Benjamin Engel
Benjamin Y. Engel is the president and founder of Trending Up. His past experience includes the co-ownership and presidency of an overhead door, loading dock and window distributer, and portfolio company management and financial modeling with a private equity fund focused on buyouts and providing growth capital to small business and low middle market companies. He is a lifelong learner, lover of music, and coach to his kids and other business professionals, especially entrepreneurs. Benjamin is also a focused volunteer, focused on promoting, organizing and assisting with work that furthers entrepreneurship, financial literacy and homeownership in the Milwaukee community.
Earlier this week, I wrote about why inbound marketing works for manufacturing. I walked through the buyer’s journey, from discovery, to consideration, to making a decision about a solution for a problem they’re facing. In the case of manufacturing, the buyer always feels an acute need for the solution prior to purchasing; buying a huge piece of machinery is not a week-long decision. The process could take months, with input from many other decision-makers in the company.
Once a potential solution has been identified, the buyer is ready to talk to a sales professional at your manufacturing business. Here’s how a sales team enabled through inbound succeeds more often.
Marketing for manufacturing companies is not an easy job. Traditional marketing methods focuses on the seller - what you have in stock, what you need to move, what’s been popular most recently, and where you think the buyers ought to be. While that method may work for some companies, manufacturing companies are a different case.
High-value publications and ebooks are (or, should be) the bread-and-butter of an inbound sales strategy for your B2B business. Not sure why? From a prospect's point of view, you're empowering them - the buyer - to learn more about your solution or product in a low-pressure way, while they research and educate themselves (read more about this inbound method for manufacturing marketing).
From your sales point of view, you're gathering information about the prospect's interests and pain points based on what they download, as well as receiving their contact information and more for additional communication.
As a CEO, you have a specific way of looking at your company’s success. You see the big picture: where you are, where you’re going, and how you need to get there. That view hinges on the ability to look at each facet of your business and see the value it brings to your company’s bottom line. A data-centric inbound marketing strategy can give you the data you’ve been looking for from your marketing investments.
As a business leader for a B2B company, you have responsibilities company-wide: caring for your employees, making sure customers are happy, ensuring that sales are up and losses are down, and possibly most importantly, working toward a high return on all investments. In your budget, marketing most likely has one of the highest-cost line items - but it should also have one of the highest returns. Contrary to popular belief, you can have faith in your marketing department's ability to produce high, measurable returns on your investments through a successful marketing strategy.
But how do you know if it’s working?
Marketing attribution: the quest for information and data that allows marketers to pinpoint the assisting marketing messages, formats, and channels that lead a purchasing customer to their buying decision.
To optimize your marketing investment to get the best return possible, attribution is a priority. It’s the ability to analyze the data you have to differentiate how marketing techniques affect the sales cycle, which allows you to choose how to optimize across silos to improve the end result: your bottom line.
One of the biggest frustrations I hear from business leaders and CEOs about marketing is the inability to draw a direct line from any one marketing line item to a lead or closed sale. Part of the reason for this frustration is because, in the past, it’s been really difficult for marketing to do this with traditional marketing methods. The other part is that there is a lack of transparency between marketing and sales, so tracking and closed-loop reporting have been all but nonexistent.