Discover the critical shifts and challenges facing B2B marketers in 2024. From short-termism pitfalls to an increasingly tactical approach, here are 5 critical things businesses should do to course-correct their approach and navigate this evolving landscape.
I have been in marketing for more than 20 years and have seen it all – different cycles, different trends, the introduction of social media and, more recently, AI. It is a landscape that continues to evolve. However, in the chaos of recent world events and growing pressure on businesses to perform during uncertain times, it appears that despite all the advancements in Martech and AI, B2B marketing faces severe challenges and, in my opinion, has lost its way.
B2B marketing refers to marketing products or services to other businesses and organisations rather than individual consumers. It involves understanding the needs and challenges of businesses and your key target audiences and creating tailored marketing strategies to address those specific needs. Typically, B2B marketing is more complex, and it involves a longer sales cycle and therefore a more strategic marketing approach.
Unfortunately, marketing is still not considered a strategic function within a business. It will be the first budget to be cut when times are tough. And to make things worse, when there is economic uncertainty, companies adopt a short-term view of marketing, assigning Key Performance Indicators (KPIs) that are not conducive to sustainable brand-building but are in the hop of aggressive growth and use marketing as a silver bullet.
What are some of the challenges facing B2B marketing, and how should marketers address them?
1. Address the growing “short-termism” in B2B marketing
Marketing short-termism often prioritises surface-level metrics, such as click-through rates (CTR) and impressions. This happens when companies focus too heavily on acquiring new customers and activating sales at the expense of building long-term customer retention, trust and loyalty, which is incredibly important in B2B marketing and even more important in the current digital environment where brands seek authenticity, and customers seek trusted brands. While these metrics provide quick insights into campaign performance, they may not accurately represent the overall impact on a B2B business’s marketing ROI.
2. Don’t expect the marketing team to do the sales team’s job
In recent interactions with clients, it’s become evident that many are entrenched in a short-term mindset regarding B2B marketing. Despite the clear importance of prioritising long-term customer retention and trust, they seem fixated on immediate metrics like click-through rates, Marketing Qualified Leads (MQLs) and demand generation.
This myopic approach is understandable, given the economic challenges of recent years, but it risks neglecting the deeper relationship-building aspects essential for sustained success. As marketers, it’s crucial to advocate for a more balanced strategy that emphasises both short-term gains and long-term brand value.
3. Don’t view marketing as highly tactical – where is the strategy and thinking?
During one of my earlier interviews for a corporate marketing position, the managing director emphasised the importance of having flashy pens for an upcoming conference and corporate boxes as key marketing tactics. The conversation immediately delved into tactics and gimmicks.
This short-term view of marketing was prevalent before I founded M&C, and it seems to have persisted. It’s intriguing to observe how brands prioritise short-term gains over building trust and fostering genuine thought leadership and long-term relationships with their audience. Humanising the brand experience is still very relevant. However, many companies overlook the importance of thought leadership, credibility, and trust, instead focusing solely on generating leads and making sales.
This short-sighted approach is problematic for B2B brands to poorly designed campaigns and marketers chasing their tails. B2B marketing isn’t akin to selling cars; brands shouldn’t come across as pushy salespeople. As marketing budgets are slashed, there’s a growing need to rethink strategies and prioritise long-term brand building over short-term gains. In many ways, it is the perfect time for brands to stand out from the rest with good quality marketing that shows genuine care and interest in the customer.
4. Think integrated campaigns
With the noise around AI and MarTech, we have had our fair share of clients who feel that the digital play is all important and that other aspects, such as strategic and thought leadership, are less relevant. Instead of viewing marketing efforts as solely digital or non-digital, businesses must adopt an integrated approach that leverages both strengths.
While digital marketing offers unparalleled reach and targeting capabilities, traditional channels such as content marketing, events, email marketing and even a podcast strategy continue to play a vital role in building brand awareness and fostering meaningful, relevant and trusted connections with customers.
Optimising B2B marketing efforts for search engines through search engine optimisation (SEO) and content marketing is crucial for enhancing online visibility and attracting organic traffic. B2B marketers can increase their brand’s visibility and attract potential customers by creating high-quality, relevant content and optimising it for search. Even if you are selling to the C-suite, having a strong digital presence and being discoverable is hugely important in addition to relationship marketing and selling.
However, please remember that digital marketing should be integrated with traditional marketing efforts. By integrating digital and traditional strategies, businesses can create cohesive campaigns that resonate with their target audience across various touchpoints, ultimately driving more robust engagement and conversion rates.
5. Prioritise data-driven decision-making – but don’t chase data blindly
In the age of big data, businesses have access to an unprecedented amount of information about their customers and market trends. However, many B2B marketers struggle to effectively harness this data to inform their strategies and decision-making processes.
To course-correct, businesses must prioritise data-driven decision-making in their marketing efforts. By leveraging analytics tools and customer insights, marketers can gain valuable intelligence into consumer behaviours, preferences, and pain points.
Data can be misleading at times, and if you persist in unquestioningly adhering to its guidance, you may reach a standstill. I came across a story about a marketer dedicated to boosting email subscriber loyalty. Surprisingly, they discovered a decrease in unsubscribes when the unsubscribe button was made more challenging to locate. Quite a revelation! Yet, does this data reflect brand loyalty?
Facing these challenges head-on requires strategic expertise and a nuanced understanding of the evolving marketing and business landscape. At Manning & Co., we specialise in navigating the complexities of B2B marketing, offering tailored solutions to address your organisation’s unique pain points. With over 15 years of industry experience, we’ve witnessed firsthand the shifts and trends that shape the marketing landscape.
Contact Manning & Co. today for all your strategic marketing needs.
