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Welcome to the first issue of InTrends!
The whole idea of this newsletter is to save your time and offer you a summary of the latest marketing and growth hacks in one bi-weekly summary.
This newsletter is a lighter version of The Business Storyteller’s Playbook newsletter, where we include a larger variety of impactful trends, include interesting infographics, videos, success stories, and more free resources.
95% of B2B buyers rely on videos when making a decision
According to research by Brightcove, a video solution provider, 95% of b2b buyers surveyed reported that videos had a pivotal role in their purchasing decision. These findings match a study by Marketing Charts, a quantitative research company, where 58% of their surveyed subjects stated that videos are helpful when learning about a given product or a service. Furthermore, 40% said they use videos to learn how to solve a problem, and about 36% said they watch videos to better understand a problem they’re experiencing.
What types of videos do B2B buyers respond to?
Here are Marketing Charts’ findings:
- Product review 39%
- Demos 39%
- Tutorials 33%
- Live videos 31%
- Educational videos 30% (Yes, the difference between tutorials and educational videos is a bit arbitrary).
- Brand story 24%
- Industry trends 22%
- Customer testimonials 21%
- Leadership interviews 20%
- Ads 17%
Also, a whopping 81% prefer video over written content when learning how to use a product or a service.
Now what? Here’s a quick guide on optimizing your B2B videos
The 95-5 Rule
Did you know that 95% of your potential buyers aren’t ready to buy today, but are likely to buy your product sometime in the future? This is the 95-5 rule, which advises you to develop advertising campaigns that target your future buyers rather than current ones.
Not convinced?
Check out this article by Tyrona Heath, director at the B2B Institute at LinkedIn.
She compares the results of their own survey, where 96% of B2B marketers expect to see the main effect of their ad campaigns within 2 weeks, with research by Australia-based Ehrenberg-Bass Institute for Marketing Science which proves otherwise.
According to the institute, 80% of companies change banks every five years, 75% of surveyed businesses upgrade their computers once every four years, and even on a B2C level, 90% of consumers buy cars once every 10 years.
The take from the article?
Abandon the standard sales funnel when developing a campaign. Advertisement doesn’t work by moving people down the funnel, but rather by reaching buyers who aren’t even in the funnel yet.
“Your job as a marketer is to start linking your brand to relevant buying situations […]well before buyers enter the market, so when buyers do enter the market, your brand is the one that comes to mind. And if they don’t know your brand when they enter the market, then it’s already too late,” writes Heath.
Here’s what B2B content marketers are focused on
A report by the Content Marketing Institute, which is based on the replies of 800 private sector companies, shows that 62% of respondents believe SEO algorithm changes are a pivotal issue to address, while only 44% are concerned with shifts in social media algorithms.
The report is very rich in data to summarize it here, definitely worth downloading, but here are my top takes:
- Only 4% of surveyed companies view their content marketing as extremely successful, while 55% said not at all successful
- Only 42% of surveyees rely on content marketing to generate sales, the percentage increases to 57% in companies ranked as successful and drops to only 22% in companies that are ranked as least successful (ranking is based on financial performance)
- The majority of respondents will invest in video and events, with confirmation rates of 69% and 61%, respectively
- 51% agreed that over the last year it had become increasingly difficult to capture audiences’ attention. To combat that, many adjusted the tone of their marketing
- 75% of large companies outsource their content marketing, with the average dropping to about 50%
- 74% attribute the success of their content marketing to the value of information, while 59% believe it was the improvements they made to their website
Sustainability vs Middle East buying habits
A lot of ads are starting to use the term “sustainable” in the Middle East. The interesting point, at least for me, is that many of them never mentioned before how eco-friendly their products were. Is this a change based on a shirt in regional consumer behavior? Or are they simply following a new trend?
I did some digging and turns out that 53% of ME-based respondents said they always or very frequently buy eco-friendly or sustainable products when they shop in-store, well above the global average of 42%, according to PwC’s Global Consumer Insights Survey 2022 – Middle East findings
It’s important to note that Middle East figures are only based on 526 respondents, while the global average is based on 9,370 surveyees. That said, the region still scored higher in all environmentally-conscious decisions:
- 68% said they consider the strength of company values when making a buying decision, versus a global average of 53%
- 58% prefer to buy biodegradable and eco-friendly products, compared to the global average of 46%
- 58% choose retailers who support local communities, compared to 48% globally
- 64% go for companies that produce commodities with a traceable and transparent origin, versus a global average of 51%
The report has some other excellent insights into the preferences of Middle East buyers, here are my favorites:
- 57% will travel significant distances for a good discount, while only 32% will do the same for luxury products
- In-store shopping is still the more popular choice
- 65% of surveyees believe they have gone more digital in their consumer habits over the past six months ago
- 67% of respondents see themselves as more healthy in comparison with their lifestyle six months ago
Up your digital game – What to read?
- 8 irresistible call-to-action ideas
- How to create an effective Instagram bio?
- She shifted to an only-reels strategy and grew her audience by 75%
- Here’s when to send LinkedIn InMails, how long your message should be and how to improve your response rate
- Google is in the process of rolling out its core updates which will impact SEO and page rankings. Check their 25th of May statement.