Businesses can experience a significant shift by implementing an effective marketing plan. Ironically, B2B establishments have a higher tendency to conduct marketing initiatives than their B2C counterparts as evident from studies. To remain relevant, B2B companies must keep up-to-date with market trends by having a thriving marketing strategy.
1. Social media marketing is the #1 channel for B2B and B2C marketers
Figure 1 indicates that social media has emerged as the top choice for marketers in both B2B and B2C sectors owing to various factors:
- Social media platforms offer a vast and diverse audience, with millions of users on platforms like Facebook, LinkedIn, and Twitter, allowing businesses to reach a large and varied audience with targeted messaging.
- Social media provides an opportunity for B2B companies to engage directly with their customers, partners, and industry peers through conversations, comments, and shares. This engagement leads to increased brand awareness, loyalty, and trust.
- Social media platforms provide rich data and analytics that allow B2B marketers to measure the effectiveness of their campaigns and optimize their strategies accordingly.
2. Podcasts are turning into popular marketing channels
In recent years, podcasts have become a widespread and successful tool for B2B marketing strategies. As the podcast industry grows, numerous B2B businesses are using this platform to connect with their audience in an innovative and captivating manner.
As per LinkedIn, a significant 44% of C-Suite members, department heads, and business owners who are knowledgeable about podcasts are listening to them. B2B marketers are increasingly using podcasts as they offer a chance for businesses to:
- Share thought leadership
- Showcase their products and services
- Connect with potential and existing customers on a deeper level
3. LinkedIn is gaining importance in B2B marketing
LinkedIn is not widely used as a social media platform since it predominantly caters to business networking. Nevertheless, it is the top choice social network for generating leads for B2B advertisers. As per Gartner, 95% of B2B marketers utilize LinkedIn for organic social marketing.
Insider reports that, according to Microsoft, advertiser demand on LinkedIn has nearly returned to its pre-COVID levels and has shown a 40% increase in 2020 compared to the same period the previous year.
4. Video creation is increasing in B2B marketing strategies
Videos have emerged as a crucial resource for B2B marketers to engage with their audience and provide engaging content, thanks to the growth of remote work and virtual events. According to a survey, 35% of marketers are intending to incorporate video in their marketing approach for the first time in 2022.
There will be several reasons why videos are predicted to trend in the year 2023.
- Videos are highly engaging and can capture the attention of the audience quickly.
- They can also convey complex information in an easy-to-understand format.
- Videos can be easily shared on multiple platforms, including social media and websites, increasing their reach and potential impact.
The primary use of video content by marketers is for:
- Driving brand awareness
- Product education
- Driving customer engagement
5. Competition rises in B2B content marketing
With the rise in popularity of content marketing in the B2B sector, competition in the industry is escalating. B2B marketers are facing mounting pressure to address the obstacles in their content marketing plan (refer to Figure 5), generate focused, superior quality content that distinguishes themselves from their contemporaries and delivers tangible benefits to their audience.
New technologies such as generative AI and data analytics are assisting marketers in improving their understanding of their audience and generating personalized content more easily. For additional information on the application of generative AI in marketing, please refer to our article.
6. The rise of purpose-driven brands
The current generation, which has grown up in a world where information is abundant and global connectivity is the norm, has a distinctive characteristic that sets it apart. Unlike previous generations, they possess the ability to voice their opinions and concerns. As a result, they are the pioneers of utilizing their purchasing power as a means of manifesting positive change in the world, and they are doing so.
As per the Cone/Porter Novelli survey, two-thirds of individuals expressed their inclination to shift from their regular product to a product marketed by a purpose-oriented company.
The concept of brand purpose involves harmonizing a company’s principles with the requirements of society and the environment. This goes beyond merely generating profit; instead, it entails utilizing business to enact positive change. A brand with a clear sense of purpose understands its motive and integrates it into all aspects of its operations, including advertising and activities related to social responsibility.
Incorporating social and environmental concerns into a company’s business operations and decision-making, also known as CSR, is becoming a common practice for many brands. This approach allows brands to positively impact the world and give back to their communities through their business practices and actions.
To appeal to purpose-driven consumers, brands need to be transparent about their CSR initiatives. Patagonia founder, Yvon Chouinard, set the purpose-driven bar by donating his entire $3 billion company to a trust and non-profit organization.
Your company need not go to such extremes, but it can still adopt CSR and a sense of mission by associating itself with a significant cause. Multiple strategies can be used for this purpose, including contributions, offering assistance, or endorsing a nearby charity.
The purpose-based trend is affirmed in Forrester’s B2B 2022 Marketing Survey, as brands intend to integrate their purpose with their vision, mission, and CSR objectives to drive significant growth within the company.
7. Better customer experiences
It’s crucial to provide your customers with a smooth and tailored encounter throughout the entire purchasing process. Hence, you mustn’t halt the nurturing process once the transaction is finalized.
In 2023, marketers must tap into the capabilities of all marketing departments to foster a unique brand identity and gain a competitive edge, as Customer Experience (CX) has emerged as a key differentiator among brands. Being innovative in their approach will be crucial.
According to Forrester’s Priorities Survey for 2022, enhancing the customer experience through cross-selling and upselling is already a top priority and will remain so in 2023.
The first stage of the customer experience involves converting a potential lead into a client. Upon acquiring them as a client, you can employ various methods to keep them engaged and foster the growth of existing accounts. B2B Marketers implement the following approaches to achieve this goal:
To tailor your client’s experience, start by utilizing their available data. Develop distinct customer personas to produce informative and advantageous material for every client. Additionally, employ marketing automation to prompt personalized email messages contingent on each customer’s actions.
Greater availability of self-service options is necessary due to the current reduced attention spans of people, who anticipate rapid responses to their inquiries.
Customers prefer resolving their issues independently rather than waiting for a customer service representative. Therefore, it is important to invest in comprehensive FAQs, resource centers, and customer education webinars to enhance their understanding of your product and enable them to solve their problems easily and efficiently.
As customers crave unique experiences, brands are exploring creative ways to offer virtual experiences tailored to their audience. Brands may consider providing virtual cooking or wine tasting tutorials, hosting webinars about product roadmaps, and allowing customers to share their ideas and needs for the future of the product.
8. The impact of automation will increase in B2B marketing
The adoption of AI technologies by 77% of chief marketing officers to automate repetitive tasks during the pandemic was reported by Deloitte (refer to Figure 6). It can be assumed that generative AI automation will also prove to be highly beneficial in automating marketing tasks.
AI automation is the leading change in how CMOs changed their talent models during the pandemic. When executed properly, marketing automation results in:
- Increased email open rates
- Click-through rates
- Lead generation
By the year 2023, AI Marketing is predicted to be a noteworthy development in B2B marketing. Marketers are recognizing the capability of Artificial Intelligence (AI) to revolutionize their marketing strategies, and as a result, platforms like ChatGPT are becoming crucial tools for them.
ChatGPT assists in automating several mundane marketing tasks, allowing marketers to concentrate on more strategic and imaginative projects by providing meaningful insights and suggestions. Here are a few examples of how marketers are utilizing ChatGPT and other AI technologies:
ChatGPT offers various types of content creation services including blog posts, social media posts, video scripts, and product descriptions. Marketers can input keywords or topics into the platform to receive tailored content that can be personalized to meet their specific requirements.
With ChatGPT, marketers can submit a collection of data and request an examination to receive guidance and suggestions on marketing approaches.
ChatGPT is utilized by marketers to design chatbots that interact with visitors on websites and gather potential customer details, such as business requirements or contact information, for lead generation.
The chatbots are equipped with qualifying questions to detect potential leads that meet certain standards, and these can be transferred to the sales department for further engagement. Moreover, ChatGPT has the capability to customize marketing communication and materials tailored to the unique interests and preferences of each lead.
With ChatGPT, marketers have the ability to create captivating and eye-catching subject lines that increase the likelihood of recipient engagement and email open rates, making it an effective tool for email marketing.
ChatGPT is capable of producing creative and captivating social media content that matches a company’s brand image and marketing objectives. Moreover, it can assist with social media surveillance and interaction, allowing marketers to monitor brand references and customer reviews, and react to queries and remarks in a timely manner.
For those in need of it, ChatGPT offers aid in search engine optimization including services like keyword research, optimizing website content, and developing link-building tactics. This includes pinpointing sites with high credibility to target for guest posting and outreach prospects.
The automation of menial tasks and the provision of useful insights and recommendations by AI tools such as ChatGPT are causing a transformation in B2B marketing, allowing marketers to concentrate on more imaginative and strategic responsibilities.
9. Chatbots are becoming an important element in B2B marketing
Chatbots have become a popular marketing channel for generating leads and sales from B2B website visitors, thanks to their numerous benefits and cost-effectiveness (refer to Figure 7). By providing various advantages such as improved customer experience, chatbots are contributing towards this trend.
- 7/24 service
- Instant response
- Answers to simple questions
- Detailed answers
A study conducted among 800 top-level business leaders revealed that 80% indicated having already put into effect or intending to establish chatbots by 2020. Gartner forecasts that chatbots will supersede traditional customer service channels within the next five years.
10. Collaboration with influencers is increasing brand awareness
Due to the pandemic, customers have drastically shifted towards online shopping, leading to social media influencers having a significant impact on influencing consumer decisions.
This trend is recognized by marketers who intend to invest more in influencer marketing. In 2022, 71% of B2B marketers made plans to increase their investment in this area, a trend that will continue into 2023. Additionally, the budget devoted to influencer marketing is growing each year, as shown in Figure 8. As digital marketing continues to gain prominence, influencers will become increasingly important for both marketing and sales.
In 2023, B2B companies are increasingly incorporating influencers as a vital component of their marketing strategies, despite being more prevalent in the B2C sectors. With the capability to engage with previously inaccessible target audiences, influencers establish a relationship that fosters trust in the company and results in increased lead generation by expanding the market reach.
Choosing an influencer who has expertise in your industry and is capable of addressing the requirements of your intended audience is crucial for achieving a thriving B2B influencer marketing plan. It’d be best if you aimed to establish a lasting association with them, making them your brand representative.
Finding an influencer who genuinely has an interest in your company and its activities is crucial. It’s essential to focus on producing compelling and educational content instead of a covert sales pitch. Seek out influencers with extensive industry experience or a proven track record of success.
Utilizing a B2B influencer strategy can prove to be extremely advantageous, enabling you to connect with your intended audience in a more genuine manner.
11. Reimagining webinars
Following the pandemic, webinars have gained widespread popularity as a marketing strategy to attract potential customers and generate leads. Although most webinars have adhered to a monotonous format, recent trends reveal the advent of innovative webinar platforms and tools that are revolutionizing the entire experience.
The entire webinar will undergo a revamp, encompassing production, speaker presentations, and attendee experience. While polls, chat, and Q&A have already become expected means of engagement, they will be enhanced for a more engaging and fully immersive experience.
Developing tools that accurately and effectively measure return on investment is becoming a priority for companies, as clickable calls-to-action within the platform play a crucial role in maintaining the buyer’s journey. While it is important to have attendance at webinars, the ultimate goal is to convert that attendance into revenue and sales.
12. Marketing budgets are shifting to digital channels
According to Gartner, post-pandemic, a significant portion of the marketing budget (72%) is being allocated to digital channels such as owned, paid, and earned digital. On the other hand, more traditional channels like partner marketing and event marketing are seeing a decrease in budget allocation. Instead, digital channels like social media, websites, and SEO are experiencing an increase in budget allocation.
13. Traditional metrics and analytics are transforming
Businesses are revamping their marketing methods in response to evolving customer demands, which has prompted several B2B marketers to adjust their conventional methods of measuring and communicating marketing outcomes.
In the future, Gartner predicts that there will be a shift away from traditional metrics like ROI towards newer ones such as third party cookies, marketing attribution, and customer retention.
Notes on the margin
It is essential for marketers to acquaint themselves with the strategies and trends expected in the next year if they wish to keep up with the competition.
