There are many ideas out there about how marketing will look like in 2020, and it is hard to rely on any particular one. With the market transforming exponentially with every passing year, marketers need to change the way they look at B2B marketing and strategize differently. And, 2020 is undoubtedly going to bring in massive opportunities for firms to expand their market base only if they can stay up with the technology trends.
As a result of continuous technological improvements in the past decade, modern B2B buyers are displaying significantly diverse behaviors than in the past. The dynamics have changed completely. For instance, it’s interesting to witness that the decision-makers are a lot younger than they used to be, with over 70% of millennials making B2B buying decisions. B2B researchers conduct at least 12 searches online before engaging with a brand or website, hoping to receive the high-quality digital experience they get while making B2C purchases.
Unlike the earlier days, B2B businesses now have to create an experience to catch the attention of decision-makers, and the digital space offers endless opportunities to do that correctly. Below are ways B2B marketers can expand their business more successfully in 2020:
Personalized communications for long term engagement
Researches have revealed that 72% of buyers look forward to customized communication while taking B2B buying decisions. All communications should be tailored as per the individual buyer’s preferences. To succeed, marketers need to learn more about the target markets to drive sales effectively and grow the customer base as a result. In 2020, companies look forward to increasing their dependence on various marketing automation programs that assure personalization at scale.
Changing the way B2B marketing technologies are viewed
The marketing platforms don’t reflect the ways that marketers actually work. This gap is widening every year, and the time is right for new technologies to be adopted to bridges this gap. Marketers need to watch out for new technologies to research on what is the perfect solution. After finalizing the technology, marketers need to decide on the right time and the accurate way of adoption. In 2020, marketers should not look forward to the mere adoption of any trending technology but analyze and research what will suit their business needs the most.
B2B marketing needs to start focusing on post-sale growth
As per Justin Grey’s prediction, Salesforce could hit 73% of its 2020 target based on growth from within their customer base alone. This showcases the importance of customer service and customer retention to multiply revenues. It’s a smart choice for firms to rely on recurring revenue, as it makes a lot of sense for the firm to start putting more resources towards expansion and retention.
Refuel the e-mail marketing efforts
As per a HubSpot research, email is considered the preferred method of business communication for most B2B decision-makers, and 2020 promises more opportunities. However, MailChimp studied emails across 50 industries and found out that the average open rate is only 21.33%. This problem can be addressed in 2020, with dynamic content and AI, making the email marketing strategies stronger and more useful than before. It is now more mandatory than ever for the fast-growing B2B companies to invest in email marketing tools.
Invest in building the B2B social media strategy
Nearly 223 million Americans are active social media users in 2019. Still, B2B companies often overlook social media marketing as a viable way of acquiring new clients because the industries they operate in have complex and long-winding sales cycles. Marketers need to include new social media strategies to build better brand recognition and solidify authority in the niche market. The key to successfully do this is by finding a suitable social media channel having a maximum target audience — and for the B2B companies, this usually means LinkedIn. Almost 80% of all business leads originate there, but sadly only 94% of marketers use it to publish marketing content.
Refining the content marketing efforts and investment
Blogs and articles for the website are useful, but the future lies in providing more exciting content, including videos, augmented reality, and virtual reality interactions. That’s why B2B businesses should start using video through virtual reality (VR), augmented reality (AR), as this market is expected to see a potential growth of $160 billion by 2023.
Using Chatbots For B2B Lead Generation
As per a Business Insider report, 80% of firms will want personalized chatbots by 2020, saving up to $38 billion in the process. Research further has predicted that firms will invest $400 million in chatbots in 2021. 2020 is the perfect year for B2B brands to start investing in chatbots to streamline the B2B lead generation process.
These B2B marketing trends are deeply rooted in B2C marketing. Same as the B2C brands, people expect authentic, timely, and personalized communication from the B2B brands as well. In 2020, B2B marketers need to be more open-minded and invest in research to know the target audience better and deliver the quality they deserve.