In speaking with telecom and IT companies on a daily basis, we have noticed some common misconceptions about marketing – usually from companies with limited to no internal marketing staff. The fact is that the buying process has changed, and marketing has taken on a much bigger role in the sales process. Here are 11 common IT and telecom marketing myths.
Myth #1: Content does not work for attracting technology buyers
With the way the B2B buying process has changed, engaging and helpful content is needed at every stage of the buyer’s journey. According to a report by Demand Gen released in 2018, 49% of B2B buyers said they now rely more on content to research and make purchasing decisions. 66% agreed that companies should make it easier to access their content.
Myth #2: My company is too small to consider marketing
Every company, no matter the size, should be marketing. You have to start somewhere, even if it is just a couple of monthly blogs and newsletter. Consistent, fresh, search-optimized, and engaging content will help you stand out and keep you in front of your existing client base as well.
Myth #3: My company gets by on word of mouth and referrals
Your business may generate a sustainable amount of leads on word of mouth and referrals, which is great. But if you are relying solely on word of mouth, then you are leaving a lot of money on the table.
In 2018, marketing should be a part of your growth plan. According to a recent article published by NewsCred Insights, “Content marketing is an investment; it takes dedicated time and resources to create and distribute compelling content at a regular cadence. When done correctly, content marketing can drive huge ROI.”
Myth #4: It is too difficult to measure ROI on marketing efforts
With all of the reporting, tracking, and analytics tools available to marketers today, measuring ROI is not as difficult as it used to be. Here at Mojo, we provide our clients with a monthly report of KPIs that are important to them. That way they can tie ROI and other metrics back to their marketing efforts.
Myth #5: I don’t need marketing, I have a strong client base
New companies are born every day and your current clients are in constant danger of being poached. Marketing to your current client base is just as important as it is to market to prospective clients. If you are not staying in front of them and educating them, they are more likely to go elsewhere.
Myth #6: I am fine treating my website as a brochure
Many people let their website collect dust because they treat it as a customer-facing brochure. If your website is set up and optimized correctly, it can build trust and work as an additional salesperson to convert web traffic into your sales funnel.
Myth #7: I already have a website, and I don’t need to update it
Your website should be treated as a living, breathing sales engine. You should always be adding valuable content and it should be updated regularly. A design refresh should be considered once a year in order to stay current and build trust
Myth #8: I don’t have enough budget for marketing
Every business should be setting aside a certain percentage of revenue for marketing. The U.S. Small Business Administration recommends spending 7-8% of gross revenue on marketing and advertising for businesses that do less than $5 million a year in sales and have net profit margins — after all expenses — in the 10-12% range.
Myth #9: Social media is not effective for IT and telecom businesses
This is a common misconception because often, if people are not liking or commenting on content, it is assumed that there is no interest. For example, Facebook is consistently our top referrer of web traffic here at Mojo, typically yielding twice the amount of traffic as other networks – even though on the surface, it looks like no one is engaging. A recent statistic shared by HubSpot stated that 74% of people say they use Facebook for professional purposes.
LinkedIn is also a great place to start with social media marketing, as it is the most widely used social network among telecom and IT professionals. It is important to market through multiple social channels to gain traction. A recent study by the International Data Corporation said 75% of B2B buyers and 84% of C-level or VP-level executives use social media to make purchasing decisions.
Myth #10: We already invested in telecom marketing and didn’t see results
When people say this, it is usually because they had tried one or two tactics or campaigns and then decided to give up. With the way that the buyer’s journey has changed, no one marketing tactic can be expected to be successful on its own. It is important to have a comprehensive marketing plan that combines different tools and tactics.
Myth #11: I don’t have the time or know how to create a comprehensive marketing plan
You don’t have to do it all yourself. If internal resources or know-how are issues for your company, this is where a telecom marketing agency can come into play. Here at Mojo, we exclusively help telecom and IT businesses with their marketing plans, from creation to implementation.
The buying process has changed. If you do not adapt and align your sales with marketing, then you are going to get left behind. Have questions about where to start? Contact us today. We would love to help!