What is Third Party Marketing? Why is it Important?

Did you know that most sales reps don’t use sales collateral created by marketing? In fact, research conducted by Hubspot reported that 90% of sales content created by marketing goes unused. Why? Because the Sales process has changed, but marketing hasn’t. That’s why third party marketing is so important. Let me explain…

Consumers Don’t Trust Companies

Over the last couple decades or so, consumers have watched companies make a series of troubling decisions. We watched tobacco companies lie about the impact of their products on our health. Big pharma raised prices on life saving drugs while pushing doctors to prescribe addictive opioids and other harmful treatments. We saw Wells Fargo create fake bank accounts and dodge responsibility even in front of congress. One of the largest automobile manufacturers, VW, lied about the emission’s impact of their cars. Leading oil companies concealed research into their impact on climate change. Needless to say, consumers no longer trust companies, sales reps, or marketing speak.

Buying Behavior Has Changed

This has changed the way buyers interact with companies, where they conduct purchasing decision research, and even the time it takes buyers to conduct the research. In fact, Forrester research shows 68% of B2B buyers would rather conduct research independently online rather and 60% of buyers prefer their primary source of information not to be a company sales rep. Demand Gen’s 2017 B2B Buyer’s Survey found that 58% of survey respondents said they increased the length of their buying cycle YoY.

In addition, according to the 2018 Edelman Trust Barometer, consumers now consider technical experts, academic experts, and “a person like yourself” as the most credible sources of information. Hence, the rise of third-party marketing programs like Influencer Marketing, Analyst Relations, and Peer Review Sites. DemandGen also reported that “96% of B2B buyers want content with more input from industry thought leaders.”

Marketing Must Adapt

So, why haven’t marketing departments flipped the script? Why are we still producing, with great efforts, on creating first party content and not third party content including industry influencers and customer reviews? With that said, we know exactly “why is Influencer Marketing important?” and “why are customer reviews important?” It’s because these voices are more credible than our own as companies, sales reps, and marketing.

If you’re a marketing pro, I’d love to hear your response! If you’re in Sales, please share your experience with this. Leave a comment below!