Where should B2B brands put their money in 2024?
We saw a big increase in B2B marketing investment through 2023, as businesses bounced back and industries got on with things. Moving into 2024, smart B2B businesses will continue to invest in marketing to grow their brands, and research shows they’ll do it in smarter ways.
The marketing landscape has changed. While digital and content marketing still get the best results, advances in technology mean B2B businesses have more efficient ways of building and executing their digital and content strategies and assets.
So where are B2B brands putting their money in 2024?
Digital:
- Digital rules: According to Forrester’s 2023 B2B Brand and Communications Survey, over 54% of businesses plan to increase digital and website budgets. Digital is what feeds your brand to (potential) customers every day, through website, Google, apps, social media, or email, so it makes sense ambitious business owners are looking for smart ways to make this happen.
- Creative investments: 47% of business owners from the same survey are increasing budgets for creative services. Copywriters, graphic designers, videographers etc. are essential if you want to build content that stands out in highly competitive markets.
Outsourcing:
- Cost-effective skills: Worker shortages and the cost-of-living crisis mean smart businesses are outsourcing for specialist marketing skills. To see how this works and how it can make your business more cost-effective, read our outsourcing blog here.
Artificial intelligence:
- AI integration: AI tools like ChatGPT are becoming more popular – 94.1% of marketers have started using these since 2020, with 60.4% of those within the last year. In B2B marketing, AI tools like chatbots are efficient options to better understand your customers’ problems and provide them the right solutions.
- Generative AI: Midjourney, Chat GPT, Grammarly, Photoshop, Canva, and Salesforce – all with varying levels of generative AI functions – are becoming more common with marketers and we expect to see this evolve throughout 2024. Your marketing team should understand how to use these generative AI functions effectively.
Content
- Efficient investment: The phrase ‘content is king’ is still true, and 47% of customers need three to five pieces of quality content before deciding your business is worth their time. Newsletters, blogs, and social – made up of copy, imagery, and video – are how you talk to your customers consistently. Smart businesses have been and will continue to invest in great content that can be used across all platforms and then recycled in the future, ensuring goals are met consistently while supplying your (potential) customers with a diverse range of quality content.
- AI-generated: While people are jumping at AI-generated content, it’s worth noting the quality of content, especially written, is questionable i.e. it’s still blindingly obvious a ChatGPT piece of copy is produced by a machine! As a result, smart B2B marketers are using AI for segmentation, automation, creating outlines, and generating ideas rather than creating content from start to finish.
Client journeys:
- Visibility: 81% of potential clients do their research before making a decision (and we’re wary of the 19% that don’t!), so brands need to think carefully about appropriate touchpoints for those potential clients. Where are they spending their time online? Would they rather read or watch? What captures their attention? What influences them? Touchpoints done well will lead a prospect along their journey to client.
- Customer loyalty: The value of content doesn’t decrease once a lead becomes a customer. It’s easier to keep a customer than to win a new one, and word-of-mouth referrals are worth their weight in gold. Loyal customers should be promoting your brand, so now is the time to check your delight campaigns are giving an excellent brand experience well after customers have signed on the dotted line.
Your B2B business has competitors, no matter which industry you’re in. Trends point towards smart businesses knowing a good marketing and communication plan is what gets them ahead of the crowd, with personalised and streamlined experiences, built on high-quality content and driven by digital technology.
Your 2024 marketing goals won’t have changed much fundamentally – engage customers, drive conversions, ensure loyalty – but the tools with which you achieve those have changed. Are you focusing on growth in 2024? Energise’s content and digital specialists are here to make this happen, so reach out today.
