Maintaining the Pace of B2B Marketing Transformation in 2023 and Beyond

30 Nov Maintaining the Pace of B2B Marketing Transformation in 2023 and Beyond

Posted at 06:31h in Blogs by

The year 2022, which began with great apprehension for most marketers, is ending on a positive note with digital transformation driving a large part of the growth. According to a Hubspot report, nearly 80% of marketers have said that their industry has changed more in the past three years than it had in the last 50.

As the pace of change continues unabated and the Gen Z enters the workforce, 88% [1] of CMOs have said that marketing transformation is key for them to remain competitive in 2023 and beyond.

But at the same time, marketers are also anticipating choppy economic conditions like recession, inflation, higher interest rates, supply chain shortages, etc. And so, the big question remains: How to allocate marketing spends to enhance customer experience, ensure customer retention and loyalty, and accelerate ROI growth?

While modern digital solutions and tools are aplenty, certain strategies have been identified by a majority of industry leaders as being crucial to ensuring success in 2023 and beyond:

Data-Driven Marketing

Data-driven marketing entails using data derived from various channels of customer interactions to understand customer behavior. It involves big data analysis that tells us what motivates customers, their preferences, etc. to make informed strategic decisions that personalize customer experiences. With the onset of 5G, the pace of online activity is set to increase manifold, giving rise to voluminous data like never before.
According to a McKinsey report, companies that effectively use data analytics to drive marketing and sales are “1.5 times more likely to achieve above-average growth rates” than their competitors.

Countering Challenges of Data-Privacy Invasion:
Although customers want personalized experiences, there are several instances where it is being delivered at the cost of their personal data being unethically collected by companies. As data privacy laws become more stringent, it is imperative for companies to be transparent about their data collection and use policies.

Content Marketing

Content marketing is a strategic approach where relevant, high-impact content is shared across channels to generate interest in a product or service.
So powerful is this strategy that according to a recent study, over 75% of B2B marketers have said that it is highly effective in creating brand awareness, building credibility/trust, and educating audiences. [2]

Despite this understanding however, lack of adequate budgets, subject-matter experts, and resources; lack of support and awareness at the executive level, sales and marketing not seeing eye-to-eye, etc. are some factors that are reducing the effectiveness of content marketing.

The Human Touch

Although digitalization is the way of the world, marketers need to leverage new technologies to provide enhanced experiences, albeit with a human touch. An example is to use storytelling as a means to connect with consumers. “Stories” in the B2B space could be in the form of case studies, success stories, thought leadership, infographics, or testimonial videos.
The other way is to move away from product-centric marketing to consumer-centric marketing. So, for example, CRM insights can be used create personalized communication and even add humor in e-mails, calls, and other communication platforms. This highlights the fact that there are real people, and not just advanced technologies, who are thinking about and working on the brand.

Whatever you Do, Constantly Evaluate

While implementing the above, and any other, innovative strategies, it is important to constantly evaluate the effectiveness of the campaigns, the return on investment, and the value they are providing not just to the company, but also to the consumers and brand as a whole. Having a long-term perspective will be crucial to ensure success of any marketing effort in the new year and going forward.
[1] https://www.forbes.com/sites/briansolis/2021/08/24/this-is-marketings-ctrl-alt-del-moment-leading-cmos-prioritize-cx-and-innovation-in-business-transformation/?sh=7a76583878e9

[2] https://contentmarketinginstitute.com/articles/b2b-power-content-marketing-research

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