As marketing budgets have increased in 2022 and are expected to witness an upward trend in the foreseeable future, CMOs should identify the best ways to maximize the impact of their B2B marketing budget.
2022 has brought a ray of hope for CMOs. After two years of uncertainty and disruption, organizations finally have begun to increase the marketing budget. In fact, as per a recent study from Marketing Insider Group, 66% of marketers expected their budgets to increase in 2022. This has provided CMOs to explore new opportunities in marketing.
With the marketing strategies and its tech stack advancing, here are a few ways CMOs can maximize their B2B marketing budget for maximum impact:
Also Read: B2B Marketing Strategy Using a Multi-Channel Approach
Utilize social selling to develop relationships and generate leads
The restriction levied by the pandemic has forced customers and organizations alike to seek out alternatives to connect with each other. With virtual mediums becoming the primary source of engagement, social media has emerged as one of the key channels for B2B brands to reach their target audience. Moreover, it has allowed B2B professionals to build deeper relationships with their customers. By forming closer relationships with customers, B2B brands can establish themselves as an authority in their space while simultaneously speeding up their B2B sale cycle. But, having a presence across multiple social media platforms would not yield the expected results. One of the effective ways to do it is by investing in one social media platform at a time.
Leverage Artificial Intelligence to streamline the marketing process
AI tools have increasingly used RPA bots to engage customers. However, it is not the only platform that organizations should invest in. B2B brands should utilize AI tools to boost productivity by removing mundane tasks. Transcription of an interview, sorting through data or sending an automated email, B2B brands can leverage AI tools that will take away tiresome hours away from marketers that were previously spent on executing repetitive tasks. While investing in AI can provide multiple benefits to the organization, organizations should not solely rely on AI since it has the probability to make errors and along with a lack of creativity and empathy for humans.
Re-assess the marketing tech stack
As per a CMO Spend Survey from Gartner, martech was the biggest piece of the marketing budget pie in 2021, accounting for 26.2% of the total marketing budget. With the restrictions in-place this has come as no surprise since tech has played a key role in today’s age of digital transformation as well as growing customer expectations. But with organizations facing issues such as increased wastage of tech resources, CMOs should take a good look at their integrated tech stack while evaluating what is getting used, what they could do without and what else is required.
Also Read: Influence of the Metaverse on Digital Marketing
Create personal brands for senior executives
Most people on multiple online platforms prefer to follow individuals rather than the account of their organization. Thus, founders and senior executives often should focus on building their personal brand rather than their organization. When building a personal brand, it becomes more about engaging with followers instead of cold-calling and posting hard-sell content. This can help B2B brands to create genuine relationships with their potential customers, making it a worthwhile investment.
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