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Owned Media and The Significance of Audience-Building
I am now on TikTok, and officially declaring myself as a “Creator”.
Hello. Hello. Happy Thursday (except for the people on the West Coast of America)!
I’m back with another action-filled episode of Fresh Salmon, your favorite B2B marketing newsletter. However, before we dive into today’s newsletter, I have an announcement to make.
I am now on TikTok, and officially declaring myself as a “Creator”. And yes, I have even updated my LinkedIn profile to say so :)
If you want to check out my TikTok videos, here is the link. Follow me there and show me some love. ❤️❤️
Now let’s dive in . . .
The Significance of Owned Media Cannot be Overstated
It's crystal clear that the tides of the marketing landscape are turning towards audience building, and I find it truly invigorating.In many ways, it feels like we're stepping back in time to an era before paid ads reigned supreme, rediscovering the art of nurturing audiences and fostering genuine brand affinity as the driving forces behind growth.As a seasoned marketer, I must admit that paid ads have served as a clever shortcut to outpace competitors and capture the attention of buyers at precisely the right moment.
However, we now find ourselves in a world that has grown wiser and more discerning. People have become increasingly skeptical of ads and hesitant to click on them. They grasp the implications and demand more before reaching into their wallets.The building of trust has emerged as an absolute prerequisite. And there's nothing more potent than cultivating an audience that genuinely resonates with your brand.Let's continue to embrace this paradigm shift.It's inspiring to witness professionals across the board recognizing the value of audience-centric strategies. By focusing on building authentic connections and trust, we can forge stronger bonds with our customers, drive sustainable growth, and make a lasting impact.As we navigate the ever-changing world, it's becoming increasingly evident that the focus is shifting toward audience building.
What are you doing to build an audience for your business?
Two Essential Actions to Take Today
70% of B2B buyers fully define their needs on their own before engaging with a sales representative.
Now, let that sink in for a moment.
This single piece of information has the potential to revolutionize your approach to the buyer's journey. So, grab a seat, lean in, and let's dive deep into the two crucial elements that can make or break your success.First and foremost, we need to acknowledge that the ability to gather all the necessary information about a product or solution online is now a prerequisite—a mere table stake in the B2B game.Gone are the days when buyers relied solely on sales reps to feed them every morsel of knowledge. In this digital era, B2B companies must embrace the idea of "ungating" their assets. What does that mean?
It means giving buyers unrestricted access to all the relevant information they need to make informed decisions.The second point that can make all the difference is the influence of external sources. We live in a world where peer recommendations, customer reviews, and vibrant online communities carry immense weight. It's no longer just about what you say; it's about how others perceive you.
B2B companies need to recognize these touchpoints and strategically position their information where it matters most.Think about it. When your buyers seek advice from peers, access public communities, or interact with satisfied customers, they should find your brand's information at every turn.
You want to be the guiding light that illuminates their path to a purchasing decision. By understanding these external touchpoints and leveraging them to your advantage, you position yourself as a trusted and influential presence throughout the buyer's journey.It's time to expand our horizons and look beyond our own assets. The buyer's journey is a vast landscape, and we need to explore every nook and cranny to truly connect with our prospects. This is how we win in the B2B game.
Including Seat Contraction and Scarce Expansion Revenue
I bumped into a clip from AllinPod and thought it had some great nuggets.
Did you know that Salesforce's CAC payback period skyrocketed from 2.5 years to an astonishing 10 years (155 months)?
This eye-opening trend, showcased in a video from December 2022, reflects a pattern that has emerged, making it brutal out there for everyone in tech.There's a key takeaway we can learn from David Sacks' insightful observation of the vicious cycle:
Layoffs → Seat Contraction → Sales Slowdown → Cost Cutting → Layoffs
In 2023, achieving growth of 2X is equivalent to accomplishing 3X in the previous year!However, it's crucial to bear in mind that expansion revenue will be scarce, and companies must also account for seat contraction. 📉Though the current landscape might seem tough, rest assured, it will get better. For now, the focus should be on running an efficient acquisition engine, ensuring every effort yields optimal results.As we navigate the challenges of the tech industry, implementing strategies that drive growth and profitability is essential. 💪✨
Interesting Thing That I Read This Week
Tweet That I Noticed This Week
What Do You Think?
This concludes this edition of Fresh Salmon.
I would like to hear what you thought of today's newsletter.
Cheers,
Vivek
PS. I love you ❤️