2023 has been a wild ride so far. The influence of online channels on B2B buyers has never been greater and as a result commercial directors are shifting their focus when it comes to marketing.
Add to this that the rapid evolution of AI systems like generative search and content creators could present major technological disruption to many businesses in the near future.
If you are responsible for the success of a high-growth business, it’s critical to fully understand what scalable strategies will take your organisation to the next level.
The statistics below will give you quick insights into the mindset of B2B buyers and which channels B2B companies are doubling down. You’ll also get some quick takeaways regarding markers’ perception of AI and how C-Suite executives in B2B are shifting their mindset on digital marketing.
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When considering what to invest your marketing resources, it’s critical to understand how B2B buyers differ form B2C ones.
62% of buyers surveyed said a web search was one of the first three resources they leveraged for their fact-finding.
According to Kurve the majority of buyers prioritise online research, with 67% starting their buying journey online.
Forsta found 52% of respondents “definitely” had a higher probability of going with a B2B brand aftering consuming content like blog posts, white papers, ebooks or other lead magnets.
This statistic comes directly from the Google overlords themselves but is no surprise to digital marketers who know how heavily consumers lean on search engines when researching.
It will also be no surprise to anyone who purchases products online themselves that reviews are critically important. Popular review sites for B2B SaaS solutions include G2 and Capterra.
Now that we've gained some understanding of how buyers research and make decisions, let’s dive into channels that digital marketers at leading B2B companies value most highly.
Activities related to search engine optimisation such as content marketing seem to give B2B businesses the best results, in comparison to PPC.
This could explain the increasing interest in B2B and SEO, as demonstrated by the Google Trends chart below.
The spend in 2021 was $12.12 billion, so if the 2024 projection is correct that would be an increase of 54% over three years.
This closely aligned with what marketers themselves said when surveyed, with 59% claiming LinkedIn generates leads for their business.
The statistics above closely align with key findings in the SageFrog’s 2023 B2B Marketing Mix Report.
The most qualified leads that marketers received in 2022 came from a combination of SEO, SEM, and paid social. These digital marketing tactics appear to be the most successful, as more traditional methods of lead generation are on the decline.”
- 2023 B2B Marketing Mix Report, SageFrog
Since the launch of Chat GPT towards the end of 2022, there has been a deluge of new tools leveraging artificial intelligence. Read on to understand how B2B organisations view AI and how often it is being utilised by marketers.
Chatbots allow buyers to ask questions and receive a rapid answer, or be quickly connected with someone who can help resolve their inquiry.
There’s a wealth of data marketers can draw on based on user interactions with bots including frequently asked questions and pinpointing parts of the value proposition that are unclear.
The vast majority of industry experts are already utilising at least some form of artificial intelligence. This could be to directly engage with their audience (as in the example above) or to automate some of the more mundane elements of their day-to-day role.
Finally let’s examine prevailing attitudes towards digital marketing from the perspective of commercial directors, business owners and C-level executives.
Two thirds of organisations are getting help from external sources like agencies, freelancers or consultants.
Overall, we’re seeing more B2B companies starting to work with marketing agencies to maximize their marketing efforts and ROI. The majority use a hybrid model combining some in-house work and some outsourced work, but the trend toward increased outsourced marketing remains.”
- 2023 B2B Marketing Mix Report, SageFrog
This insight might come as a surprise to those who believe those using the tools most should be the final decision makers. However, in 2023 budgets remain tight and business executives will want to ensure they understand how every penny is being spent. With the increasing success of digital channels for B2B, there may also be a greater desire to understand these tools and how they support business goals.
According to the CMO Council’s “C-Suite Scorecard”, half of respondents believed that their marketing team could improve demand generation. It seems that leaders at this level have finally pivoted away from vanity metrics like site visits or rankings (although these remain important in certain contexts).
This also probably means more scrutiny for marketing professionals, so ensuring your data tracking is set up correctly is critical for attributing pipeline accurately and giving digital marketing proper credit.
It has taken time for the attitudes of senior level business leaders to catch up with what is happening on the marketing landscape. That said, it finally seems that these executives are embracing digital marketing thanks in part to a fear of missing out or being left behind.
A great way to get a snapshot of the health of your business’ digital marketing is to do a full audit on all digital resources and practices.
A digital marketing consultant can help you do this. They can also put any findings into context and make recommendations based on your business goals. Book in a free 15-30 minute consultation with me to find out how we can work together to take your business to the next level.