Strategic partnership and Referral

What is the most important stage of the digital funnel when acquiring new customers in B2B?

Surely I don’t need to explain what is a marketing funnel is: it is a series of steps in order to qualify a bigger audience and select the individulas who might be interested in our products / service and for our companies are the interested one.

The digital funnel operates bidirectionally, serving two primary functions for companies engaged in its implementation.

On one hand, it acts as a valuable tool for companies to gain deeper insights into their audience – understanding who they are, their interests, and their needs. Simultaneously, the digital funnel serves the purpose of elevating the understanding of “interested” individuals about the offered services and products. The goal is to gradually educate and nurture them to a level where, upon personal interaction, they are considered “warm” leads – individuals who have demonstrated sufficient interest and value in the product or service and are ready to progress towards the final stages of the purchasing journey, pending a successful interaction.

While ChatGPT defines a digital funnel as a guide for systematically attracting, engaging, and converting potential clients, it’s essential to clarify the nature of conversion in a B2B environment. The conversion, in this context, doesn’t happen within the digital funnel but is rather the result of a series of interactions between the company and the potential client. The conventional digital funnel serves as a preparatory pathway, pre-qualifying prospective customers and engaging all key stakeholders into the company’s sphere.

In the realm of B2B, where decision-making involves multiple stakeholders, it becomes imperative for the digital funnel to align with the comprehensive buying center. Addressing the diverse needs of each stakeholder in the purchasing process is integral to the effectiveness of the digital funnel. Therefore, the role of the digital funnel in my opinion is not just to guide prospects toward conversion but to tailor the journey in a manner that resonates with the unique requirements and concerns of each decision-maker within the buying center.

After this needed introduction about what is a digital funnel, let’s quickly introduce the four stages that we can distinguish that make a digital funnel for B2B interactions, from the most important one.

1. Referral
2. SEO / Visibility
3. Advertising
4. Social Media Channels

Each stage would need a chapter alone and today I am not covering them all.

Among these stages, the first and arguably most significant level is referral marketing, setting the foundation for success in the B2B landscape. Let’s deep dive into it.

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Level 1: Referral Marketing – The Power of strategic Partnerships

Referral marketing stands tall as the initial level of the B2B digital marketing funnel. In the start of each business-to-business interactions, trust and credibility are paramount.

Referral marketing leverages the power of satisfied clients becoming advocates for your brand, recommending your products or services to their industry peers. This peer-driven approach holds exceptional weight in the B2B space, where decisions are often influenced by personal relationships and trusted recommendations.

Recommendations can come from satisfied customers but they can also be the results of an effective and strategic alliances between different and not competitive companies, being one the katalysier of the other.

In a B2B context, referrals can be both formal and informal. Formal referral programs incentive existing clients or partners to recommend your business to others, creating a network of trusted endorsements. These referrals can open doors to new opportunities, partnerships, and collaborations, acting as a catalyst for organic growth. The authenticity and credibility embedded in referrals lay a solid foundation for future interactions, making this first level an indispensable element in the B2B digital marketing funnel.

Let’s delve into a hypothetical scenario to illustrate the dynamics of such a partnership.

Consider Company A, a trailblazer in the world of supply-chain software solutions tailored for retail stores. On the other side, there’s Company B, a powerhouse specializing in networking solutions, catering to the IT professionals overseeing the vast technological infrastructure of retail chains.

Now, on the surface, these companies may seem like they operate in separate spheres with minimal overlap. Company A’s focus is on optimizing supply-chain processes, while Company B excels in ensuring robust network management and web engineering. However, the magic happens when these two entities recognize the potential synergies between their offerings.

Picture this: an IT professional, immersed in the intricacies of network management, seldom delves into supply-chain considerations in their day-to-day tasks. Company B, cognizant of this reality, decides to bridge the gap. In a strategic move, they propose a collaboration with Company A, weaving a narrative that goes beyond mere product integration.

To entice their shared target audience, Company B suggests hosting a joint webinar. In this collaborative endeavor, the IT professionals would not only gain insights into optimizing network infrastructure but also explore the intricacies of supply-chain software solutions provided by Company A. As an added incentive, Company B sweetens the deal with exclusive “perks”– perhaps a gift card or specialized training, creating a personalized touch to the partnership.

Through this collaboration, both companies stand to gain. Company A gets an opportunity to showcase the complementary of their supply-chain solutions with Company B’s network expertise. Simultaneously, Company B strengthens its appeal by offering a more comprehensive package to their clients.

This hypothetical scenario illustrates how companies from different domains can join forces, creating a unified front that resonates with their shared target audience. Such collaborations not only expand the horizons for both companies but also exemplify the transformative power of partnerships that go beyond the surface-level offerings, creating a holistic value proposition for their customers. And all in all, they form the basics for a Referral program that is cost-efficient meanwhile highly effective.

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