In an uncertain economic climate, businesses are constantly looking for ways to do more with less. This is also the case for B2B marketers who are well aware that their spending can have a major impact on their bottom line. The growing need for B2B tools has increased competition in the space, requiring companies to find sophisticated marketing solutions to stand out. As a result, B2B ad spend is expected to reach 35 billion this year (a 9.3 per cent increase from 2022).
Building customer trust is imperative in uncertain times, helping businesses achieve long-lasting stability. To achieve this, B2B marketers must embrace a customer-centric approach.
Understanding customer marketing
Typical B2B marketing is all about building connections with prospects without focusing on converted customers. On the other hand, customer marketing stems from the realization that there’s no guarantee that customers who bought from you will do it again. In other words, a business’s marketing efforts are directed at existing customers. The goal is to boost retention rates, understand customers’ preferences and behavior, and secure recommendations and reviews.
B2B marketers may be tempted to see their customers as their golden ticket and constantly try to reach new leads. However, neglecting current customers will ultimately undermine a business. Acquiring new customers costs five times more than keeping your current ones, so it only makes sense to invest in customer marketing. There are a few popular strategies to choose from, such as:
- Cross and upsell campaigns. Your current customers may have seen the benefits of your service or product when they decided to buy it, but even so, you should still focus on keeping the value proposition strong throughout your business’ cross and upsell campaigns. You can do so by providing customers with a knowledge base and educational content.
- Newsletters. Did you know that emails can boost the average order value by as much as 17%? That’s right, so it only makes sense to use email marketing as a strategy and create engaging content for your customers. The best way to do this is through newsletters, which are an incredible tool for enhancing click-through rates and building customer engagement.
- Referral programs. Word-of-mouth is an effective strategy that shouldn’t be overlooked when building a solid brand reputation. You can turn current customers into brand advocates through referral programs by providing perks and rewards whenever they recommend your business to a friend or another venture.
Customer experience and personalization: two essential ingredients for successful B2B marketing
This year, B2B marketers will focus on understanding their audience better to provide personalized experiences for them. There are different strategies businesses can use to achieve this, such as collecting customer data, leveraging marketing automation tools, developing targeted content, and tailoring messaging. In order to strengthen customer relationships, a company must first measure customer experience. But getting the right results requires an effective approach, and many times, B2B marketers may not know what are the ideal solutions for their business. In such a case, it is best to rely on professionals that will help ensure your company’s long term growth through a successful customer experience strategy. With Savanta USA research, B2B businesses can boost loyalty and increase revenues through specialized programmes that are designed to improve companies’ performance.
Regarding personalization of customer experience, Spotify is a good example of a company that does an excellent job. It collects customer data, such as playlists, listening history, and search queries, and uses it to create customized playlists based on their musical tastes. This plays a major role in ensuring a positive experience for individuals, which is crucial to building loyalty and retaining current customers.
Meeting customers’ expectations requires effort, but it is all worth it once you reap the incredible rewards, as this makes them more likely to choose your company, generating repeat business. Here are some effective ways B2B companies can enhance customer experience:
- Spot opportunities to boost the experience throughout the entire customer journey;
- Get feedback from reviews, surveys and social media platforms;
- Make sure employees know how to offer excellent customer service.
In the B2B world, Adobe is renowned for putting customer experience at the forefront with its analytic and marketing tools that are incredibly useful for businesses. These tools can help deliver tailored customer experiences, including website content, social media campaigns, and personalized emails. For example, with Adobe Target, companies can run A/B tests and create customized content for particular customer segments. Similarly, Adobe Analytics allows ventures to track customer behavior across various touchpoints and digital platforms. This gives them a helpful insight into customers’ interests and behaviors, ultimately playing a role in delivering more personalized experiences.
The emergence of generative AI in the US and its power to transform B2B businesses
A while ago, no one expected that generative AI would see such a meteoric rise. And yet, marketers in the US are now putting this incredible technology to work for them. AI tools such as ChatGPT are now a staple in the B2B marketing world, and the enthusiasm towards it is only growing.
B2B marketers who have already adopted generative AI are reaping incredible benefits, such as:
- Gaining competitive advantage;
- Developing creative campaigns;
- Producing more content in a relatively short time;
- Creating engaging content that appeals to the target audience;
- Boosting business efficiency and allowing B2B marketers to focus on higher-value tasks.
There is no doubt that AI enables B2B companies to provide personalized experiences to customers, and Salesforce is a good example to this end. The company’s AI-powered marketing platform, Einstein, assists businesses in targeting customers successfully by identifying current trends and predicting customer behavior. This is possible by analyzing customer data which helps B2B marketers develop personalized campaigns that ensure higher conversion rates. The platform provides features like predictive analytics, personalized suggestions and automated workflows.
But that’s not all – Salesforce’s AI tools also play a role in automating marketing processes, such as lead nurturing and lead scoring, freeing up time for marketers so that they can focus on other critical aspects, such as innovation and strategy. This is a great way in which businesses can optimize their marketing efforts, thus producing the desired results by boosting customer engagement and revenue.
The bottom line
Any business revolves around customers – you depend on them to generate sales and thrive in a competitive market, which means they are the ones to determine whether your company is successful or not in the long run. So, it only makes sense to focus on ensuring customer satisfaction when running a B2B marketing campaign.
B2B businesses in the US have realized the role customer marketing plays in their success, and they are embracing innovative technologies like AI to reap the benefits and create better customer experiences. And there’s no doubt that companies focusing on customer marketing will lead the way and shape a future where digital connections are the norm.