The Rising Power of Information in Buyer-Side Companies
In the B2B sector, the buyer’s ability to gather information has significantly increased. This means that the decision-maker at the buyer’s company often leans towards a “buy” or “don’t buy” decision before even meeting with a salesperson. The key to influencing this decision? Early contact and relationship-building with the buyer. This early-stage engagement is crucial in the Japanese market, where trust and relationships are foundational to business dealings.
Challenges in B2B marketing are lead generation and lead nurturing
Warning: 48% of B2B Buyers Bored by Most Marketing They See Right Now
Lead generation and nurturing remain paramount challenges in B2B marketing. A staggering 48% of B2B buyers find most marketing efforts unengaging, highlighting the need for strategies that resonate more effectively with the target audience.
When you have no leads that might be your customers, you may be think of engage cold calls.
In fact, a recent survey found that connecting with a prospect now takes 18 or more phone calls, callback rates are below 1%, and only 24% of outbound sales emails are ever opened.
It’s being said that only 2% of cold calls lead to MTG appointments.
Both sellers and buyers consider word-of-mouth to be important information.
Let’s look at survey data on word-of-mouth communication in B2B business. The results of all the surveys naturally emphasize the importance of word-of-mouth communication.
92% of consumers trust recommendations from friends and family over all forms of advertising
Buyers place great trust in their professional networks. A recommendation from a trusted source vastly outweighs any direct marketing effort.
These surveys show B2B buyers tend to be very interested in meeting people via referrals and naturally emphasize the importance of word-of-mouth.
Concluding Thoughts and What’s Next
Referral marketing holds a significant place in the B2B marketing toolbox, especially in Japan. Its ability to build trust, generate high-quality leads, and overcome the challenges of traditional marketing methods makes it an indispensable strategy.
In this article, we explained the importance of referral marketing in B2B businesses. In our next article, we will dive deeper into implementing a successful B2B referral marketing strategy, specifically tailored for the unique landscape of the Japanese market.
nirik 
