Latest News
How B2B Buyers Search for Tech Solutions
Information in today’s digital milieu has always been a double edged sword for sales and marketing. It works for you if you can control it. Information comes from your sales team, your website and your press releases. Outside that – it’s a free-for-all.
As we all know, the latter is the reality. What we often have to deal with is a highly-evolved B2B buyer, someone who’ve searched across several online platforms. And, according to The Digital Evolution in B2B Marketing, a 2014 research conducted by the Marketing Leadership Council of CEB (now known as Gartner) in partnership with Google, this person will not face a sales rep until 57 percent of their buyer’s journey is done.
So, it pays to ask: How do B2B buyers search for tech solutions and how can you ensure you’re there, at every stage of their buyer’s journey?
B2B Buyer Behavior
There have been several studies on today’s buyer behavior, and one stand-out commonality is that B2B buyers go online first before reaching out to a sales team (if ever they do).
A 2014 research by the Acquity Group, a digital marketing company under Accenture, pegs the number of B2B buyers who do online research at 94 percent. This is further broken down to the top go-to sites. Business websites lead at 84.3 percent; this is followed closely by 77 percent who turn to Google search. Other notable online resources include third party websites (34%), such as blogs and industry websites, and online user reviews (41%).
Analytics Advocate at Google Adam Singer confirms this at a ClickZ Live conference in San Francisco and adds that a person, on average, checks out 10.4 online resources before reaching out to a sales rep.
The Digital Age Buyer’s Journey
The fact that a buyer faces a sales rep only at 57 percent into the journey is perhaps not the most disconcerting finding to come out of these recent B2B buyer studies. It also raises a red flag that a lot of people are looking for a self-service buying experience. 31 percent say they prefer an unassisted online purchase, with phone support only as a just-in-case. Another 10 percent say they want zero assistance; while 12.5 percent say they want to be walked through the purchasing process.
You can’t help but wonder where in the digital age buyer’s journey would the sales team figure in?
According to the CEB study, you only get a 12 percent mindshare (public awareness) for each typical buyer who goes through the buyer’s journey. This share spans across a variety of channels.
The Salesforce’s Pardot survey, 2013 State of Demand Generation Report, claims that 71.7 percent of buyers start with a Google search. This is followed by personal networks at 15.6 percent and social networks at 2 percent.
This brings us to a familiar B2B scenario, typical in today’s buyer’s journey: Say that your company is looking for a CTI solution that integrates your phone systems to your CRM. You get on the project and do an online research. This leads you to a variety of business websites, such as Salesforce and Tenfold. You also look into industry forums to see what your peers have to say about the many vendors in the CTI market. You read blogs, reviews and how-to’s to see if the system suits your requirements and has the flexibility that you need. Through your research, you come up with the top 3 vendors, which you then invite to present and bid.
This might sound like a good deal because a sales-ready buyer comes to you. But, consider too that in no part of their buyer’s journey are you able to influence and educate.
Instead, you function only as an order taker. Your buyer already has a preconceived idea of what you offer. It can be hard to sway them otherwise – unless you can overcome the three main hurdles in B2B marketing and sales: ineffective digital integration, unfocused content and an unoptimized mix of online channels.
Know the Modern B2B Buyer
But first, let’s get to know who the modern B2B buyer is.
The Millennial Influence
Forget what you believe in when it comes to the B2B buyer. He or she isn’t middle-aged and working a managerial or executive position. In fact, the B2B buyer is getting younger!
The Pew Research Center has found that millennials are the biggest generation cluster in the American workforce today. There is more than one millennial in every three employees in the job market. And, they are working closer and closer towards positions of influence, when it comes to B2B purchases.
According to a 2014 survey conducted by Google and research company Millward Brown Digital, millenials make up 46 percent of prospective B2B buyers. This data is up from 2012’s 27 percent, which signifies the growing influence of this generation.
Director of Business and Industrial Markets for Google, Mike Miller, says that this represents a “big shift in a two-year time span.” He believes that this is partly due to the retirement of baby boomers. A new powerhouse generation is emerging in the lead.
This requires rehashing old B2B marketing strategies that usually target senior-level executives. While millennials may still not hold positions of power, their influence is clear. They make up 24 percent of non-executives tasked to help in B2B purchasing decisions. This is a generation who grew up at a time when mobile phones and the internet were readily available. You can be sure they will use these access and mobility tools in B2B research and recommendations.
The Multiple-Channel B2B Buyer
The multiple-channel buyer is always connected and researching online through mobile phones, tablets and desktops. They have mobility and access. They read your websites, reviews and blogs; and might have even downloaded one of your demos. They attend conferences and seminars – sometimes online – to learn about industry breakthroughs and innovations. They can cover multiple channels partly because they’ve fully integrated mobility and the internet into their lives.
According to the Google/ Millward Brown Digital study, by 2014, 34 percent of those involved in B2B purchasing decisions use their mobile devices at each stage of their buyer’s journey. This is almost twice the devoted mobile users/ B2B buyers of 2012. Mobile phone usage extends to work places and social gatherings; and includes requests for bids, product comparisons, video viewing and contacting the vendor.
The increase in video viewing is another metric attributed to the multiple-channel buyer. According to YouTube, more than 895,000 hours of videos viewed are those by top B2B brands. In fact, 70 percent of those surveyed by Google say they use videos to learn more about products before making a purchase.
Information Overload
The availability of seemingly limitless information empowers the new B2B buyer. And because they access content at each step of their buyer’s journey, you too must be on this content train.
According to the Content Marketing Institute and MarketingProfs’s 2016 Benchmarks, Budgets and Trends – North America, 88 percent of marketers implement content marketing strategies. 76 percent of these say that they will include content marketing allocation by 2015. On average, 28 percent of the marketing budget go to content marketing. However, those who are most effective at it spend around 42 percent.
So, remember that the modern B2B buyer is swimming in a sea information. Your share shouldn’t just be a forgettable drop.
Influencing the Digital Age Buyer’s Journey
Perhaps there are several strategies you can study and implement in order to influence the new B2B buyer. However, at the core of it will always be the actions you take in dealing with modern B2B marketing and sales’ main hurdles: digital integration, content and channel mix.
Comprehensive Digital Integration
Your effective presence online should cease being treated like an annoying fly buzzing and tweeting about. Traditional marketing campaigns have been rendered obsolete by B2B buyers who are empowered with information. Their product learning can’t coincide with your campaign plans because they go about it on their own, online.
Here are a few steps to take to start a comprehensive digital integration program, according to the Marketing Leadership Council of CEB:
1.Document existing campaign architectures. Make sure to take note of effective strategies and their output.
2.Review marketing practices to see what works and what doesn’t. A dialogue with the sales and marketing team is necessary to get to the real score regarding these practices.
3. Observe and analyze external practices that have worked to get you closer to your goals.
4. Select, codify and implement best practices.
5. Recreate the campaign architecture and refine practices that don’t work as expected.
6. Repeat the process until you reach your ideal.
7. Put together an implementation guideline, as well as an accessible resource center for the guidelines, necessary tools and other information regarding your digital integration.
Purposeful and Focused Content
Many B2B marketers have taken on content marketing like it was the latest must-have trend. This has resulted in content that’s highly unorganized and lacks a consistent and purposeful message. You then get a whole slew of problems, such as prospective buyers swimming in a sea of useless information. This type of information does not really teach them well; and, it does not engage them enough to take the next step in their buyer’s journey with you.
There are several realities that might have factored into this situation. For instance, your web team may have been focused on ranking your website in search results, without being consistent and driving your true message. You might have outsourced your social media management, without providing guidelines on your corporate messaging.
It is important to rectify this, as soon as possible, because your customer engagement is centered on your content. It comes in at all stages of the buyer’s journey. It is at the core of your lead nurturing programs, and online and social media engagements. And, it is everyone’s responsibility – not just your copywriter’s.
This is where the so-called “coverage orientation” comes in. B2B marketers pinpoint topics that interest your target audience, and ensure that you consistently offer fresh content for each topic, through content development and curation. This can be a fruitful content marketing strategy, as long as you have a good understanding of your customers.
Make sure that you cover all your customers’ information requirements. This way, even as they learn about your product on their own, the information that they get still aligns with what you truly offer.
Smart, Targeted Channel Mix
Given several online channels, where should you invest in? Which channels will bring the most qualified leads? Should you invest in creating YouTube videos or simply blogging? Does your target audience need whitepapers or an online archive of manuals, issue reports and resolutions?
There are many ways to develop a targeted channel mix. However, the first step is to recognize your traditionally fragmented approach. The marketing team might be taking care of blogs and other creative text content. Your tech team might have been tasked with putting together your FAQs, whitepapers and other support pages. You might have outsourced your video production to an ad company, and your social media management to an SMM company.
However you’re doing it right now, it is important to account for your efforts, and assess your channel effectiveness. The metrics to use here are often readily available with the team tasked with each channel assignment.
Then, invest more in an expert analytics professional, someone who can accurately assess your channel efforts and audience response. Use your findings to put together a model channel mix, one that suits your target market and gets your messaging right.
Source: tenfold.com
Bacta is at the forefront of initiatives to encourage responsible gambling with the leading trade association for the land-based low-stake sector joining the Betting and Gaming Council, the Lotteries Council and the Bingo Association as organisers and supporters of the 2024 edition of Safer Gambling Week (SGW) which runs 18th – 24th November.
With a core objective of encouraging people to talk and take action to gamble responsibly, the initiative which is running for its eighth year, will feature what the official SGW web site refers to as a ‘blitz’ of safer gambling messages online and in land-based venues in order to spark a nationwide conversation about responsible gambling and the safeguards that have been put in place by the regulated industry.
George McGregor Bacta’s Executive Director (Government Relations) believes the initiative continues to make a significant contribution to the industry’s endeavours to reduce further the incidence of problem gambling. He stated: “The first point to make is that Safer Gambling Week draws attention to what Bacta members are practicing every week and every day of the year. This commitment and culture is something that every Bacta member should be extremely proud of.
“The consumer-facing Safer Gambling website poses a series of questions to consider and outlines how to use safer gambling tools such as setting time and deposit limits and how to self-exclude from gambling.”
He added: “As an awareness raising initiative Safer Gambling Week has demonstrated its value. Safer Gambling Week 2023 smashed previous social media records, generating over 50 million impressions across Twitter, Facebook and Instagram.
“The website received half a million visits and the campaign engaged with a large number of cross-party MPs and peers who gave their backing as did Premier League clubs West Ham United and Brighton and Hove Albion.
“Safer Gambling Week demonstrates that Bacta, its members and the industry at large is fully committed to delivering a safe, responsible and enjoyable gambling entertainment experience for all of its customers.”
SharpLink Gaming, Inc. (Nasdaq: SBET) (“SharpLink” or the “Company”), an online performance-based marketing company serving the U.S. sports betting and iGaming industries, today announced its financial results for the three and nine months ended September 30, 2024.
Financial Highlights
- Revenues decreased 27.7% to $2,838,908 for the first nine months of 2024, compared to $3,925,618 for the same nine-month period in 2023. For the three months ended September 30, 2024 and 2023, revenues declined 34.7% to $881,690 compared to $1,349,331, respectively.
- Total operating expenses declined 25.9% to $4,426,835 from $5,977,327 for the nine months ended September 30, 2024 and 2023, respectively; and total operating expenses dropped 46.0% to $970,080 from $1,795,057 for the three months ended September 30, 2024 and 2023, respectively.
- For the nine months ended September 30, 2024, net income climbed to $11,002,266 after factoring net income from discontinued operations of $14,567,733 – up 673.3% from a net loss of $9,114,443 inclusive of the net loss from discontinued operations of $2,523,754 posted for the comparable nine months in the prior year. After factoring a net loss from discontinued operations of $97,139, the net loss for the three months ended September 30, 2024 decreased 68.9% to $885,131 when compared to a net loss of $2,849,547 for the same three months ended September 30, 2023 after factoring a net loss from discontinued operations of $822,100.
- As of September 30, 2024, cash on hand was $1,850,206 and total stockholders’ equity was $2,020,143. This compared to $2,487,481 cash on hand and total stockholders’ deficit of $9,399,769 as of December 31, 2023.
Commenting on the results, SharpLink Chairman and CEO Rob Phythian said, “The notable decline in operating expenses reflects SharpLink’s continued focus on streamlining our affiliate marketing business; and the significant improvement in our bottom line results is largely a result of our $22.5 million cash sale of our SportsHub fantasy sports and sports game development businesses to RSports Interactive, Inc. earlier this year. Since that time, we have succeeded at scouring our balance sheet, eliminating virtually all of our debt, and have turned our attention to identifying, qualifying and pursuing compelling strategic growth opportunities that we believe can best be leveraged to create and enhance long-term sustainable value for our shareholders. As we progress through to the end of the year, we look forward to sharing much greater insight into our future plans for SharpLink resulting from the collective due diligence efforts of our leadership team and our highly engaged Board of Directors.”
For more detailed information about SharpLink’s Third Quarter 2024 financial results, please refer to the Company’s Quarterly Report on Form 10-Q filed yesterday with the U.S. Securities and Exchange Commission and accessible online at sec.gov or via SharpLink’s investor relations page at investors.sharplink.com/
About SharpLink Gaming, Inc.
Headquartered in Minneapolis, Minnesota, SharpLink is a trusted marketing partner to leading sportsbooks and online casino gaming operators worldwide. Through its iGaming affiliate marketing network, known as PAS.net, SharpLink focuses on driving qualified traffic and player acquisitions, retention and conversions to U.S. regulated and global iGaming operator partners worldwide. In fact, PAS.net won industry recognition as the European online gambling industry’s Top Affiliate Website and Top Affiliate Program for four consecutive years by both igamingbusiness.com and igamingaffiliate.com. SharpLink also owns and operates a portfolio of direct-to-player, state-specific, affiliate marketing websites designed to attract, acquire and drive local sports betting and online casino gaming traffic to its valued partners which are licensed to operate in each respective state. For more information, please visit sharplink.com.
Forward-Looking Statements
This release contains forward-looking statements that are subject to various risks and uncertainties. Such statements include statements regarding the Company’s ability to grow its business through strategic growth opportunities, the potential benefits of the Company’s products, services and technologies and other statements that are not historical facts, including statements which may be accompanied by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including without limitation, the Company’s ability to achieve profitable operations, government regulation of online betting, customer acceptance of new products and services, the demand for its products and its customers’ economic condition, the impact of competitive products and pricing, the lengthy sales cycle, proprietary rights of the Company and its competitors, general economic conditions and other risk factors detailed in the Company’s annual report and other filings with the SEC. The Company does not undertake any responsibility to update the forward-looking statements in this release.
CONTACT INFORMATION:
INVESTOR AND MEDIA RELATIONS
[email protected]
The significance of cashback programs extends beyond mere player retention. They are a compelling incentive for new player acquisition, particularly among demographics that value financial reassurance during gameplay. By offering a partial refund on losses, operators can create a more forgiving gaming environment, encouraging players to engage more freely and frequently.
To gain deeper insights into the strategic advantages of cashback programs, we spoke to renowned industry expert Joonas Karhu. He is the CEO of Bojoko, a leading online casino affiliate platform known for its expertise in everything from exclusive offers to optimizing bingo bonuses.
In this interview, Karhu shares his insights on how cashback initiatives impact player acquisition and retention metrics, the specific player demographics that respond positively to these incentives, and the potential financial implications for operators. He also provides practical advice on effectively implementing cashback programs to maximize their benefits while mitigating associated risks.
How do cashback programs impact player acquisition and retention metrics?
From a retention perspective, cashback offers create a more forgiving gaming environment. Players are more inclined to return, knowing that some of their losses will be reimbursed. This assurance can reduce churn rates and extend the customer’s lifetime value.
You might not think that cashback programs could be a driver for new player acquisition, but they actually do have this effect, much more than UK casinos might expect. We have a page highlighting British casino sites with cashback bonus offers available, and from this, we have seen some interesting data.
Hundreds of Brits are specifically looking for casinos with cashback every month, and while smaller than many other searches, such as free spins, etc., this traffic and niche interest should not be ignored. Additionally, players will also take cashback into consideration when reading casino reviews and comparing websites. Adding cashback is a positive factor across the board.
Are there specific types of players who respond more positively to cashback incentives?
Cashback programs tend to resonate particularly well with the types of players you want at your casino, namely regular recreational players and high rollers.
For the former group, it is about a safety net and better odds. The logic is somewhat similar for high rollers, but the numbers they are playing for are huge, and you should strongly consider making your cashback for VIP rollers real cash rather than bonus money. Highrollers are used to getting money straight into their hands, have alternatives, and will be picky.
What are the potential financial implications for operators offering cashback programs?
While cashback programs involve returning a portion of losses to players, the long-term financial benefits often outweigh the immediate costs. Yes, you will lower the house edge, but in return, enhanced player retention leads to sustained revenue streams.
However, it’s crucial for operators to carefully design these programs to ensure they are financially sustainable, balancing player incentives with the company’s profitability goals. This is especially key for highroller incentives.
How can operators effectively implement cashback programs to maximize their benefits?
Operators should tailor cashback programs to align with their target audience’s preferences and behaviors. If you have a solid VIP or high roller base, have a separate system for them. Tiered loyalty programs or VIP programs work as well. It is also possible to only make cashback available for your VIP players if you have data showing that your regular incentives do enough to retain recreational players.
Are there any risks or downsides associated with cashback programs that operators should be aware of?
The only real risk is miscalculating your profit margins, especially when it comes to high rollers. Be careful that big wins from one set of players, coupled with high cashback payouts to others, are planned. The unexpected does happen, and you need to be prepared for it.
If you plan cashback right, there is no real risk. You are simply trading a small percentage of your house edge for retention. Just ensure the house edge is squarely on your side, and should you end up with a very high RTP overall, be sure to advertise it for maximum potential. There’s also a very large group of British players that really cares about payout percentages, and being over 96-97% can give you a nice additional boost in acquisitions.
Bacta pledge support for Safer Gambling Week as industry drives awareness campaign
SharpLink Gaming Announces Third Quarter 2024 Financial Results
Exploring the Strategic Benefits of Cashback Programs with Bojoko CEO Joonas Karhu
Week 46/2024 slot games releases
AGREEMENT BETWEEN ZITRO AND GRUPO OSGA TO PROMOTE THE LABOT INTEGRATION OF PEOPLE WITH DISABILITIES
EGT Digital’s iGaming platform X-Nave and successful titles to deliver high-quality experience to BetHub’s customers
THE UNIT SHAKES UP AMATEUR FOOTBALL WITH DRIBBLE
Mascots Xiyangyang and Lerongrong ready for China’s 15th National Games
IAG’s Andrew W Scott Announced as Latest Conference Chair for 2025 Regulating the Game Conference in Sydney
Veikkaus, Finland’s National Lottery Operator, Selects Optimove, the #1 CRM Marketing Solution for the iLottery and iGaming sector, as its CRM Marketing Solution
SmartSoft’s expertise and future vision for the African market
Amusnet Announces Partnership with Mojabet
BOOMING GAMES EXPANDS IN EAST AFRICA WITH MAYBETS LAUNCH
Promatic Games named Best Emerging iGaming Company at the European iGaming Excellence Awards 2024
Slot Saturation – Q&A w/ Qianqian Liu, Senior Art Director at Gaming Corps
SIS partners with leading operator 888AFRICA to provide live numbers draws
-
Cryptocurrency5 days agoKyrrex to host online panel discussion on MiCA and the future of crypto in Europe
-
Asia3 days ago
Hong Kong Construction Titan Turned Macau Casino Boss Lui Che-Woo Dies Aged 95
-
Australia5 days ago
Light & Wonder Signs Multi-year Systems Deal with SkyCity Entertainment
-
Asia5 days ago
Skillhub Online Games Federation Launches SOG Grandmasters Series, Targets Discovery of 1 Lakh Gaming Talents Nationwide
-
eSports5 days ago
Welcome to the World Esports Championship 2024!
-
Africa4 days ago
SunBet Extends Online Betting Platform Contract with Bede Gaming Amid Record-Breaking Performance
-
Conferences in Europe5 days ago
Aviatrix approved for Sweden take-off
-
Latest News5 days ago
Altenar Betslip Boost feature gives extra winning power to the players
