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Analysis of key trends in UK B2B Marketing, October 2014
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Current Trends in Business to Business Marketing
OCTOBER 2014
B2B Barometer Q3 2014
Business is booming
IDM, B2B Marketing, IDC, Circle
56% report budget growth in 2014, by an average of 19%
87% of UK B2B marketers expect revenue growth in the next 12 months
From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business From B2B to business to individualto individualto individualto individualto individualto individualto individualto individualto individualto individualto individualto individualto individualto individualto individualto individualto individualto individualto individualto individualto individualto individualto individualto individualto individualto individualto individualto individualto individualto individualto individualto individualto individualto individualto individualto individualto individualto individualto individualto individualto individualto individualto individualto individualto individualto individualto individualto individualto individualto individualto individualto individualto individualto individualto individual
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Two macrotrends
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Two macrotrends
The world of Me
The hardest thing about B2B sales today is that customers don’t need you the way they used to.
Harvard Business Review: The End of Solution Sales
The Invisible CustomerBusiness customers are self serving on the web
Sources: Google, IDG, CEB
Technology has fundamentally altered the business to business buying process
60-90% of the process is complete before the seller even knows the customer is in the market
Customers spend just 21% of the buying cycle in conversation with providers
Providers account for less than 50% of the information consulted before sale
AWARENESS CONSIDERATION DECISION AWARENESS CONSIDERATION DECISION
BUYERS
INFLUENCERS
Collapse of the B2B Purchase Funnel
Access to information is making the buying cycle more fluid, less predictableProviders are having to react with strategies that influence buyers indirectly or are more responsive to customer needs
Customers come to the table better informed, opening conversion conversations earlier
Sales cycle is up to 22% longer than 5 years ago
Source: Sirius, Google, McKinsey
Inbound is the New OutboundA shift of emphasis toward buyer-initiated channels
1 in 3 business brands is actively decreasing outbound spend in favour of inbound
Inbound strategies cost 65% less but deliver as much as 3x as many business leads, who are 14x more likely to convert
The challenge today is to be present consistently, across a wide range of channels, through a disjointed journey
The growth channels are content, search, digital self-selection, social, influencers
Sources: IMA, CMI, Marketo, Hubspot
The world of Me
Content builds relationships. Relationships are built on trust. Trust drives revenue.
Andrew Davis. Content Marketing Institute.
The Rise & Rise of ContentIn the context of an empowered buyer content bridges the gap
88% of UK B2B marketers employ content marketing in some form - avg. 14 formats
76% of UK B2B brands have increased their content marketing budget in 2014
Business customers spend 56% of the buying cycle searching out and consuming content
80% of B2B decision makers say content is their preferred way to receive information
Source: CMI, DMA
B2B Marketing is DigitalDigital channels are both driving, and satisfying current B2B trends
Digital channels account for over 80% of pre-contact research.
+90% of customers start their buying process online, primarily in search
75% of B2B decision makers say digital channels are their primary source of buying information
60% of B2B-funded marketing projects are digitally led. Over 40% of marketing budgets spent online
On avg. B2B marketers now work across 12 channels. 65% reporting an increase y.o.y.
Sources: Google, CMI.
Getting Much More SocialFormal social strategies are now the norm for the majority of B2B brands
Sources: Aberdeen, Forrester, Cisco
54% of B2B managers say social media is now a primary source of new leads
Biggest B2B growth in 2014 on YouTube, Slideshare, Google+ and Instagram
85% of B2B customers use social media in their buying process. 23% start their search in social
84% of B2B marketers employ some form of social media. Typically 3-6 platforms
LinkedIn is the most used platform amongst UK B2B marketers
0
10
20
30
40
50
60
70
80
Source: B2B Marketing Social Benchmarking Report 2014
And has the highest reported ROI
25%
50%
75%
Mobile FirstAs professionals become more mobile mobile channels become more pivotal
Business audiences expect the same integrated digital experience as in their personal life
57% access work related mobile content out of the office
Over 60% of business email, business-related social networking and video is mobile
40% increase in B2B mobile budgets y.o.y.
Yet still only 20% of B2B brands offer a seamless mobile experience
Sources: Forbes, B2B Marketing, Gartner
Business is on VideoAfter a slow start B2B brands are increasingly using video to deliver richer customer experience
22 million B2B customers watch videos on YouTube every month - 3rd most used B2B social platform.
Over 50% of B2B customers regularly watch as part of their decision making process.
76% of B2B marketers regularly use video. 70% claim video outperforms other content for conversion.
77% of UK B2B brands have a presence on YouTube.
Not just volume but breadth: brand stories, testimonials, how tos, interviews, case studies.
Sources: Demand Metric, Forbes.
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Two macrotrends
The world of Me
In the future there is no distinction between B2B and B2C. Everything is marketed to individuals.
Jeannine Rossignol, VP Marketing Xerox
Up Close & PersonalRight content. Right channel. Right time.
Responsibility for individual relationships with customers is shifting from Sales to Marketing
Advances in data & technology are increasing the potential for relevance across all channels
‘Understand my unique business needs’ is the #1 provider selection criteria
76% of B2B customers expect to receive content directly relevant to their stage in the buying cycle
52% of marketers say personalised content is fundamental to their digital strategy
Sources: Pardot, Econsultancy, ITSMA
From Promotion to EmotionThe emotional component in B2B decision making is as important as the rational
Growing understanding that on avg. B2B customers are more emotionally connected to their brands than B2C consumers
Move from emphasising business value to highlighting personal value
Emotionally connected customers are 5x more likely to consider, 13x to purchase, 8x to pay a premium
Business customers are 50% more likely to buy from a provider where they see personal value
Sources: Google, CEB
People not businessesConsumerisation of B2B is driving a more human tone of voice for communications
Recognition of the individual requires B2B brands to communicate person to person not business to business
Increasingly more relaxed, less formal, less corporate language. Less business jargon. Strive towards simplicity
Moving B2B propositions & creative closer to B2C
Accelerated by less formal channels - social, blogs
Changing not just what brands say, but who they say it to. Greater emphasis on connecting with end users not just purchase decision makers.
The world of Me
The B2B organisation of the future will be organised around data, content and technology.
Michael Brenner, Head of Strategy Newscred
Data: Bigger than EverBy 2017, predicted that the CMO will By 2017, predicted that the CMO will spend more on technology than the CIO
Sources: Gartner, Circle/DNX
Richer behavioural data is supplanting traditional firmographic, LOB and revenue led segmentation
43% of enterprise B2B organisations are already using big data to mine customers. 40% more will be in 3 years
69% of enterprise marketers see big data as central to shaping their organisation’s commercial strategy
63% see primary application of big data as developing & strengthening customer relationships.
50% growth in the adoption of MA tools in 2014
Not just email - multiple channels. Allowing brands to respond to customers in real-time
MA can raise lead qualification rates by over 400%, and conversion by up to 50%
But only 1 in 4 have fully integrated functionality and less than 10% adoption outside of IT
Sources: Gartner, Sirius, Annuitas
An Automated ApproachMarketing automation, used not only to direct the customer journey but to respond more fluidly to it
A Predictable FutureAccess to big data & the tools to analyse it opens the door to more accurate predictive modelling
Traditional Lead Scoring - unreliable & subjective. Access to connected data makes B2B propensity models possible
B2B brands are experimenting with ‘precognitive marketing’ now, and the experts agree it’s the next big trend
87% of US B2B marketers expect to increase investment in predictive analytics over next year
Of those who have adopted, 66% report high/very high value
With MA, predictive analytics makes determining the right action for any individual at any time realistic
Sources: Prediction Impact, Econsultancy
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