown, could be researching your brand or service without you ever being aware. All of this makes it difficult to target, personalise and attribute what works and what doesn’t.
The DemandGen 2018 B2B buyers research report claims that majority of online research, which forms part of a buying journey takes place within the first 3-months. This suggests it is vital that your business can not only spot relevant buying journeys, but also find the customers within the early buying research stages. Otherwise, you run the risk of not being part of their journey or end up purely being benchmarked on price.
- Ever more complex technology
You know what you need to do, but your technology and operations aren’t up to the job. Add to that the sheer number and variety of new technologies designed to help you, and it can feel like you’re in a minefield of bewilderment. How do you build the right stack, manage it, scale it? How do you knit it all together and still extract the data you need?
A minefield indeed. And as if those barriers weren’t enough, there’s more for you to deal with: ever diminishing returns from traditional, volume based marketing; a new breed of lean, hungry digital-born competitors who seem to be able to do everything faster, better and cheaper; and an ever-widening divide between sales and marketing in a world where collaboration is key.
The barriers may seem many and insurmountable. But there is in fact a way.
Where volume-based mass marketing is speculative, inefficient and indiscriminate, Behaviour Based Marketing is all about Right time, Right people, Right message. You can make sense of all your available data; you can identify the prospects who are ready to buy. You can even target them with laser precision and in real time, with messaging that you know will engage and convert, and you can nurture, track and measure every step of the journey.