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📊 Featured Benchmark Data (from Benchmark Groups)
Median performance in July 2023:
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💡 Trends & Insights (from Reports & Surveys)
As a good marketer, my answer is “it depends” 🫡
If you pressed me to give a definitive answer, I would’ve said “no”. But that was before looking at the benchmark data (which is why we look at data).
Joking aside, it obviously depends on where your audience hangs out and pays attention. If they’re on Instagram, it’s worth your consideration. In general, if your audience is spending their attention somewhere, it’s worth thinking about how you can be there too, in a way where you bring them value and share content they actually want to consume.
But I definitely wouldn’t have thought the ROI would be there for B2B companies. There’s just so much noise. And people are there to relax and dive into entertainment, hobbies, or personal life in a way they aren’t on other platforms.
Why would they follow or pay any mind to a B2B business page, let alone visit their profile?
But the data really surprised me. If you read the benchmarks above, you’ll see that in August, the average (median) B2B business page got 200 profile visits, and reached 4.7k users.
That’s incredible. And it made our content team ask, “Should more B2B companies invest in Instagram?” If you ignored it before, is it time to revisit it?
To get all the answers, you’ll want to read the full article. But as always…
Here are some of the insights:
📈 Drive Predictable Performance (from Metrics & Chill)
Driving predictable, consistent demand for your service or product is crucial. Recently I had someone on the podcast who helps clients do just that.
John Short is the CEO of Compound Growth Marketing, a firm that specializes in helping B2B companies create sustainable growth. In that interview, he was generous enough to share the framework they use to drive predictable growth for clients.
It’s called the “Predictable Demand System”: a framework he developed to help clients leverage their time, energy, and money in the most efficient way possible to acquire new customers.
Here’s an overview of how it works…
First, they look at the customer’s CRM and analyze the data: customer lifetime value (CLV), funnel performance, deal velocity, and more. From here, they’ll augment any missing data using a tool like ZoomInfo or Clearbit.
Once the database is clean and accurate, they’ll work to identify that client’s “best” customers. To do this, they’ll look at two key metrics: 1) deal velocity, which deals progress through the sales pipeline and close the fastest, and 2) the value of the client, primarily measured in Customer Lifetime Value (CLV) or average contract value (ACV) depending on the stage and maturity of the client.
From here, they can look at firmographic/quantitative data, and notice trends that may help narrow or refine the client’s ICP.
These are mostly criteria like company size, industry, or revenue size. But they may also include things like a certain software or a certain number of integrations “best” customers are using. And if it’s available, John will also supplement this with qualitative insights pulled from sales recordings.
Next, they start to apply a lead scoring system, giving a higher score for leads that show intent (raising their hands to talk to sales) and ICP-fit.
Finally, they can identify what’s working best, and what opportunities there are to help the client attract more of their best customer. For example, they might see that a specific marketing channel drove 80% of leads with the highest lead score, which means they should invest more heavily in that channel.
They’ll also build out a buyer journey to identify additional places where they can get in front of that best customer. Usually, this is a mix of LinkedIn, programmatic advertising, SEO, email, and a few other channels.
John views all prospects as fitting into one of four phases:
John recommends going through this process annually, to continue to refine your targeting and ICP and adjust your demand strategy as needed.
If you want to hear all the details of how this framework works so you can apply it to your own company, listen to the full episode.
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