As a passionate advocate for advancing business communication, I've always had an eye for discerning strategies that significantly boost market share growth in the B2B landscape before they become mainstream. In today's newsletter, I'm going to share insights from the recent global B2B Pulse survey by McKinsey & Company, which has shone a light on how some companies are effectively combining these strategies to attain more than 10% annual market share growth.
Embracing Digital Excellence: Unpredictability has become a norm in the economic sphere, but what makes companies thrive amidst this uncertainty is a robust omnichannel experience. As the survey reveals, B2B decision-makers have pivoted towards organizations that provide seamless digital experiences. The top players have effectively harnessed the power of advanced sales technology, hybrid sales teams, hyper-personalization, tailored third-party marketplace strategies, and e-commerce excellence. An early engagement with customers through social media, mobile devices, and text messaging has proven particularly successful.
E-Commerce Ascendancy: B2B e-commerce has proven itself to be the most effective sales channel, surpassing in-person sales, video conferencing, email, and telephone calls. Companies that have leveraged digital self-serve channels and comprehensive e-commerce offerings have seen exceptional growth. Notably, nearly half of the winning companies have a presence on industry-specific marketplaces, outperforming their peers who are losing share.
The Power of Hybrid Sales Teams: Hybrid sales models, which combine in-person and remote customer engagement, are another major lever for growth. This hybrid model isn't just for large corporations; small and midsize companies have also reported significant market share gains with this approach.
Hyperpersonalization is the Key: As the era of generic marketing fades, the winning companies are reaping the rewards of hyper-personalization, offering tailored messages to individual decision-makers based on their unique needs, behaviors, and interactions. Sophisticated technologies, analytics, and predictive insights are being leveraged to deliver personalized offerings on a one-to-one basis.
The Multiplier Effect: By incorporating all these strategies, companies have successfully achieved the 'multiplier effect' – an impressive 10% or more growth in market share. This approach suggests that a holistic digital sales and marketing strategy is critical for outperforming the competition.
To apply these insights and make your mark in 2023, three core actions are recommended:
Adopt an all-in channel approach: Omnichannel excellence is not a luxury; it's a necessity. A winning strategy encompasses in-person to hybrid, inside sales, digital self-serve, and marketplaces.
Invest in innovative and practical technologies: Embrace predictive technology to prioritize leads, automate integrated marketing and sales routines, and drive one-to-one personalization.
Strive for flawless execution and seamless orchestration: As more channels bring more complexity, orchestrating a seamless B2B buying experience is paramount.
In this rapidly evolving business landscape, understanding and implementing these winning strategies is key to joining the league of market share winners in the future.
As we navigate this dynamic digital era, it's evident that one size does not fit all. The path to success varies from one company to the next, with unique needs, capabilities, and markets shaping each journey. I encourage anyone seeking to elevate their digital marketing presence to reach out and engage in a meaningful conversation. As a dedicated guide in the realm of B2B marketing and communication, I'd be delighted to help you identify the best strategies and tactics that align with your objectives. By tailoring the approach that resonates with your brand, we can together unlock the 'multiplier effect' to propel your market share growth and outshine in the competitive B2B landscape.
If you'd like to book a time to chat about your objectives, feel free to do so at a time most convenient for you here.
The Moving Forward Newsletter is a bi-weekly advice column by Kim Peterson Stone, the CEO of Linkability.us where we give you a peek behind the curtains into what it takes to put together campaigns that help you grow your business and career on LinkedIn and in Real Life.
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