Marketers strive to become more efficient and effective in the pursuit of predictability in revenue marketing. However, they continuously find themselves at the forefront of addressing market uncertainties, business intricacies, and operational complexities. The journey towards capturing demand for B2B software and solutions is filled with both challenges and opportunities.
Delving into the anticipated B2B marketing challenges for 2024 not only offers a glimpse into the evolving landscape but also serves as a compass for strategic pivots.
Five major B2B marketing challenges in 2024
Buyers are growing more independent when it comes to software research. Further, the democratization of buying decisions has become more aggressive with buying groups increasingly expanding. Coupled with a global economic downturn, B2B marketers face a compelling business case. Let’s take a look at some of the major challenges in B2B software marketing in 2024.
a. Difficulty in surfacing in-market accounts
The biggest business challenge tech marketers expect to face in 2024 is finding new customers. 35% of the respondents in Gartner Digital Market’s 2024 Tech Trends Survey voted for this. Identifying new target accounts with buying intent has not been the easiest but the turbulent economy now presents marketers with more mysterious buying signals. Marketers must drive stronger engagement signals and develop a more exacting approach to intent data use. And combine these signals to arrive at conclusive insights to accurately predict the right-fit accounts ready to buy. Leading marketing programs like ABM could be made more scalable and personalized using the right intent data strategy.
b. Siloed marketing across channels and platforms
Even with martech and marketing playbooks evolving into a more account-based approach or focused demand generation practices, many organizations still lag in building and adopting effective demand capture models. Marketing teams are investing across an array of channels and martech. However, these channels and tools are siloed and do not yield the effectiveness that justifies their investment. In 2024, marketers will have to start looking at channels, campaigns and activities from a more integrated lens to drive holistic engagement and boost conversions.
c. Increased regret buying in B2B tech
For 61% of marketers, tech buying in the last couple of years has led to regret. Buying groups have become more cross-functional, and marketing executives have to approach software buying from more angles than just marketing use cases. Product features and functionalities can easily be trumped by lack of security, integrability and flexibility. In 2024, marketers must dive deeper into buying groups to drive consensus for high-quality deals.
d. Budget constraints necessitate a full-funnel approach
Prevailing macroeconomic conditions have forced marketers to run marketing programs on shoestring budgets. In 2024, marketers expect this situation to become more aggravated. Changes in working environments and the lack of qualified talent to handle software will result in B2B selling roadblocks.
In such a scenario, merely bringing potential clients into the funnel isn’t going to cut it for marketers anymore. Marketers have to go deeper into the funnel to guide buyers through the finish line and beyond. Marketers need to ensure investments are paying off at each stage of the funnel through full-funnel playbooks.
e. Demonstrating continuous business value
For B2B marketers across verticals, it is a race against time to differentiate and demonstrate the effectiveness of your solution. Not only should marketers emphasize on building consensus across the buying group but enable quick and seamless implementation. Marketers must become more committed to delivering on the promise of excellent customer experience. Any and all types of insights on customer satisfaction or requirements should be acted on in a timely manner.
Effective and efficient B2B marketing in 2024
2024 offers a mix of challenges and opportunities for marketers across B2B verticals. While some challenges are perennial in nature, others are driven by external factors like market scenarios and rapid technological advancements. These challenges are key to predicting the trends for marketing this year. However, one clear takeaway is that identifying the right-fit accounts and running integrated, full-funnel playbooks can make marketing more effective and efficient.
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