Response to McKinsey & Company’s: Building marketing and sales capabilities to beat the market
This spring, global management consulting firm, McKinsey & Company released ground breaking research showing that B2B (and especially industrial) companies with advanced sales and marketing capabilities consistently outgrow and outperform industry competition. Their 2015 study found that in those companies, revenue growth tended to be 30 percent higher for those equipped with advanced sales and marketing capabilities.
Referrals have long been the centerpiece of many industrial firms’ business models. Recent research showed that generating more referrals remains the top marketing initiative for professional services firms this year. But client referrals are no longer sufficient for firms looking to accelerate growth. While loyal clients will return and recommend your firm, buyers are increasingly turning online to research and identify the best firm to address their challenges.
In fact, in a new research study from the Hinge Research Institute, 81.5% of firms reported that they’ve received a referral from someone that was not a client. Why, then, did these individuals or organizations refer a firm they haven’t worked with? Because of that firm’s strong educational content and reputation and visibility in the marketplace.
Firms that are looking to generate more referrals need to rethink their traditional approaches to referral marketing and understand the three types of referrals. They need to refocus their strategies to meet today’s buyers where they search for information. Increasingly, that’s online.
Last week the 2015 Global Petroleum Show welcomed 50,000 registered attendees, and remained a popular destination even with the recent decline in oil prices. The Global Petroleum Show’s theme this year was – Reimagine. Reinvent. Reposition. – and offered a good reflection on the added pressures for companies to innovate and adapt in the current economy to stay ahead.
With 2015 GPS theme in mind, we’ve created a list of things that your company can do to Reimagine, Reinvent and Reposition your sales and marketing strategy to adapt to the current market.
Orchestrating a successful trade show for industrial companies can be a difficult task. Trade show attendance requires a significant amount of time and resources, not to mention the competition may be only a few steps away…literally! As an industrial company, you may make the initial introduction to potential customers during the trade show, but chances are you won’t close the deal while you’re there. With impressions and visitor traffic to your trade show booth untracked and unmeasured, ROI for attending a trade show may be minimal and limited to brand awareness.
So what can you do to leave your trade show visitors reminiscing about your special offers and distinctive products and services enough for an encore?
It’s that time of year again… With the 2015 Global Petroleum Show just around the corner, and more than 60,000 expected attendees, there are a lot of potential new leads to close! Exhibitors have spent weeks getting their booths just right, ordering swag, and prepping their staff.
With all the time you’ve put in to getting ready, have you thought about how you’ll actually generate a return on investment when the show is over? If the answer is no, don’t worry, we’re here to help! We’ve put together a quick guide to help you get your sales and marketing ‘trade show ready’, and close more deals when the show is over.