7 B2B Trends You Need to Know in 2024
B2B marketing is constantly evolving, and staying on top of the latest trends can give you a competitive edge. In this article, we will explore seven B2B trends that will shape the industry in 2024 and beyond.
Key Takeaways
Omnichannel sales and marketing is a path to share growth.
Social commerce gives prospects more shopping options.
AI and ML are transforming B2B marketing in many ways.
User portals and knowledge bases improve customer satisfaction, retention, and loyalty.
Performance marketing focuses on measurable results.
AR and VR create immersive and interactive experiences for customers.
Marketing and sales alignment generates revenue.
1. Omnichannel sales and marketing
Customers expect a seamless and consistent experience across multiple channels, from websites and social media to email and video. B2B companies need to integrate their sales and marketing efforts across these channels, using data and analytics to optimize their strategies and personalize their messages. According to McKinsey, omnichannel is a path to share growth, as the more channels a sales organization deploys, the bigger the market share gains .
2. Social commerce
Social media platforms are becoming more than just places to share content and engage with audiences. They are also becoming shopping destinations, where customers can discover, research, and purchase products directly from their feeds. B2B companies can leverage social commerce to reach new prospects, showcase their products, and drive conversions. According to FinancesOnline, social commerce will give prospects more shopping options .
3. Artificial intelligence and machine learning
AI and ML are transforming B2B marketing in many ways, from automating tasks and generating insights to creating content and optimizing campaigns. B2B companies can use AI and ML to enhance their customer journey, deliver personalized recommendations, predict customer behavior, and generate leads. According to Forbes, AI and ML are among the emerging B2B marketing trends that will stand the test of time .
4. User portals and knowledge bases
Customers want more control and convenience when it comes to accessing information and services from B2B companies. User portals and knowledge bases are online platforms that provide customers with self-service options, such as managing their accounts, viewing their orders, accessing support, and finding answers to their questions. B2B companies can use user portals and knowledge bases to improve customer satisfaction, retention, and loyalty.
5. Performance marketing
Performance marketing is a form of digital marketing that focuses on measurable results, such as leads, conversions, sales, or revenue. Performance marketing allows B2B companies to track and optimize their campaigns based on data and analytics, ensuring that they get the best return on their investment. Performance marketing also enables B2B companies to experiment with different channels, strategies, and tactics, and scale up what works best.
6. AR and VR
Augmented reality (AR) and virtual reality (VR) are technologies that create immersive and interactive experiences for customers. AR overlays digital elements onto the real world, while VR transports customers into a simulated environment. B2B companies can use AR and VR to showcase their products, demonstrate their features, provide training, and create engaging stories. According to Shopify, AR and VR are among the B2B ecommerce trends to watch in 2024 .
7. Marketing and sales alignment
Marketing and sales alignment is the process of ensuring that both teams work together towards a common goal: generating revenue. Marketing and sales alignment involves sharing data, insights, strategies, feedback, and leads between the two teams, as well as coordinating their activities and communication. Marketing and sales alignment can help B2B companies improve their efficiency, effectiveness, and customer experience.
Tips
- Use omnichannel sales and marketing to reach more customers and increase your market share.
- Use social commerce to showcase your products and drive conversions from your social media audience.
- Use AI and ML to enhance your customer journey, deliver personalized recommendations, and generate leads.
- Use user portals and knowledge bases to provide self-service options and improve customer satisfaction.
- Use performance marketing to track and optimize your campaigns based on data and analytics.
- Use AR and VR to showcase your products, demonstrate their features, and create engaging stories.
- Use marketing and sales alignment to improve your efficiency, effectiveness, and customer experience.
B2B Trends: A Statistical Report
B2B (business-to-business) marketing and sales are undergoing significant changes in 2023, driven by the impact of the pandemic, the adoption of new technologies, and the evolving expectations of buyers. In this report, we will present some of the key statistics that illustrate the current state and future direction of B2B trends, focusing on three main areas: AI, video, and eCommerce.
AI in B2B Sales Strategy
Artificial intelligence (AI) is becoming a crucial component of B2B sales strategy, as it can help sales teams optimize their processes, personalize their interactions, and generate more leads and conversions. According to Gitnux’s recent sales data, 70% of B2B organizations have an AI in sales strategy, but only 21% of them have implemented it. This suggests that there is still a lot of room for improvement and innovation in this area, and that B2B companies that leverage AI effectively can gain a competitive edge over their rivals.
Video in B2B Sales Communication
Video is another powerful tool for B2B sales communication, as it can help sales reps showcase their products or services, demonstrate their value proposition, and build trust and rapport with their prospects. According to Vidyard’s State of Virtual Selling Report, 74% of people report success when using custom-recorded videos in various stages of the sales cycle, such as demos, onboarding, upselling, and renewals. Moreover, a study by B2B Decision Labs found that short video content contributed to 64% of scheduled prospect meetings, even though this group responded less to outreach than any other group. This indicates that video content can have a significant impact on B2B sales outcomes, especially if it is tailored to the buyer persona and the buyer journey.
eCommerce in B2B Sales Transactions
eCommerce is not only a trend for B2C (business-to-consumer) transactions, but also for B2B transactions, as more and more buyers prefer to purchase online rather than through traditional channels. According to Statista, B2B eCommerce will account for 17% of all B2B sales in the US by 2023, reaching a value of $1.8 trillion. This means that B2B companies need to invest in creating user-friendly, secure, and scalable online platforms that can cater to the needs and preferences of their customers.
Frequently Asked Questions:
Q1: What is omnichannel sales and marketing?
A: Omnichannel sales and marketing is a strategy that integrates multiple channels (such as websites, social media, email, video) to provide a seamless and consistent customer experience.
Q2: What is social commerce?
A: Social commerce is a form of ecommerce that allows customers to discover, research, and purchase products directly from social media platforms.
Q3: What is performance marketing?
A: Performance marketing is a form of digital marketing that focuses on measurable results (such as leads, conversions, sales, or revenue) rather than impressions or clicks.
Q4: What is AR and VR?
A: AR (augmented reality) and VR (virtual reality) are technologies that create immersive and interactive experiences for customers. AR overlays digital elements onto the real world, while VR transports customers into a simulated environment.
Q5: What is marketing and sales alignment?
A: Marketing and sales alignment is the process of ensuring that both teams work together towards a common goal: generating revenue.
References:
https://www.infosys.com/about/knowledge-institute/insights/Documents/future-customer-engagement.pdf
https://www.gitnux.com/blog/ai-in-sales-statistics
https://www.vidyard.com/resources/state-of-virtual-selling-report/
https://b2bdecisionlabs.com/short-video-content/
https://www.statista.com/statistics/379046/worldwide-retail-e-commerce-sales/
https://www.mckinsey.com/capabilities/growth-marketing-and-sales/our-insights/the-new-b2b-growth-equation
https://financesonline.com/b2b-trends/
https://www.forbes.com/sites/forbesagencycouncil/2021/11/04/14-emerging-b2b-marketing-trends-that-will-stand-the-test-of-time/
https://www.shopify.com/enterprise/b2b-ecommerce-trends-statistics
Essential Topics You Should Be Familiar With:
