The B2B market is undergoing significant changes with younger buying groups, technological advancements, shifting buyer expectations, and uncertain economic conditions. According to the American Marketing Association, 65% of B2B buyers are now between 18-40 years old, with Millennials and Gen Z comprising the majority of buying groups. Here are the top three B2B marketing trends for 2023:
Digital Customer Engagement
Millennials and Gen Z expect to manage their buying journey on their own terms and demand individualized customer interactions. They also want a range of solutions that enable them to be fully autonomous on a website or intranet. With more individuals involved in buying decisions, B2B companies need to engage with their customers to understand their needs better. Forrester reports that B2B buying cycles and purchase lead times are longer, making digital customer engagement an essential trend for 2023. In addition, searches for “brands with social purpose” increased by 133% globally from December 2020 to December 2022. Therefore, B2B companies must align their company values with internal leaders to cater to the social issues that matter most to their customers.
AI-Generated Content
Artificial Intelligence (AI) enables B2B companies to automate tasks, lower costs, save time, and personalize customer engagement. As per Semrush, global Google searches for “AI marketing tools” increased by 310.3% from December 2020 to December 2022. ChatGPT, an AI-powered tool, can help B2B companies create original content for campaigns, copy, and virtually anything else. Since its release in November 2022, searches for ChatGPT increased by 167,855.8% from November to December 2022. Therefore, B2B companies must embrace AI-generated content in 2023 to stay ahead of the competition.
Retention vs. New Lead Generation
Acquiring new customers can be up to 20 times more expensive than retaining existing ones. Therefore, B2B companies must prioritize customer retention over new lead acquisition by focusing on upselling, loyalty expansion, and advocacy. Purposeful branding is essential in building trust with Millennial and Gen Z buyers, who are willing to pay a premium for purchases from purpose-driven companies. To facilitate customer retention, B2B companies must integrate videos into their marketing strategies to expand their audience reach. Effective marketing strategies require compelling storytelling that resonates with their customers. Therefore, B2B specialists must encourage their customers to share their experiences with their brand on their websites and social media platforms to create meaningful connections. Semrush data reports that global Google searches for “storytelling ideas for business” increased by 300% from December 2020 to December 2022.
In summary, the B2B market is evolving rapidly, and companies must embrace these three trends to stay relevant in 2023. Digital customer engagement, AI-generated content, and customer retention over lead acquisition will help companies succeed in today’s challenging business environment.
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