How to Boost B2B Profitability with Conversion Marketing

Many businesses tend to allocate efforts towards sales activities that provide limited value. Pursuing ineffective leads, making cold calls, and producing content that misses the mark can often be confused for productive work. However, there's a more efficient approach to marketing and selling. This strategy reduces advertising expenditure, liberates sales representatives, and yields a significantly higher return on marketing investment. What is that approach? Conversion marketing.

Chapter 1 What is conversion marketing?

In marketing, “conversion” is the process of changing a target’s status, typically from “prospect” to “customer.” A “conversion rate” measures how effective a business is in changing that status.

If, out of every 10 people who visit your site, 2 click the ‘Buy Now’ button, you have a conversion rate of 20% [2 conversions ÷ 10 visitors * 100 = 20%].

Conversion is a useful way to describe not just sales but any action a prospect takes on your site:

Submitting a contact form
Subscribing to a newsletter
Registering in a forum or community
Clicking an ad or link
Downloading a whitepaper or ebook
Sharing your content on social media

Two Types of Conversion

Hard: Traditional types of conversion such as phone calls, contact submissions, or trial sign ups. Hard conversions express clear intent.
Soft: Farther away from the purchase, these conversions include newsletter sign ups, seminar registrations, and social shares. Soft conversions express interest.

Ideally, each aspect of a marketing strategy will be designed to drive some form of action such as sharing, subscribing, downloading, purchasing, etc. Measuring a business’ ability to convert is the best way to determine whether the marketing department is accomplishing its intent. Without intent and measurement, even the best marketing will function as little more than an overpriced digital business card.

That’s conversion. What’s conversion marketing?

In essence, conversion marketing is a subset of online marketing that aims to increase conversion rates through systematic optimisation. What constitutes a desirable conversion rate? That will always depend on the industry, market segment, and a number of other factors. Regardless, conversion marketing always aims to meet and exceed the industry benchmark.

By shifting the focus from the company to its prospects, conversion marketing puts you in a position to understand target audience more fully and to tailor content that actually resonates. Conversion marketing…

earns trust by alleviating pain. o enhances the user’s experience.
boosts customer engagement.
increases the quantity and quality of leads.
brings in more revenue. o maximizes ROI.

B2B marketing expenditures are steadily increasing, often without a measurable impact. Conversion marketing creates a connection between marketing spend and market results, allowing for the systematic optimization of marketing activities and a steady increase in market impact.

Paolo Gatti,Director, Customer Transformation, PwC Switzerland

Chapter 2 The B2B sales funnel

Companies go wrong when they conflate “conversion” with the point of sale. As mentioned, there are a number of conversions that typically happen on an individual’s journey from prospect to customer. The most effective marketers will plot out those conversions in a logical progression and strategically clear the path for prospects to move effortlessly from one to the next.

Enter the B2B Sales Funnel.

For conversion marketing, the sales funnel is essential. In plotting the path from awareness to action, the conversion funnel operates as a strategic framework to facilitate both acquisition and retention. The funnel empowers businesses to take a data-driven, customer-focused approach to conversion marketing, leading to higher conversion rates and long-term business success.

B2B and B2C funnels differ in a number of ways that will be outlined below. Nevertheless, any sales funnel can be divided into three broad phases: top, middle, and bottom. In this section, we’ll briefly describe each phase along with the distinct stages within. In the next, we will sketch strategic considerations to help you move prospects effectively from the top to the bottom, respective from the early stages to the late stages.

At the initial phase of the funnel lies the awareness stage, representing the broadest segment where a diverse audience is engaged. Prospective clients enter this funnel through multiple channels, including content marketing, social media, search engine optimization (SEO), and advertising. In a B2B environment, this “broad” audience is generally narrower than B2C in that it targets particular businesses, industries, and specialized needs. B2B marketing focuses on identifying complex challenges and offering specific solutions instead of personal or emotional appeals.

Not every contact advances further down the funnel, but for those who do, they transition from awareness to the interest stage. In this phase, prospects demonstrate interest in offerings, often evidenced by actions such as newsletter subscriptions or resource downloads.

A well-optimized funnel seamlessly guides prospects from interest to consideration stage. Here, prospects actively contemplate products or services, engaging in evaluations, comparisons with competitors, and seeking additional details. To facilitate progression, case studies, demonstrations, and free trials prove instrumental.

Within B2B funnels, prospects tend to linger longer in the consideration stage compared to their B2C counterparts. The buying cycle extends as buyers demand more comprehensive information, conduct in-depth research, engage in specialized consultations, and may seek product demonstrations.

A well-optimized funnel seamlessly guides prospects to the consideration stage. Here, prospects actively contemplate your products or services, engaging in evaluations, comparisons with competitors, and seeking additional details. To facilitate progression through the funnel, case studies, demonstrations, and free trials prove instrumental.

At the bottom of the funnel lies the decision and purchase stages. While these two stages often merge together in B2C funnels, they must be distinguished in a B2B environment. The former involves negotiations, proposals, legal considerations, and contract writing. Even though the buyer has made a positive decision, the deal is not yet closed and shouldn’t be taken for granted.

At the purchase stage, the buyer finally signs on the proverbial dotted line and enters a possible long-term business relationship. This is why this moment should not be seen as the end of the funnel so much as the transition to a new stage: retention and advocacy.

The relationship doesn't end once the buyer has consummated their purchase. It's essential to maintain customer satisfaction by providing excellent support and nurturing relationships. Satisfied B2B customers don’t just provide ongoing revenue; they become advocates who then fill your funnel with new prospects. Just as in B2C businesses, brand reputation matters.

Given that B2B sales typically involve multiple decision-makers and intricate evaluation criteria, they necessitate more detailed specifications and analyses than B2C funnels. An effective B2B funnel tailors its content in the consideration stage to persuade not only the end-user but also the various stakeholders responsible for endorsing the purchasing decision.

Chapter 3 Possible Goals and Campaigns for each Funnel Stage

For conversion marketing to be effective, marketers must tailor their strategy to where their prospects are in the funnel and what they need to hear. Custom goals and channel selection will help businesses deliver the right message to the right audience at the right time, ultimately converting them from one level of engagement to the next, moving them down the funnel.

Moving Beyond Lead Scoring: Lead scoring ranks leads based on their relevance and importance to a company. In the B2B context, simple scoring is not enough. A 360-degree profile instead enables marketers and sales teams to engage prospects in real-time. This approach requires a collaborative and strategic focus on people, processes, and technology. Customer data platforms (CDPs) can play an invaluable role in this endeavour.

Goal: Introduce your business to a broad audience within your industry or niche.

Possible Campaigns/Channels: Develop organic awareness through a search-optimised site and content marketing—including blogs, white papers, and industry reports. Augment your organic campaign with paid ads and sponsored content on LinkedIn and other relevant social channels.

Goal: Differentiate your business by highlighting your unique value proposition and demonstrating what prospects will gain by working with you vs. what they will lose otherwise.

Possible Campaigns/Channels: Capture interest by trading higher-value content (case studies, webinars, product demos) for contact information (email and/or phone number). Cultivate interest by dripping additional content via social media and email as part of a strategic campaign.

Goal: Remove all friction from the purchasing decision, convert your prospect, onboard them smoothly, and provide a path to and incentives for advocacy.

Campaigns/Channels: Clear emotional hurdles by way of customer testimonials. Answer specific questions about implementation through private consultations. Give prospects a nudge with coupons and discounts. Motivate advocacy by offering additional discounts and empowering new customers with easy opportunities to share via email and social media.

Chapter 4 Conversion marketing strategy

A well-crafted strategy is the key to boosting conversion in digital marketing. Businesses will need to continuously design scalable and sustainable campaigns for each phase of the B2B conversion funnel. To achieve this for your own business, complete the following 6 steps:

Plan: Start with clear, well-defined goals for your campaign, focusing on the specific outcomes you want to achieve in the context of your overall marketing objectives. Ensure your conversion marketing strategy is seamlessly integrated across all channels. Consistency in messaging and branding will help to reinforce your value proposition and build trust with your audience.
Campaign planning workshop (CPW): Develop a detailed campaign plan and roadmap that includes a timeline, key milestones, and specific responsibilities. Ensure alignment—internally across sales and marketing and externally with your prospects’ and their particular needs at each stage in the conversion funnel.
Refine: Regularly conduct refinement meetings with your team to assess progress and make data-driven adjustments. Don't be afraid to pivot if you see that certain elements are not working as expected.
Produce: Prioritise quality and consistency in content production. Ensure that your messaging aligns with your campaign goals and resonates with your target audience. Publish content across relevant channels at the right times, always with the intention of moving prospects through the funnel.
Optimise: Set up a comprehensive dashboard to track key performance indicators (KPIs) in real-time, including conversion and click-through rates, as well as customer engagement metrics. Use these insights to optimise your campaign. A successful conversion strategy involves continuous testing and iteration. Experiment with different messaging, visuals, and calls to action (CTAs). A/B testing can help identify what resonates most so that you can refine your approach accordingly.
Debrief: After the campaign concludes, conduct a thorough debriefing session. Document key learnings and takeaways to inform future campaigns. Always strive for continuous improvement.

How do you now integrate multiple campaigns into one comprehensive strategy? We recommend the "hum-sing-shout" approach:

Hum - This is your "always-on" content. It includes resources shared from external sources, topical short-form content, and quick-hit marketing commentary. This maintains your online presence and keeps your audience engaged.
Sing - Unlike the low-key, always-on humming, campaign-based content occurs less frequently but follows a regular schedule. This content is tailored to pique your audience's passions and interests, drawing them in for deeper engagement.
Shout - These are your big, resource-intensive campaigns that occur even less frequently than your singing content. Shout campaigns can involve hosting major events, webinars, or product launches. They create a significant buzz and drive substantial engagement.

It takes skill, experience, and careful attention to prospects’ behaviour and engagement to balance these three elements. Customers will learn to tune out a chronic shouter. But, at the same time, a never-ending hum will never stand out in a noisy marketplace. Balance is key.

Chapter 5 Conclusion: how PwC can help

An effective conversion marketing strategy, as outlined in our six-step approach, weaves conversion considerations seamlessly into every aspect of your campaign. At PwC, our expertise extends beyond crafting effective campaign strategies; we specialize in creating funnels that convert seamlessly from top to bottom. Our comprehensive approach aligns with the principles of conversion marketing, ensuring that every campaign resonates, engages, and ultimately converts.

To find out more about how we can help you develop a comprehensive conversion marketing strategy that minimizes ad spend and maximizes return on investment, contact us today.

Contact us

Paolo Gatti

Director, Customer Transformation, PwC Switzerland

+41 79 369 16 14

Email

Simon Peukert

Associate, Customer Transformation, PwC Switzerland

+41 78 670 69 92

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