As B2B marketers shift from a brand-focused to a customer-focused strategy following the trend of digital transformation, brand to demand, emotional engagement, and customer-centricity are significant growth prospects.
The COVID-19 pandemic boosted B2B businesses digital transformation plans as they felt pressured to stay up in the race to digital readiness. The rapidity of change, the shift toward more sophisticated marketing technologies, and rising customer expectations have resulted in higher marketing function complexity and demands than ever before. How do businesses cut through the clutter in today’s overcrowded digital ecosystem? Where is there room for further value capture, especially in light of rising customer demands and the rise of digital self-serve systems?
B2B brands are expected to automate more in order to boost productivity while also earning and engaging customers in a more personal and relevant way. B2B marketers should demonstrate better returns with more accountable data-driven ROI as market dynamics continue to change. As a result, marketers are hungry for data-driven insights to help them make decisions and justify their actions.
Here are three significant growth prospects for B2B brands to capitalize on in the aftermath of the pandemic:
B2B suppliers have undergone a change from largely brand-driven touch points (such as direct marketing and account reps) to customer-driven touch points where the customer drives the engagement as a result of digital transformation mainly through social media, search, and online reviews. Therefore, B2B companies have had to shift their focus from brand to audience, engaging customers in the right location at the right time with the right message. This has become more challenging in the crowded, digital-first economy, as seen by negative perceptions of B2B brand performances.
So, it’s no surprise that brand to demand has risen to the top of B2B marketers’ priority lists, with demand generation currently ranking first. The B2B businesses that stand out from the crowd with a compelling value proposition suited to various customer types will prevail in the end.
Business-to-business has become increasingly person-to-person in the digital age, with real people (rather than companies) choosing, approving, and using products and services- real individuals with real feelings and expectations. As a result, unlike the corporations for which they work, these individuals have opinions and feelings that impact their decisions and actions.
B2B brands, on the other hand, struggle to connect with customers on an emotional level in order to increase brand engagement, and they face difficulties in personalizing and delivering relevant marketing communications and messaging. Knowledge-based industries (such as IT/software/electronics, financial services, and professional/business services) are now focusing more on emotional connections with customers to increase brand engagement.
Impact of CX
Increased expectations surrounding speed and value for money, as well as a digital-first engagement that is often devoid of human interaction, are all effects of the pandemic on the consumer experience.
Customer experience leaders are people who succeed at making customers feel appreciated and understood. These leaders are more committed to digitally enhancing the customer experience and have a clear roadmap with sufficient money for investing in customer experience digital transformation over the next 1-2 years.
True CX leaders are also much more likely than their competitors to assess loyalty using a broader and more comprehensive collection of metrics, such as customer happiness data, customer lifetime value, and brand alignment with customer values. This demonstrates that true customer-centricity encompasses overall experience management in addition to the customer experience.
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