Organizational outlook in the B2B industry has shifted from “How can I address this problem?” to “Who should I trust to solve this problem for me?” This shift in mindset is the very essence of nearbound marketing, which relies on trusted networks to generate demand.
With customer referrals contributing to 54% of leads in B2B business, the power of recommendations from a trusted network cannot be overlooked.
Nearbound marketing is the sacred middle path to marketing with inbound and outbound strategies as its extremities. Outbound and inbound marketing apply the “how” approach to explore, identify, and reach prospects. Nearbound, on the other hand, takes the “who” approach to identify the right partnerships that can lead them to high-quality prospects.
According to a Salesforce State of Sales Report, trust is a crucial factor for buyers in making a purchase decision. Buyers seek “trusted advisors,” a requirement that sales staff are unable to meet. As per the same Report, 86% of buyers are more likely to make a purchase when they feel their needs are being understood. But 59% of buyers state that a majority of sales reps do not invest the time essential to understand their goals.
Nearbound marketing addresses these needs of buyers to trust and to be understood. Prospects trust a trusted source (your partners) to understand their problems and recommend a solution/ company that is best suited to their needs.
Nearbound marketing combines the best aspects of inbound and outbound approach, which makes it more effective. In inbound marketing, companies attract relevant and prioritized audiences inwards with personalized content-based strategies. The aim here is to cultivate relationships by building trust through personalized on-demand content.
In outbound method, companies reach out to a larger audience with unsolicited communications. The aim is to draw interested prospects from a mass audience and convert them into leads.
With nearbound marketing, marketers still cast a net as in outbound strategy, but only to a trusted ecosystem. This ecosystem comprises partners such as suppliers, influencers, and companies with which you and your prospects are already connected. By leveraging the trust factor that your prospects have with your ecosystem, nearbound marketing helps you realize your marketing goals.
Some vital nearbound marketing benefits that businesses cannot ignore, include:
As leads are sourced by your ecosystem, these leads are anything but random. They are prospects actively seeking solutions and are aware of your brand through trusted recommendations. The likelihood of them converting is therefore higher.
This benefit is derived directly from nearbound’s ability to generate strong leads. Nearbound marketing saves the cost and resources demanded by initial brand awareness creation and engagement process. With customer acquisition costs being a major cost-center, companies can benefit from marketing strategies that reduce such costs significantly.
A short sales cycle happens when prospects convert quickly, progressing through the funnel, to become valued customers. Leads gathered through nearbound marketing are near conversion as they already know about your brand through your ecosystem. The need for the initial outreach and engagement is no longer present. This trust motivates prospects to take the next best actions swiftly, which cuts down the time for conversions across the sales funnel.
Establishing trust and lengthy deal cycles are major challenges for businesses, according to a recent sales report. Nearbound marketing empowers marketers by helping them overcome these key challenges while delivering desired results.
With 77% of B2B buyers detailing their last purchase as difficult or complex, devising buyer-centric purchase journeys becomes imperative (Statistic source: via Finances Online). Nearbound marketing eases the way for B2B businesses to create happier buyer experiences.
As buyers approach you based on trusted referrals, they are happy to interact with your brand and know about your solutions. If the relationship progresses and results in deal closure, then the likelihood of these buyers staying loyal is also more.
Businesses can further make the journey easier for buyers by preparing ahead to deliver valuable interactions at every touch point. While nearbound marketing offers leverage, willingness to help is key to gaining a sale closure and a loyal buyer.
Nearbound marketing results in stronger relationships among all parties involved. Prospects interested in your solutions, happy prospects that converted into customers, and partners within the ecosystem, are all placed in a win-win situation. The powerful benefits accrued across the spectrum strengthen all relationships involved, leading to successful long-term collaborations.
When you approach your prospects through connections they already trust, the action automatically inspires trust in them for your brand. When further interactions turn satisfactory, the relationship becomes a game-changer for your brand and the prospect-turned-customer. You earn a loyal customer while your customer earns a trusted partner to solve its problems.
This overall beneficial equation also adds a dimension to your relationship with your partners in your ecosystem. You are inspired to collaborate more for continued successes.
With sales reps getting just 5% of a buyer’s time, engendering faith in prospects is a Herculean task. With nearbound marketing, you get to leverage your existing asset – your partners and their influence.
Trust is a vital factor in the B2B industry as purchases are of high stakes. Recent statistics show that the duration of a sales cycle has increased by more than 50% (Source: Via Forbes). This development can turn purchase journeys even more complex for buyers and become a strategic weakness that your competitors can exploit.
Nearbound marketing helps you with its innate ability to draw on your partnerships. With trust at its core, this strategy positions you for successful sale closures, buyer relationships and collaborations.
Whether you are just starting with nearbound strategy or are already implementing it, strengthen your strategy with FinalFunnel’s data management and hyper-targeted solutions. Our tech stack, data-drawn intelligence, and data-driven strategies, position your nearbound process for greater success.
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