Too many B2B companies companies fear that the very thing that sets them apart from their competitors is too valuable to share publicly, for fear of having it stolen. In the modern era of content marketing, this kind of thinking is costing you business.
I was recently discussing the merits of content marketing with a senior executive at financial services company. More accurately, I was trying to convince this executive that the company had a tremendous opportunity to engage its customer and prospects online using the expertise the organization had amassed in dealing with the operations of thousands of businesses over the years.
Why not, I suggested, use that expertise, that institutional knowledge, to create content that would help businesses succeed? Show them how what you’ve seen from working with the best and the worst can help them save bottom line costs.
By putting that kind of content out there, I added, and helping companies you might not even be doing business with, you will be building a brand through utility. You will be gaining trust. That trust will translate into business. Maybe not next week or next month, but it will.
This executive’s argument to me was that this was giving away too much. Why buy the cow when you can get the milk fir free, to turn a tired phrase. The fear was that, by making their knowledge public, competitors could steal it, businesses could use it and then not buy the core product from them. Whereas, if they held the information close, and only let it out to customers as part of the business contract, they could control that information better.
On the surface, that argument makes sense. Who wants to equip your competitors to do a better job? Why give away this kind of value with no guaranteed return? Sure, fear can shut down that discussion pretty quickly. But that argument is flawed in a couple of major ways.
First of all, when your product is a commodity – which this one was – you need to wrap it in a unique selling proposition (USP) to differentiate it. If you hide that USP from the world for fear that someone will steal it, it doesn’t have any more value than if they did.
The second reason this argument fails for me is because human behaviour is largely predictable. Predictability dictates that there will be a return on investment for this type of good content. Here’s why I think that:
The kind of people who trust in the value of good counsel understand there is even more value to be had by working with someone who demonstrates this expertise, beyond what may be given on the surface. The content you put out there, if it adds real value, can convince prospects that they stand to gain even more by entering into a relationship with you – even if the product is a commodity they can buy anywhere.
Now, there will be those who do not want the relationship. These are the do-it-yourselfers who just want the whitepaper so they can try to make it work themselves. They want tips, guides and ideas they can implement on their own. They may not immediately – or ever – see the value in partnering with a company with that expertise.
That’s okay, though, because what they will do – if your content is really good – is share your material. They’ll let others know how useful it was, because it makes them look smart to share smart ideas. This increases the likelihood of your content finding its way into the hands of more and more of the first type of person. The one who values and appreciates expertise enough to pay for the relationship.
It takes work to create that kind of content; and it takes time to take effect. But if you’ve got the raw material, why wouldn’t you? I, personally, don’t see the downside. What do you think? Is it worth giving away the milk for free?