MarketStar Blog

Introduction

The past couple of years, there's been a remarkable shift in how companies perceive and prioritize their customers, evolving from a mere transactional relationship to a full-blown commitment to being “customer-obsessed”. And this is true across any landscape, customer success included. From being a mere support function to being recognized as a strategic pillar for business growth, this domain has undergone quite the transformation. Gone are the days when customer interactions were merely part of a routine; the current landscape champions the art of cultivating lasting relationships. 

Introduction

Picture this: the business world, a bustling marketplace where every player is on a quest for growth. In the midst of this hustle and bustle, the partner channel takes center stage, a network of collaborations and alliances that can make or break a company's trajectory.

A Forbes survey on corporate executives and video usage revealed that 75% of all executives claimed watching work-related videos on business websites at least once a week, and more than 50% claimed that YouTube was the most popular video search engine used to watch those videos. As the dependence on video content increases for corporate executives, it has become imperative for B2B marketers to apportion a sizeable budget to video marketing initiatives.  

We understand that jumping onto the video marketing bandwagon can be a daunting task, and we are here to ease the transition by providing some actionable tips on elements that make up a successful video marketing plan. If you have in fact already started your video marketing campaigns, this check-list will help you determine if any aspects are missing from your plan.  

Here are the most important aspects of a video marketing plan: 

Who wouldn’t want to be in the top three results of search engines and attract organic traffic in the form of qualified visitors to their website? But, unfortunately this is not always possible if you only rely on your search engine optimization (SEO) efforts only. To ensure that your website attracts a substantial amount of traffic at all times, it is important that along with SEO, you also devote resources to paid search ads.  

Event marketing is a tried and tested method for marketers to build brands, promote products, generate leads and enlighten customers. That said, successful event marketing is about maximizing event ROI. 

The old saying, “Build a better mousetrap and the world will beat a path to your door” was never more wrong than it is today. Gone are the days when you could build a great product and hope to have customers flock to you by sheer word of mouth. In this crowded marketplace, you need to find ways to put your product into the hands of users; the more the merrier. Channel partners could play a vital role here. 

The current B2B terrain is an ever-shifting labyrinth, and the onus is on us to adapt or get left behind. A strategy that has emerged as imperative to achieving this is the avenue of collaborative growth through partner channels. This approach not only enhances operational efficiency but also acts as a driving force for revenue growth, allowing us to generate increased returns.

Don’t just take our word for it.

Almost 60% of respondents in the "2023 Channel Partner Marketing Benchmark Survey" anticipated that partner-generated revenue would climb more than 10% this year, while just under a quarter predicted more than 20% gains. Partner channels can serve as gateways to new horizons, enabling businesses to tap into previously unexplored markets and access specialized resources.

This isn't just about broadening reach; it's about forging connections that redefine industry dynamics through mutual growth and innovation. As we navigate this blog, we delve deep into current trends, benefits, challenges, and the power of outsourcing within the realm of partner channels.

The Power of Collaboration: Advantages of Partner Channels

Crafting a partner channel program isn't merely a strategic maneuver; it's a pathway to accelerated growth. A McKinsey article forecasts that by 2025, numerous sectors will transform into expansive partner ecosystems, potentially fueling a $60 trillion economy. Beyond boosting sales and revenue, this approach expedites product time-to-market, harnessing established market channels and consumer demand.

This collaborative strategy widens reach and bolsters awareness, enabling businesses to penetrate new markets and tap into once-inaccessible customer segments. Notably, Zoom’s partner network drove 20% of its international business bookings. Moreover, partners' expertise enhances a company's capacity to navigate intricate terrain, leveraging their insights for more potent strategies.

Partner channels offer shared resources, granting access to tools, technologies, and capabilities otherwise challenging to attain. Leveraging a partner's established network provides a competitive edge, facilitating swift market entry and brand recognition. Ultimately, this translates into elevated customer satisfaction; as per the 2023 State of the Partner Ecosystem report, deals involving partners are 53% more likely to close.

Partner Channel Success: Emerging Trends and Insights

95% of Microsoft's commercial revenue comes through its partners. While partner channels present a potent avenue for growth, harnessing their full potential hinges on meticulous planning and execution. It's paramount to align with prevailing trends and strategies, enriching your comprehension and refining your strategic stance. Drawing from compelling data spotlighting the pivotal role of partnerships in achieving success, let's delve into current trends:

1. Elevate Enablement Programs: Bolstering partner capabilities through channel partner enablement programs takes center stage. This involves crafting a partner enablement strategy to provide partners with the tools, resources, and training necessary to effectively market, sell, and support products and services. By equipping them with vital skills, you empower them to thrive in today's competitive market.

2. Build Effective CPM Strategies: A growing trend is the use of robust Channel Partner Management (CPM) strategies. Clear communication, well-defined performance metrics, target setting, and partner contribution monitoring are essential for effective partner sales management. This streamlines partner performance tracking and supports partners in achieving their established goals.

3. Harness Channel Revenue Solutions: There is a growing recognition of the value of ROIs derived from partner channel revenue. Revenue enablement allows you to track partner-contributed sales, and related costs, margins, and metrics. You can glean profound insights into refining your channel revenue strategies, identifying high-performing partnerships, and optimizing resource allocation.

4. Cultivate Personalized Partnerships: Personalization extends beyond customer interactions; it's paramount in partner relationships too. Tailoring engagement models, integrating incentives, or fostering reward programs are avenues to explore. Recognizing partners' unique strengths and aligning with their objectives fosters profound engagement, robust connections, and mutual prosperity.

5. Expand Your Partner Ecosystem: At the forefront is the exponential expansion of partner ecosystems, transcending traditional boundaries. Enterprises are venturing into diverse partnerships, leveraging the cumulative expertise of networks for distinctive benefits. This strategic approach enables you to tap into new markets and opportunities efficiently and innovatively.

The Different Facets of Partner Channel: Navigating Challenges

While the allure of partner channels is undeniable, they come with their fair share of challenges. Statistics reveal that a staggering 60-65% of strategic partnerships falter, often due to issues as basic as miscommunication or misaligned objectives. Despite acknowledging the worth of partner channels, approximately 73% of marketers find their management a substantial challenge, primarily due to collaboration inefficiencies.

Protecting brand reputation is another pain point. Maintaining consistent messaging and quality among partners is crucial for how a brand is perceived and presented to the market. Ensuring accountability and engagement poses a hurdle, as keeping partners dedicated and actively involved in joint endeavors can be demanding. A previous Accenture study unveiled that 84% of channel leaders lack clear insight into their partners' opportunity pipelines. 

Key Takeaways

• 2022-23 marks the transition to a post-COVID situation powered by artificial intelligence and automation.

• B2B sales prospects are rapidly gaining ground thanks to sales outsourcing and the use of CRM applications.

• Lead generation is as crucial as managing existing customers through personalized design campaigns. 

• Content diversification combined with SEO optimization will continue to improve user experience. 

Introduction

Business analysts and entrepreneurs around the globe resonate with Darwin’s theory of biological evolution by natural selection.

They believe that, like a species, business development undergoes a gradual descent with modification to create long-term value. But how can business enterprises thrive without sales?

Businesses that sustained their operations even after the global pandemic relied heavily on technological innovation. Management consulting firms like McKinsey suggest that COVID-19 has indeed transformed B2B sales.

The introduction of remote human engagement has unarguably multiplied even after situations have improved.

This article discusses the top 10 sales trends that will define the evolving sales landscape.

10 Key Sales Trends to Look Out for in 2023

The new year brings an array of hope, especially for B2B sales prospects.

A shift to virtual or hybrid sales strategies suggests that automation and artificial intelligence tools play a major role in reshaping the sales scenario.

Below are some key B2B sales trends that will help exceed sales targets and quotas in 2023. 

1. AI Adoption

In 2023, AI adoption is expected to become a major trend in the sales industry.  

With the rapid advancement of technology, businesses are looking to automate repetitive tasks and improve their sales processes with the help of AI.  

AI-powered chatbots are becoming increasingly popular to interact with customers and generate leads, while machine learning algorithms are used to analyze customer data and predict future sales. Additionally, AI-enabled sales assistants are helping sales reps to identify and prioritize the best leads, and even automate some aspects of the sales process. 

Companies are making better sales decisions by using AI-powered tools like Nytro.ai to help train and assist sales reps in all aspects of their job, from initial training to ongoing skill development and make better sense of the collected data and leveraging the same to boost B2B sales performance. 

2. Outsourcing Sales

Experts believe that a lack of expertise in B2B sales causes a sharp fall in lead generation.

Many companies engage their account executives in cold calling which is not cost-efficient and can cause scalability issues. Yet numerous businesses often stumble upon a fundamental question – ‘Is sales outsourcing accountable?’

The post-pandemic business situation shows that companies can reap profits despite budget or resource constraints by simply outsourcing their sales processes.

Outsourcing enables your business to improve its sales prospects through symmetric communication and continuous evaluation. The primary objective of sales outsourcing is to identify the ideal product/market fit.

In other words, outsourcing helps businesses realign with their go-to-market strategy thereby prompting salespersons to focus on strategy making. Sales outsourcing guarantees the successful attraction of prospects through specialized sales enablement tools like CRM and sales intelligence software applications.

3. CRM Tools That Matter

What if an emerging business is told that it can handle customer data, automate sales processes, and promote inter-departmental collaboration all in a single platform?

An average business can boost productivity by approximately 34% using a Customer relationship management (CRM) platform.

Moreover, CRM platforms can reduce the sales cycle by 8-14% by making customer data more accessible. CRM platforms help businesses target the right customers, especially for B2B sales and present a bird’s eye view of the potential leads and prospects.

As of 2022, CRM tools have caused a 30% increase in lead conversions and established more sustainable relationships.

4. Boosting Sales Prospects Through a Personalized User Experience

Nothing boosts business revenue more than a positive customer experience.

The post-Covid B2B journey has been highly nonlinear and without a definite personalized approach, surviving this volatile and competitive market is practically impossible.

A personalized user experience can be an effective way to boost sales prospects.

By collecting data on customers and using it to tailor the user experience to their specific needs and preferences, businesses can increase customer engagement and loyalty. Personalization can take many forms, such as recommending products based on browsing history, offering personalized discounts, or providing personalized customer service.

In addition, personalization can also improve the overall user experience by making it more efficient and enjoyable for customers to find what they are looking for.

Personalization can be implemented through a variety of technologies, including machine learning and artificial intelligence. By providing a personalized customer experience, businesses can increase customer satisfaction and ultimately drive more sales. 

5. Automation 

Nobody could have ever imagined the emergence of an ‘autopilot’ mode in a vehicle before Tesla introduced one.

Automation in technology has led to a drastic reduction in human intervention and finds application in factories, aircraft, and even electronic networking. But can automation fit into your B2B sales process

Statistics show that more than 40% of leading sales leaders have utilized automation in their sales pipeline by successfully interpreting market data.

An analysis by McKinsey shows that automation can find applications in at least 30% of all sales activities. Experts consider automation to be the guiding star of sales pipeline management and sales tracking activities including forecasting and sales analysis. 

6. Lead-Nurturing 

Experts believe that businesses cannot succeed in raising enough brand awareness until they nurture their leads.

Lead nurturing can not only generate more sales but also minimize costs by up to 33% through automation and creating targeted campaigns. Moreover, it helps develop and retain relationships at each sales funnel stage.

Lead nurturing programs can increase brand awareness and increase click-through rates.

A common lead nurturing technique is to send personalized messages to potential customers and encourage them to interact with your business. This can result in a 23% fall in sales cycles and higher response rates.

Lead nurturing is crucial if you want to survive in a competitive market and not be among the 65% of marketers who miss out on potential opportunities. 

7. Content Diversification

Content diversification is becoming an increasingly important trend in sales as we move into 2023.

This approach involves creating and distributing a variety of different types of content across multiple channels and platforms, in order to reach a wider audience and engage with potential customers in different ways.

Some of the key types of content that businesses are using for diversification include videos, podcasts, blog posts, social media updates, e-books, and infographics.

By diversifying their content, businesses can appeal to different segments of their target market, increase their visibility and reach, and ultimately drive more sales.

Additionally, this trend also helps to ensure that businesses can adapt to the ever-changing consumer needs and behaviors, that they are constantly providing new, fresh and relevant content to their audience.

Overall, content diversification is quickly becoming a must-have strategy for businesses that want to remain competitive and see continued growth in the sales landscape.

8. Role of SEO

Search engines like Google use over 200 factors to determine the progress of your online content and simple techniques like targetting the right keywords, on-page optimizations, and more can improve your search ranking by leaps and bounds.  

Hubspot reports that intelligent SEO techniques can boost content marketing by 75%. Yet, staying ahead in the Google algorithm is not enough.  

Organic research drives more than 50% of website traffic, which can be converted into successful leads. Statistics show that more than 70% of all purchasing research happens online.  

Thus, a successful sales conversion requires an SEO-optimized content strategy that appeals to the audience and restores a company’s reputation. So, if you want organic traffic in 2023, focus on creating content that delivers value and is optimized for voice search along with adding visual imagery for increased engagement.

9. Adopting Trustworthy Selling Strategies

Statistics show that most sales teams spend 64% of their time doing non-selling tasks like training, traveling, or any other task that hinders their sales progress.

Moreover, you can lose up to 12% of your annual revenue as a result of making strategies with inaccurate data. Revamp your selling prospects this year by designing selling strategies that actually work!

Business experts from the University of Minnesota suggest that there are four major selling strategies that you can adopt.

A script-based strategy uses a standardized sales pitch while a needs-satisfaction based strategy identifies a potential problem and aims to make personalized sales pitch. You may also consider a consultative selling strategy that uses special expertise to solve a complex issue while a partnership-based strategy involves a collaborative effort between you and your potential client.

Choosing the right sales strategy generally begins with identifying an approach followed by handling and implementing the same depending on customer requirements.

10. Manage Your Existing Customers

While devising strategies to generate high-quality leads surely work in your favor, you always run the risk of losing your existing clients. Reaching out to your existing customers is a valuable resource that can improve your branding and generate more revenue this year.

Data reveals that there is a 5-20% chance of generating a new sales lead while the probability of catering to existing customers is about 60-70%. On average, the customer retention rate is generally below 20% for most businesses.

In short, existing customers help strengthen your base by saving valuable time spent on promotion and marketing. Put stress on design campaigns that maintain your existing customer relationships and outperform your competitors. Online interactions and exclusive offers specifically for existing customers further add to your cause.

Conclusion

‘Growth and comfort do not coexist.’

Hubspot reports that 40% of businesses failed to meet their sales goals during the pandemic.

An even higher number of them barely managed to continue operations after that. With a sharp decrease in consumer demand, sales budgets stiffened despite technology being a major disruptor.

Despite those negativities, 2023 shines brighter, especially for companies looking to revamp their sales prospects. Stop shoving deals that can backfire; adopt measures that are sustainable.

Key Takeaways

• AdTech and MarTech companies need to implement several business growth strategies in 2023

• To be successful in marketing and digital advertising, companies need to invest in AdTech and MarTech

• Artificial intelligence will play a key role in both AdTech and MarTech in the years to come

• AI will help businesses automate repetitive tasks, freeing up time for more strategic work

The advertising and marketing industries have been evolving rapidly in recent years.

With the rise of new technologies, the way businesses reach and engage with their target audiences has changed significantly. 

AdTech and MarTech companies continually look for new ways to reach and engage their target audiences. In 2023, there will be several new business growth strategies that these companies can use to stay ahead of the competition. 

Some of the most popular business growth strategies for AdTech and MarTech companies include using data to drive decision-making, investing in customer experience, and using AI and machine learning to automate processes.

To learn more about these business growth strategies, read on!

The Increasing Importance of AdTech & MarTech

AdTech has become increasingly important in the world of marketing and advertising of late. 

The growing popularity of digital advertising has made AdTech an essential tool for reaching and engaging consumers. 

AdTech allows marketers to target consumers more effectively, track the performance of their campaigns, and measure the ROI of their advertising spend. 

In other words, AdTech is essential for anyone who wants to be successful in digital advertising. Several different AdTech platforms and solutions are available, each with its own strengths and weaknesses.  

Choosing the right AdTech platform for your business can be challenging, but it’s worth taking the time to find the one that best suits your needs. 

As AdTech continues to grow in popularity, it is becoming increasingly important for companies to understand and invest in it. Those who don’t may find themselves at a competitive disadvantage. 

Marketing was essentially a manual process in the past. But with the advent of new technologies, marketing has become much more data-driven and scientific. As a result, MarTech has become an essential part of the marketing process. 

Many MarTech tools are available, from customer relationship management (CRM) software to marketing automation platforms. And as marketing continues to evolve, the importance of MarTech will only continue to grow. 

So if you’re a marketing professional, it’s essential to familiarise yourself with the world of MarTech. By doing so, you’ll be able to stay ahead of the curve in the marketing industry.

5 Effective Business Growth Strategies for 2023

As we move into the new year, it’s time to start thinking about your company’s growth strategy for 2023. 

And if you’re in the AdTech or MarTech industry, you’ll need to be prepared for the ever-changing advertising, marketing, and technology landscape. 

To help you get started, we’ve put together a list of AdTech and MarTech growth strategies. From new platforms to new strategies and trends, these are the things you’ll need to keep an eye on in the coming year. 

1. Zero-Party Data Gathering

In 2023, gathering zero-party data will become the norm for businesses and organizations across the globe. Zero-party data is data that an individual willingly and knowingly provides. This data is often used to improve customer experiences and target advertising. 

The rise of zero-party data gathering will be driven by the increasing need for businesses to personalize their products and services. 

In a world where customers can choose from various options, businesses must find ways to stand out from the competition. By gathering and using zero-party data, businesses can better understand their customers and provide them with a personalized customer experience.

2. Make Sure You’re on The Right Platforms

Advertising is constantly evolving, and new platforms are constantly emerging. 

To stay ahead of the game, you must ensure you’re advertising on the right platforms. Keep an eye on the latest trends and ensure you’re present on the platforms your target audience uses.

3. The Need to Become Video-First

Most companies today have started creating bite-sized videos, such as Instagram reels and TikTok videos. These help them increase engagement among millennials.

The average user spends about 88% more time on a website with video content and is 64% more likely to purchase a product after watching a video about it.

With these statistics in mind, it’s no wonder that so many companies are switching to becoming video-first.

By 2023, it is estimated that 80% of all internet traffic will be video traffic. If your company needs to produce video content, you must start doing so ASAP.

4. Artificial Intelligence in AdTech

In 2023, artificial intelligence (AI) will continue to play a significant role in the AdTech industry. 

With the help of AI, AdTech companies will be able to target ads more accurately, personalize the user experience, and track engagement. AI will also help improve ad campaigns’ efficiency, reducing the cost of advertising for businesses. 

With AI becoming more sophisticated, the future of the AdTech industry looks bright as it will continue to grow and evolve. We expect to see more AI-powered AdTech products and services in the coming years.

5. Artificial Intelligence in MarTech

In 2023, AI will be deeply embedded in MarTech. It will touch on every aspect of marketing, from customer segmentation and targeting to content creation and distribution.

AI will help marketers automate repetitive tasks, freeing time for more strategic work. It will also provide real-time insights that will help marketers make better decisions.

And, as AI gets better at understanding human behavior, it will become increasingly adept at creating personalized experiences that drive engagement and conversions.

Growth Awaits in 2023

The AdTech and MarTech industries are forecast to experience significant growth in 2023. 

Companies that want to take advantage of this growth should consider adopting key strategies, such as developing innovative products, expanding their customer base, and investing in new technologies. 

If you’re interested in learning more, fill out the form and let’s connect to help you grow your business today!

The way we sell today is being shaped by the evolving customer journey, technological advancements, and changes in customer behavior. Additionally, sales processes differ from one business to another, and so do the terminology and data management practices associated with them. At MarketStar, we fully comprehend these dynamics and possess the adaptability to align with and enhance our clients' processes through our proven and reliable practices. We bring our expertise to every task, seamlessly integrating our teams into our clients' organizations. However, occasionally we encounter minor inaccuracies that, despite their size, can significantly impact our efforts.