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#007: A big revenue opportunity marketers are missing in 2023

G’day you B2B folks! 

Huge news from Kevin and I… we’re LIVE on YOUTUBE

That means you can WATCH The B2B Playbook each week. We’ve spiced it up with multicam, visuals and other little things to keep you watching. 

Check out our YouTube channel and subscribe here.

Today we’re talking about smart revenue opportunities for 2023, why you need to speak to the other 97% of the market, and more.

You should be able to read today’s issue in 5 minutes or less.

💡 3 B2B Strategy Tips

1) Upselling is a huge opportunity in 2023: As pockets are getting a little tighter, the usual 3% of the market that is ready to buy now continues to shrink. There’s increasing levels of scrutiny on marketing spend – but you still need to grow. Our solution? Look to your existing customers and identify opportunities to upsell to them. It’s 5-25 times cheaper than acquiring a new customer. 

This requires a personalised approach, but it shouldn’t just be left to Customer Success or Sales. Marketing have the ability (and we believe responsibility) to help make an impact here.

Kev and I give you our 5 step process for making more $$$ out of your existing accounts in Episode 75 of The B2B Playbook podcast

2) Stop making up stories about your Dream Customers: I used to dive into Google Analytics reports, and create stories in my own head about customers. And then use ad spend to validate it. The result: lots of wild guesses, and lots of wasted ad spend.

But then I conducted my first customer interview, and something wild happened:

– I asked a question about she’d like to know
– She told me what information she’d like to learn about

– I asked a question about where she likes to learn online

– She told me she likes to learn on LinkedIn, YouTube

– I asked a question about who influencers her
– She gave me a list of people she follows and groups she is in

Please – save yourself the time, budget and pain – and go and talk to your customers. It’s amazing what they’ll tell you.

3) Dedicate 20% of your time & resources to demand creation: You need to pay attention to the other 97% of the market who isn’t in ‘buy mode’ right now. Only competing amongst the 3% who are ready to buy NOW is expensive, and a race to the bottom in a price and feature war. To scale, you need to look beyond it. 

That’s why we recommend B2B companies spend some of their time and budget CREATING demand, not just CAPTURING those who are ready to buy right now. 

Creating demand is hard to figure out yourself – so Kevin and I showed you how you can get started with limited time and budget on Episode 53

We’ve also given you the strategy, tools & templates to get started when you’re ready.

✏️ Doodle of the Week

Upselling is a huge opportunity in 2023 for more revenue, and marketing absolutely should be involved!

📖 3 Articles and Resources

1) How to analyse your pipeline and opportunities to improve itIs marketing making an impact on your pipeline? We show you how to examine it, and then different activities you can do to impact it. So you can take more responsibility and control, work closer with your sales team and actually have bottomline impact with your day to day marketing activities.

2) Thought leadership isn’t enough: Thought leadership is table stakes. You need to go beyond it if you want to dominate your category. To get started, you need to create a two way conversation. We show you how. 

3) The difference between marketing strategy and tactics: There’s a key difference between marketing strategy and marketing tactics. Conflating the two means you normally ignore one of them (drastically impacting your marketing efforts).

Thanks for reading!

P.S. Don’t forget to subscribe to The B2B Playbook podcast.

Strategy, Templates & Tools To Drive More Revenue With Marketing

Our 5 BEs Framework teaches b2b marketers exactly how to drive more revenue with your marketing.

We share our Framework step-by-step every week on The B2B Playbook.

There’s 3 ways you can learn and implement it in your own business:

  1. Listen to The B2B Playbook Podcast
  2. Subscribe to our Newsletter
  3. Apply for The B2B Incubator

(P.S. The B2B Incubator gives you strategy, templates and tools you need to implement this in your business over 12 weeks. Click here to find out more or apply now).

I'm George, and I'm an embarrassingly passionate B2B marketer.

But it wasn't always that way. When I first got into B2B marketing, I actually found it so confusing. There was conflicting advice - and I kept pursuing the promise of "the one thing" that would work - with varying success.

With my own agency and working in-house, I tested different strategies and tactics to see:
(a) which ones could be done by a small marketing team
(b) which ones actually resulted in REVENUE for the business

We then turned the stuff that works into one cohesive strategy that I follow when I consult with B2B clients.

It's called our 5 BEs Framework.

And now we're dedicated to sharing it, right here, on The B2B Playbook.

We're giving away our 5 BEs Framework step-by-step, and creating the resource I wish I had when I first fell in love with B2B marketing.

When I say step-by-step - I mean it! Start the podcast at Episode 1, and work your way through.

If that sounds like too much, we give you the strategy, templates & tools in our 12 week program - The B2B Incubator.

Check it out here:

I'm also extremely active and share much of our framework on LinkedIn - so please feel free to connect with me there and say hi!

Further reading