B2B Marketing Predictions for 2024
We’re often asked to give our take on the latest trends in marketing. As an agency, we are constantly analysing what has happened, and look at future predictions as a way to inform how our clients should alter their marketing strategies moving forward.
In this blog post, we delve into B2B marketing and PR predictions for 2024, exploring what B2B marketers can expect from the marketing landscape in the coming year.
Someone will get fired for using AI wrongly
Artificial Intelligence (AI) in B2B marketing cannot be ignored. It continues to develop and improve rapidly, offering a variety of tools and techniques to enhance efficiency and effectiveness in reaching target audiences and driving sales. Data analysis, content creation and marketing automation are just a few examples of how AI can be utilised within B2B marketing.
However, there are limitations to AI, and its effectiveness can vary based on the complexity of the subject or market. Whilst AI can be great at creating generic content, its performance in creating content for more specialised or technical topics is not as effective. This introduces the risk of AI inputting inaccurate information into content pieces or producing what is quite typically seen as ‘bland’ content.
It's no secret that content needs to stand out and be of a higher quality than competitors to be successful. Given that B2B marketing is typically more technical and niche, inaccuracies can provide a lot of issues for companies, and if the content isn’t engaging, then this could put lead generation and PR activities at risk.
B2B marketers should certainly embrace AI as a valuable tool but must not rely on it fully. As mentioned in the Napier podcast crossover episode with the marketing automation moment, ‘AI is good at being average, but to truly excel in the competitive world of marketing and PR, we must be above average’.
Digitalisation in Marketing
Digitalisation has unlocked a world of opportunities within B2B marketing and is likely to expand even further in 2024. Digital platforms have enabled B2B marketers to reach a global audience and allowed companies to communicate their messages in different ways.
Video content is a major component of digitalisation and is continuing to rise in popularity as a B2B marketing strategy. Its versatility offers many possibilities, such as product demonstrations where complex information and instructions can be simplified, as well as providing personalisation to target specific areas of an audience.
Podcasts are another effective tool within digitalisation, with more and more decision makers turning to podcasts for business-related content. The format allows companies to deliver valuable content to B2B tech audiences in an accessible way, enabling them to build brand presence and engage target audiences directly.
Given its ability to increase reach and build authentic connections, whilst also providing valuable information, it’s no surprise that digitalisation will continue to be popular in 2024.
ABM campaigns will become more personalised
B2B ABM campaigns will continue to embrace a more personalised approach, in order to help deliver tailored experiences that relate to targeted individuals. Strategies we could expect to see include, personalised emails and messages, one-to-one communication, and personalised interactions where customer queries and pain points can be solved. With personalised marketing becoming more common across the marketing landscape, personalisation can often be a key tactic in helping prospects understand that your service is the best solution to their needs.
The opportunity to personalise ABM campaigns not only supports the development of trust-based relationships but also drives higher engagement levels, ultimately increasing interest in your company.
Google will block third-party cookies on Chrome
At the start of January 2024, Google began testing its new tracking protection feature, where website access to third-party cookies will be restricted by default. This comes as a concern as many companies use these cookies to track people's activity across the web as a way to monitor the success of campaigns. With Google's plans to phase out third-party cookies for all users by the latter half of 2024, marketers will have to start relying on first and second-party data instead.
This change will require marketers to reassess how they spend their money on first-party data to get optimal results. Despite this change being a challenge for some in the B2B marketing space, it’s important to remember that Google won’t stop tracking altogether, and there are still opportunities for marketers to use first and second-party data to their advantage.
Thought leadership content will be data-driven
Thought leadership content is often imperative within a B2B marketing strategy. Typically thought leadership pieces can be opinion-driven, and although this is valuable, we are seeing a shift in thought leadership content being led by data.
This transition comes at a time when stories now need to be told through data, as a way of building trust and credibility between the company and target audience.
Although there is still a space for opinion-based content, audiences are more likely to trust and engage with those who back up their words with data over those who don’t, particularly in the B2B tech space where products and services are often specialised. While sounding smart is important, genuine intelligence backed by data is what ultimately leads to success.
B2B businesses will sack three quarters of its salesforce
Sales are in charge of developing relationships with clients and closing deals on products and services, but with the increase of digital tools, is the human element of the sales process still necessary?
In 2023 we saw the rise of the self-service buyer, and this will continue in 2024, meaning that effective marketing strategies will become even more crucial as more people will be making sales decisions without talking to salespeople. The pandemic accelerated this approach, as restrictions on face-to-face meetings forced buyers to do more self-directed research. Buyers are also becoming more informed and like to research products and services on their own before making a purchase. This approach means that companies need to maintain not only a high level quantity of content, but also content that remains high-quality, ensuring that they are engaging and generating interest from prospects.
While the use of digital tools and technologies is continuing to reshape the sales process and could definitely be responsible for the downsizing salesforces, the skilled human touch still remains necessary for nurturing relationships and closing deals.
Marketers will think about the whole customer journey
Often marketing strategies can be implemented without the full customer journey being defined. We hope to see a shift where B2B marketers will consider the complete customer journey for a campaign, ensuring they understand and identify opportunities throughout the customer journey to entice and retain customers more effectively. For instance, thinking about the full customer journey allows marketers to address customers' pain points more effectively, leading to improvements in the purchasing process and ultimately improving customers’ experience and loyalty.
Although an ideal approach with many benefits, the complexity of incorporating this into every single stage of the customer lifecycle is likely to make this a more gradual transition than we’d hoped for. Similar to each stage in the customer lifecycle, B2B sales processes are typically long and intricate, involving multiple decision-makers and touchpoints; they make tracking every stage of the customer journey a challenge. So, while it's a great goal, B2B companies may proceed with this approach at a slow pace.
Companies will realise the value of trade media
Trade media enables companies to effectively target a specialised audience within a specific trade or industry. Despite its many benefits, not all companies have embraced this approach. Some may be hesitant due to the possibility of fewer readers or low levels of engagement, and some may be focusing budget on other activities such as digital marketing.
However, it's important to recognise that those interacting with the publications are directly from the industry you are targeting. Instead of focusing purely on quantity, companies should prioritise the relevance of their audience engagement.
Trade media also excels at reaching potential buyers with those you have no prior relationship with, especially in situations where these buyers are unaware of your solution. This is an advantage for introducing new solutions or services to buyers who may not yet be familiar with them.
As companies begin to analyse the ROI of trade media, they will start to change their perspectives and begin recognising its value in driving business success within more niche areas.
B2B Influencer Marketing
B2B companies are beginning to recognise the worth of using influencers to engage with their audiences. Influencers associated with B2B marketing are typically industry experts with a large influence within their field. These influencers can help B2B companies boost their brands' message and increase credibility amongst target audiences. It’s important to bear in mind though that it is crucial to approach B2B influencer marketing strategies differently to the typical B2C influencer marketing as they differ significantly. B2B influencer marketing tends to revolve around providing data-driven content that addresses more complex topics.
As B2B buyers continue to utilise online platforms for information and networking, influencer marketing has become an effective strategy for B2B companies to connect with their audience in a more engaging way. For this reason, B2B brands should certainly explore and embrace this marketing technique further and look to collaborate with influencers in their niche to help drive interest.
Conclusion
It’s clear to see that the B2B marketing landscape is rapidly evolving and is motivated by the many emerging trends discussed in this blog post.
From the rise of AI and digitalisation to the increasing importance of personalised ABM campaigns and the transition towards the restriction of third-party cookies for tracking, B2B marketers are facing both new challenges and opportunities.
As we progress through 2024, B2B marketers must stay knowledgeable of and adapt to these shifts, whilst also prioritising the customer and their experience, in order to remain competitive and drive business success.
