What is Knowledge Marketing?
What is Knowledge Marketing?
- Knowledge Marketing is a specific type of Content Marketing whereby you educate the people in your target audience about some challenge, problem or passion they have in common.
- Knowledge Marketing is a marketing strategy working at the intersection of ‘customer interests and needs’ and ‘your company’s unique expertise and value’.
- Knowledge Marketing primarily feeds the top of the funnel and is a lead generation strategy. However, it also works strongly to support each stage of conversion throughout the buying process.
For Knowledge Marketing to be successful, the company must have proven authority on the particular subject backed up by internal experts and deep expertise around the subject matter. By helping the people in the target audience solve a problem or challenge, the company establishes top of mind awareness and credibility in the mind of each person. When the day comes around and they need to recommend or make a decision, the company that has been using a knowledge marketing strategy will win the business.
How does it work?
Stop pitching products and start educating your audience!
You choose your target audience because you believe that some day they will buy what you are selling. Correct? If we look at the entire population, on any one day when they see your product ad, they will take an action if they are at a very specific point; BANT (budget, authority, need and time frame). Typically, less than 1% (sometimes as little as 0.1%) are at this particular mindset when they see a product based promotion. On the other hand, let’s suppose 80% will be faced with a problem that you can help them solve with your firm’s experts and expertise. On any given day, the people in your target audience are struggling with the problem. If you offer them something like a webinar or a how-to paper that helps them address that problem, you have a much greater ( greater than 80%) chance of them engaging with your firm. 80% versus 1%, the answer should be obvious.
This engagement with your firm’s experts to help solve a problem causes them to find out more about your company, brand, experts, etc. Because you have established TOMA and cretibility, when the day comes along and they are ready to buy, who do they go to? They go to your firm and you already have credibility and reciprocity in their minds. Knowledge marketing gives your firm a huge competitive edge. That is why this framework can triple your growth rate.
Will it work for your manufacturing company?
Does your company meet most of this criteria?
- You are an industrial manufacturing company.
- Your sales channel is primarily direct to the end user.
- You have unique experts and expertise within your firm.
- You already have or you are ready to embrace the marketing function as a partner in growth.
If you answer ‘yes’ to 3 out of 4 criteria, I guarantee the Knowledge Marketing framework will work for your firm.