In today's competitive business landscape, it's essential for companies to find ways to cut costs and optimize operations. HR, sales, and marketing are critical departments but are often scrutinized when it comes to budget-cutting initiatives. All of our partners see the ways that MarketScale helps them increase the quality and scale of their media, but we also see a group that has found and applied MarketScale Studio and our offerings to save money for their companies.
Check out this video from MarketScale CRO, Tim Maitland, on 9 Ways B2B Companies Can Save Money through their MarketScale partnership
One key concept to call out from Tim's video is that these applications go beyond the marketing department. Everyone can benefit from more efficient and higher-quality communication. Outside of the marketing/communications/public relations team, HR and sales are often the groups that can see the biggest wins from utilizing this technology. Before we dive fully into the 9 ways B2B companies can save money with MarketScale here is a quick overview of how HR and Sales Teams should be thinking about elevating their communications with media.
How HR Teams Can Save Money
HR departments often face a variety of challenges, from managing and communicating employee benefits to handling recruitment and training. MarketScale can help HR teams save money by adding an efficient vetting layer to job interviews, which can help businesses reduce the costs associated with hiring. It also is very directly designed for creating one to many educational materials, which is perfect for making your employee training much more scaleable and efficient. In addition, by creating great media HR departments can build targeted recruitment campaigns that attract the best candidates while reducing recruitment costs associated with promotion or using multiple platforms. For more information on how to use media to scale hiring efficiency check out Emily's article here!
How Sales Teams
Sales teams are responsible for generating revenue and meeting targets. The focus is typically on spending the money sales teams need to bring in new business, but it is always important to make sure you are being efficient with those dollars and that processes aren't eating away at your potential earnings. MarketScale can help sales teams save money by building owned media channels and one-to-many communications. Many salespeople end up spending a lot of their time on the phone answering the same FAQs and objections. Answering those same questions over and over again on long calls is wasting money. The salesperson should have an asset - a video, podcast, or recurring live event - that they can share with a buyer to answer the questions that always come up. Using that resource they can free up the time to focus on overcoming more company-specific objections or reach out to additional business. Creating these time-saving resources is simple with the MarketScale team in your back pocket.
By capitalizing on the scale and efficiency provided by one to many communications HR and sales teams can join marketers in increasing their productivity and reducing their overhead. To go more in-depth on Tim's list...
Here are 9 Ways B2B Companies Can Save Money with Great Media
Recruiting: MarketScale offers tools like MarketScale Studio to make recruitment easier and more scalable. According to a study by Glassdoor, the average cost per hire in the US is $4,000, and it takes an average of 52 days to fill a position. By using MarketScale's one-to-many communications and by differentiating recruiting posts, businesses are reducing the cost and time associated with recruitment.
Employee retention: Studio enables employees to share their subject matter expertise, which can increase their job satisfaction and retention. According to a study by LinkedIn, organizations with strong employer brands see a 43% decrease in cost per hire and a 28% reduction in employee turnover.
Advertising: advertising costs are increasing and the returns seem to be falling off even for B2C companies. Owning your own channels allows businesses to decrease their reliance on paid channels and build their own exposure. According to a study by Content Marketing Institute, content marketing costs 62% less than traditional marketing and generates about three times as many leads.
Events: we work with many partners to reduce their costs at industry events by using more videos. This helps them save on shipping costs and the cost of bigger spaces.
Marketing: MarketScale's services enable everyone in the company to become a marketer, which decreases the reliance on large marketing teams. It also helps your message to be more authentic as you utilize your internal and industry experts to provide valuable education, vs. creating more manufactured media with a non-expert spokesperson reading a script.
Sales: we seek to promote sales teams to be more educated on products and their industry pain points, which in turn decreases the time it takes to sell. According to a study by Gartner, buyers spend only 17% of their time meeting with potential suppliers, and the rest of the time is spent conducting research and internal meetings. By having a more educated sales team, and sharing that knowledge through content that can be sent to multiple stakeholders at a company or multiple different prospective companies, sales professionals reduce the time they spend on each deal reducing the acquisition cost of each new partner.
Onboarding: providing a more centralized and scalable onboarding experience for employees and customers, decreases the cost of training. According to a study by Training Industry, eLearning courses take 40% to 60% less time than traditional classroom training, and we have seen the same or better outcomes from online learning courses. When looking at the lifetime value, it is also much more cost-effective to create one course that can be repeatedly used vs. running training sessions over and over again each time.
Customer support: creating a knowledge portal to help customers solve challenges on their own, decreasing the cost of customer support. According to a study by Forrester, self-service reduces support costs by up to 25% and increases customer satisfaction.
Supporting dealers and distributors: online learning also works for dealers and distributors, decreasing the need for in-person training and support. According to a study by Training Industry, companies that provide online learning to their partners see a 39% increase in revenue per full-time employee. It also eliminates travel and other associated cost connected with doing training in-person or at shows.
By taking advantage of the cost-saving solutions provided by MarketScale, you can reduce spend that was once seen as just part of doing business, increase profitability, and focus on growing your business!
Video Transcript:
Hello everybody, Tim Maitland here from MarketScale making a quick video around nine ways, that's right, my favorite baseball number, nine ways that MarketScale helps B2B companies save money.
First, recruiting, making it easier and more scalable with tools like MarketScale Studio.
Second, employee retention. Let's give our employees a platform to get their voices heard and share their subject matter expertise. They're going to feel more empowered as they build their own brand.
Number three, advertising. Let's decrease reliance on bad habits of spending money on paid rented channels. Let's build our own exposure and allow the community to naturally share out our content and our brand to their network.
Four, events. We spend a lot of money on a lot of events between going to all of them, having bigger flashier spaces. What if we decrease our space size at an event because we use more video media at our booth instead of shipping big products, use more 3D videos to educate on products, easy way to save money.
Number five, marketing. Let's decrease reliance on having these huge, huge marketing teams. Let's enable everybody at our company to become a marketer because we have an easy way for the engineers and the sales leaders and the executives to get their voices heard. With podcasts and soundbite videos, everybody can do that.
Number six, sales. Let's empower our sales team to be more educated around products and have more voices helping them sell. That's going to create a better educational process through the sales process. That's going to decrease the time it takes to sell. It's going to help you sell products at a premium.
Number seven, onboarding employees and customers. Training is expensive. Oftentimes, you have to ship people all around the country, around the world to teach on site with online learning. It's more scalable, it's more centralized and allows people to have a better learning experience because they can always come back to that knowledge.
Number eight, customer support. Your customers have a lot of questions. They might need support 24-7-365. What better way to do that than to have a knowledge portal, have a portal full of FAQs where they can come in and educate themselves and be able to solve that challenge because you've taught them how to do that.
Lastly, number nine, supporting dealers and distributors. They're repping your products, but they're not there hearing the voices of executives and engineers every single day. What better way to support them than give them online learning where they can come and train themselves, but also giving them the assets that help them communicate to the end user.
I hope you enjoyed this video, the nine ways that MarketScale helps you save money. Plenty more to come.
Take care, everybody.