To effectively deal with the rising B2B marketing challenges, CMOs should rethink how they approach their marketing strategies and devise better ways to address them to achieve their short-term and long-term goals.
The challenges faced by CMOs have only been amplified this year as the digital landscape has intensified the B2B Marketing competition. Even though CMOs witnessed an increase in their marketing budgets, the expectations have also risen. This has created a slew of marketing challenges that CMOs are finding hard to address. As a result, CMOs should rethink their marketing strategies and develop better ways to manage them.
Here are the four B2B marketing challenges that keep CMOs up at night:
Creating and implementing new marketing strategies
One of the biggest challenges that CMOs face is the development of new and innovative strategies that engage customers and result in revenue growth while aligning with the martech stack. Since effective lead and demand generation initiatives are central to marketing strategy, they should revisit them based on the new expectations from their prospects and customers.
CMOs are also leaning towards Account-based marketing (ABM) to focus on retention and expansion within their existing customer base. However, they find it difficult to find better communication approaches to successfully engage and convert.
Even though many CMOs are striving to expand their scope of business within their current customer base, they should also work towards market penetration and expansion and securing net-new clients. Furthermore, CMOs should position their brands as industry leaders to engage with their audience to ensure the business is seen and understood in the marketplace. While creating relevant and engaging content is of utmost importance, this is one key area that has proven to be challenging for many CMOs.
Enhanced customer experience
Creating impactful experiences that engage customers is another challenge that CMOs are finding difficult to overcome. With a significant amount of data at their disposal today, it is only becoming more challenging to craft positive customer experiences (CX).
Therefore, CMOs should find ways to gather the critical insights needed for understanding and creating captivating experiences that can be the differentiator for the brand. They should utilize all the relevant platforms, manage data and develop better content to effectively take charge and successfully lead the customer experience.
Managing the stress and demands of economic uncertainty
Even though brands are slowly witnessing a surge in growth and revenue, they are still cautious and acting with conservative optimism. When it comes to marketing budgets, it is predicted that CMOs will continue to witness mandates on spending reductions and will be expected to do more with less. Now more than ever, CMOs will have to demonstrate the value of their efforts for every dollar spent
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