If you run a business-to-business (or B2B) financial services company, there are some marketing tactics that differ from those used by business-to-consumer (or B2C) companies.
If you want to grow and sustain your business, you need a targeted approach that’s tailored to your prospective professional clients.
Not sure why you haven’t seen results from your B2B financial services marketing plan? This blog lists three common mistakes to avoid (and what to do instead).
Mistake #1: Not Understanding Your Clients
Many B2B marketers mistakenly create marketing materials that aren’t relevant to their target audience.
An accountant reading a blog post about accounting software doesn’t need to read three paragraphs explaining what accounting is. They want to get to the list of software solutions so they can evaluate the pros and cons and make an informed decision for their firm.
What happens when a marketer spends the first half of a blog post defining terms that professionals are well-versed in or sharing irrelevant details?
They’ll likely cause the reader to get bored and click away from their content. They’ll also lose an opportunity to collect contact information and connect to a potential client.
What to Do Instead
Get very clear about who makes up your audience.
What kinds of professionals are you trying to sell your financial services to? What is their role in the company? What are their specific pain points, and how can you solve them? What kinds of questions are they trying to answer?
The more specific you get, the easier it is to create compelling content people truly want to consume.
Understanding the client’s position in the marketing funnel is also essential. Have they just learned about your services, or are they further down and starting to compare you to your competitors?
Consider their location so you can share more relevant and valuable messages.
Mistake #2: Not Aligning Marketing and Sales
At many B2B companies, the marketing and sales teams act as entirely separate units that rarely — if ever — interact. This common but serious mistake can hold you back from growing your business and attracting more clients.
Ideally, B2B marketers will educate and raise awareness about the buyer’s problems and the company’s solutions. When it’s done right, B2B marketing speeds up the sales process and shortens the sales cycle.
These results can’t happen (or, at least, they can’t happen as often) when marketing and sales teams aren’t aligned and don’t communicate consistently.
What to Do Instead
B2B sales and marketing teams should be working together to bring in new clients and close more deals. Here are some specific strategies they can use to make this happen:
- Create and share detailed customer profiles
- Develop and communicate a thorough lead-qualifying process
- Create a service level agreement (SLA), so marketing and sales team members understand and agree on what’s expected from each group
- Collect data and monitor results regularly
B2B sales and marketing teams should also host regular meetings to check in and monitor progress.
These meetings encourage accountability and transparency. They also ensure everyone is on the same page and working together to produce better results for the entire company.
Mistake #3: Talking Too Much About Your Brand
Many B2B marketers spend way too much time talking about their business, the benefits of their products or services, and their expertise in the field.
There’s nothing wrong with writing a blog post or recording a video showing what makes your financial services business great. However, if you only highlight these things, you might struggle to generate new leads and convert them to paying clients.
What to Do Instead
Remember that potential clients want to know what’s in it for them if they partner with you. They want to understand how your financial services business can help them grow their business, serve their clients, and achieve their goals.
It doesn’t matter if you’re drafting a blog or creating an infographic for Instagram. Always ask yourself what the prospective client will get out of it.
For example, let’s say you’re talking about your new software solution. Don’t just rattle off a list of features. Explain how each component can benefit your target client and make their job easier.
By putting the client first, you help them understand what your business has to offer and why they should invest in your services.
Improve Your B2B Financial Services Marketing Strategy Today
If you’re not taking time to understand your clients, don’t align sales and marketing, or talk too much about your brand, you may struggle to see significant results from your B2B financial services marketing strategy.
Luckily, it’s not too late to turn things around and start improving your outcomes.
Follow the steps discussed above so you can avoid common mistakes, improve your approach to B2B marketing, and reach more potential clients. If you need more guidance, contact fintech content today!