What are the B2B marketing trends in the second half of 2021? Business-to-business (B2B), often known as B2B, is a type of transaction that occurs between businesses. This could be between a manufacturer and a wholesaler or between a wholesaler and a retailer. Put differently, they are transactions that take place between businesses rather than between businesses and individual customers.
B2B transactions typically take place in the supply chain. Here, one company buys raw materials from another for use in the manufacturing process. Auto sector firms and property management, housekeeping, and industrial cleanup organizations all engage in B2B transactions. Business-to-business transactions are distinguished from business-to-consumer (B2C) and business-to-government (B2G) transactions.
To be successful, business-to-business transactions necessitate forethought. Account management personnel at a corporation are responsible for establishing business client relationships in such transactions. For effective transactions, business-to-business connections must also be cultivated, generally through professional meetings before sales.
Traditional marketing techniques can also assist organizations in connecting with their clients. This endeavor is aided by trade periodicals, which allow businesses to advertise in print and online. A company’s participation at conferences and trade exhibitions raises awareness of the products and services of other companies.
As a result of the COVID-19 pandemic, B2B marketers had to make many changes and rethink their tactics and processes. Because of this, the B2B marketing landscape is different now than it was at the start of the year. Some trends accelerated and moved to the forefront as a result of the pandemic. Similarly, others were viewed differently by marketers.
Here are five B2B marketing trends that you should be aware of in the second half of the year.
Top B2B Marketing Trends in the Second Half of 2021
The Acceleration of Virtual Events and Digital Marketing.
This is the first B2B marketing trend on our list for obvious reasons. Virtual events, films, and digital marketing channels were used to engage with customers during the lockdown. This was mostly because of social distancing restrictions causing in-person events to no longer be an option. As a result, emails, blogs, webinars, virtual events, etc., have grown in importance.
CMO carried out a survey during the pandemic. From its results, 85 percent of marketers noted a willingness among customers to try new digital offers. Another 84 percent placed a higher emphasis on digital experiences.
Before now, digital strategies were merely a part of a larger plan. Today, B2B marketers must now embrace a more digital-first approach. Doing this helps them to remain relevant in their highly competitive environment.
The Increased Popularity of Content Marketing.
Almost every stage of the content or information marketing supply chain is suitable for automation. The development of marketing automation tools, plugins, and platforms has made content more efficient and cost-effective than ever before. From keyword research and creation to distribution and measurement. According to Forrester’s research, global marketing automation investment is estimated to reach $25 billion by 2023.
Information marketing is becoming more fundamental each day. As the digital revolution accelerates, customers today consume more digital content than ever. According to Statista, 27.2 percent of global viewers watched above 10 hours of internet videos weekly in August 2020. Short, informative videos may make a strong and obvious argument.
Videos, on the other hand, aren’t the sole option. During the pandemic, webinars have taken the place of live events. Edison Research and Triton Digital carried out a survey in 2020. From its results, the time spent listening to podcasts by Americans aged 12 and above increased to 6 hours and 39 minutes in 2020.
Infographics, puzzles, polls, and other engaging material can make your brand stand out. Similarly, virtual reality (VR) or augmented reality to immerse your audience in your brand can be particularly effective. Also, more marketers today rely on email marketing or produce thoughtful blog content. As such, this is one of the best B2B marketing trends you could adopt for your business.
Machine Learning and Marketing Automation.
According to Statista, the worldwide AI software market will increase at a rate of around 54% every year. It will eventually attain a market capitalization of $22.6 billion, thanks to significant acceptance in the business world. To avoid being left behind by their competitors, an increasing number of businesses will turn to AI and automation.
Marketing automation and machine learning solutions enable marketing teams to achieve more with less, saving money and expanding their reach. Chatbots, for example, give consumers a convenient way to get an answer to a simple question. Plus, they free up customer service agents’ time. About 64% of agents with AI chatbots can spend most of their time solving complex problems. Targeting, segmentation, personalization, lead scoring, predictive analytics, and even content generation can all benefit from it.
Customer-Centric Marketing Strategies.
To succeed flawlessly, your B2B marketing efforts need to be customer-centric. This is one of the B2B marketing trends that may never go extinct. Customer experience plays a huge role in many of the transformative efforts developed due to the pandemic. COVID-19 prompted many marketers to empathize with their customers, and this drove most of their outreach efforts.
With B2B buyers stuck at home, brands focused more heavily on creating engaging, interactive experiences. They began to focus more on giving useful information and solutions to clients rather than simply producing leads. Their outreach efforts and how they approached the client experience were driven by empathy (CX).
Marketers also concentrated on retaining existing clients rather than pursuing new ones. Retention marketing was critical in keeping current consumers engaged and developing a deeper, longer-term relationship with them.
Personalization and relevant content demonstrate that marketers are aware of their clients’ pain points and experiences. Like account-based marketing (ABM), this technique is extremely effective because it expands on existing commercial relationships.
Increase in Account-based Marketing
Professionals that work in ABM focus their marketing and sales efforts on only a few critical accounts. They do this instead of casting a wide net and targeting an entire industry. It enables better personalization and event personalization in marketing, which can lead to more conversions.
According to this Terminus research from 2019, 23% of respondents did not have an active ABM program. By the year 2020, though, that percentage had dropped to 5.8%. In late 2020, 42% of surveyed marketers said that the pandemic had changed their ABM objectives. Of those marketers, 49% said they shifted their objectives to focus more on growing business with existing accounts. While 30% decreased their budgets in response to the pandemic, 26% increased their spending.
ABM has gained increasing traction, with retention marketing becoming a higher emphasis (as mentioned above). The dynamic here is simple. ABM focuses on only a few critical accounts. Marketers and salespeople can focus solely on those clients and building their relationships with them. This type of strategy and interconnectedness of sales and marketing teams is also ideal for small businesses. ABM helps small businesses better focus their marketing efforts and spend toward top prospects.
Success in such a venture necessitated sales and marketing alignment and an integrated and devoted effort. Such efforts are necessary for clients during difficult times and deliver individualized and customized answers and solutions.
Conclusion.
B2B marketers should continually be looking at their analytics to see how they can improve. At the same time, they should consider what is working and what can be eliminated. Figure out what trends your customers respond to and don’t respond to. Also, find out which channels they prefer and what offers, and information piques their interest.
A B2B marketer should always aim to develop and improve their customer connections. Use the data you have to get to know your audience. After this, you can apply these B2B marketing trends to figure out exactly what they want.