The B2B market is changing as younger buyers shift the expectations on purchase processes, simplified tech stacks, and economic uncertainties.
I. Buyers Reject Traditional B2B Experiences
Younger, digital-first buyers want experiences that mirror their B2C journeys. Millennials and Gen Zers are now dominant in B2B buying committees. These age cohorts prioritize vendors that are easy to engage with and expect to manage their journey on their own terms. As a result, marketers will need to provide interactions that meet these buyers’ high expectations.
The buying committee is bigger and more diverse. Buying experiences now have more involvement from multiple stakeholders of varying generations but still must resonate with each person.
In 2023, there will be more adult Gen Zers than adolescents for the first time—about half the size of the millennial population. This digitally native generation relies heavily on digital for their finances, and that won’t change. Players across the banking sphere must act now to grab adult Gen Zers’ business, while also trying to win over younger consumers and lay the groundwork for upselling them in the future.
The time to sale has increased. Larger buying committees mean the average buying cycle is longer. That’s complicating efforts to continually engage buyers—especially when the buyers want to control the process.
Forecast
Forecast
- Digital self-service will dominate the B2B buyer journey. Marketers must adjust to reach buyers in digital avenues in a consumer-oriented way and let the buyer drive the discussion.
- Personalized, targeted content will be imperative. The mantra of “provide the right content in the right channels at the right time in the cycle to all stakeholders” will be essential.
II. Martech Melds with Companywide Tech
Marketers should streamline tech stacks for better performance and outcomes. But they need to work with sales and customer success to get it right. Data alignment between marketing and sales is crucial to achieve the revenue growth expected from both teams. And strategic collaboration with customer success teams drives customer retention and loyalty.
Marketing technology (martech) will need to be stripped down to achieve goals. Economic conditions and tighter budgets mean that bells, whistles, and shiny objects should only be purchased if they can show tangible impacts on marketing goals while drawing on minimal resources.
The importance of tech that drives revenue will only rise. With a focus on revenue rather than simply leads, marketers rely more on customer relationship management (CRM) systems. According to July 2022 data from Anteriad, 61% of marketers in the US and UK have a CRM in their martech stack. CRMs are traditionally owned by the sales team, but they are now essential to show attribution and marketing’s contribution to revenue growth.
Forecast
- Marketers that don’t get integration right will miss the mark. The new standard for martech: It needs to integrate seamlessly across teams and contribute to alignment on revenue growth and customer engagement.
- The importance of getting complete, normalized, and compliant data will only grow. Marketers will select tools that help with third-, second-, and first-party data to navigate privacy and regulatory changes and to help manage the data across multiple touch points.
III. Customer Experience Moves Into the Spotlight
Customer experience will continue to gain prominence. Customer experience supports B2B firms with recurring revenue and bolsters their valuable reputations in the market. Changing economic conditions, crowded markets, and the consumer-driven buyer will only underscore its necessity. Marketers must focus on retention (plus upsell and expansion), loyalty, and advocacy.
Strong customer experience programs will center on brand, company values, and talent. A purposeful brand, meaningful company values, and attention to talent and current employees all foster a deeper connection with customers and encourage them to stay loyal.
Spending will expand beyond core marketing tasks. According to September 2022 data from Integrate and Demand Metric, 54% of marketers in the US and UK expect to spend more on customer marketing in 2023. That’s not traditionally considered a core marketing activity.
Forecast
- Marketers will own the full customer lifecycle. They’ll have to build strategies from awareness to advocacy. Plus, they’ll be tasked with contributing to a positive, inclusive culture for future and current employees.
- Marketers will widen their use of B2C tactics. Personalized, digital B2C experiences now used for acquisition will be applied to retain current customers, demonstrate company values, and foster brand loyalty.
