How B2B companies in the US are exploring new marketing tactics to thrive in the e-commerce space
The B2B e-commerce space is set to grow to 3 trillion dollars in the United States by 2027 (this is a significant surge, as in 2021, the industry was valued at 1.7 trillion). According to Statista, around 17% of B2B sales will happen digitally this year. This isn’t at all surprising, as modern buyers are turning to digital channels more than ever, leaving B2B sellers no other option but to adapt to the times. Customers prefer placing orders online and prioritize convenience and speed when completing a purchase, seeking a similar experience to the one that Amazon provides. So, leveraging digital marketplaces becomes imperative in e-commerce, as this is the key to thriving as a B2B business in a competitive environment.
Simply put, B2B marketing involves targeting other businesses through marketing tactics instead of reaching individual customers. Some popular strategies B2B marketers use include conferences and trade shows, where they present their products or services and build brand awareness. In the digital space, social media ads and video are B2B professionals’ preferred formats. But no matter what platform they use, statistics show that B2B advertising is experiencing an upward trend. In 2022, B2B professionals in the US spent 32 billion dollars on ads, compared to the previous year, when the spend amounted to 28.9 million. By 2024 the expenditure will likely grow further, reaching around 37.7 billion dollars.
Market research is imperative for a successful B2B marketing campaign
The B2B sector is ever-evolving, requiring marketers to learn about the latest trends and statistics to meet customers’ preferences and provide personalized experiences. They need to make informed decisions to reach their goals, which is only possible by collecting the right data. According to statistics, 74% of B2B marketers establish goals, but only 3% achieve them. But why does this happen? For one thing, B2B marketing is by no means a piece of cake, and it is paramount to implement the right strategies so your business can flourish.
When it comes to B2B marketing, conducting thorough research is among the most important things to do. This is because research is the foundation of the entire B2B marketing process and can determine whether a campaign can be successful or not. It is vital to conduct research continuously to stay up to date with the latest trends, as the digital marketing landscape is always transforming. Some important areas to keep record of include buyer persona, the company, and key performance metrics. However, it can be challenging for businesses to conduct comprehensive research on their own, so it is advisable to seek the help of professionals. For instance, Savanta USA market research provides helpful insights into brand performance, market sizing and trends, and so on, helping you make better decisions for your business.
Social media – a catalyst for B2B business growth
Marketing professionals are taking advantage of digital channels to promote their B2B services and products. B2B e-commerce solutions have been increasingly adopted in recent years, with content marketing standing out as one of the tools favored by marketers, as it has a high success rate. In fact, in 2022, 5 out of 10 B2B businesses in the US considered raising spending on this strategy. Instagram, Facebook, LinkedIn, YouTube and Twitter are the top social media platforms B2B professionals use for content marketing, and among these, LinkedIn is the most effective. This platform plays a huge role in increasing reach, helping B2B brands maintain a positive image, showcase their expertise and build strong connections. LinkedIn also offers a blogging opportunity, allowing B2B businesses to post blog updates, thus establishing themselves as authoritative experts in the sector.
Automation and AI on B2B marketers’ radar in 2023
The developments in the automation and AI sector are hard to overlook, so it isn’t surprising that more than 40 % of B2B marketers want to implement these technologies in their marketing tactics. Organizations can harness the power of artificial intelligence to enhance their marketing efforts. AI plays a role in content personalization by analyzing customer data and understanding the preferences of each customer. The AI tool allows companies to determine what communication channels prospects use most and the specific times when they open email messages. Ultimately, this helps increase conversion rates and engagement. AI also helps automate marketing tasks, like gamification, ad optimization, email campaigns, and social media posting. The algorithms of the technology can contribute to marketing campaign optimization by analyzing its performance in real-time and making suggestions based on relevant data. The goal is to boost targeting and messaging and ensure the campaign is successful.
Besides AI and automation, B2B professionals in the US also plan to explore video and influencer marketing. Video is the most popular pastime in the digital space, as in 2022 alone, around 82% of Internet traffic was represented by online videos. This is because people engage more with videos than other types of content, which means B2B marketing videos are a great way to build connections with your audience. There are different types of videos B2B professionals can use in their marketing strategy, such as customer testimonial videos, video interviews, product tutorials, thought leadership videos, and so on. B2B video marketing provides numerous benefits, including high conversion rates, increased credibility, powerful brand messaging, and so on. So, using it as a B2B marketing tactic is an incredible way to generate leads; thus, it makes sense for businesses to experiment with it.
Similarly, B2B influencer marketing is incredibly powerful, allowing companies to boost their brand reputation and visibility by building trust. Enhancing credibility in the B2B space can be pretty challenging, but influencers already have a loyal audience, so collaborating with them can be a real game-changer for B2B businesses. If an influencer talks positively about a brand, prospects are more likely to trust their services or products, ultimately boosting the likelihood of generating leads. B2B influencer marketing is an incredibly useful tactic, helping businesses reach the right people by ensuring the content is tailored based on the audience’s needs and interests. Building connections with these influential people helps businesses improve their bottom line, so B2B marketers should add this strategy to their marketing arsenal.
Closing thoughts
As B2B marketing statistics highlight, businesses must embrace digital marketing strategies to boost brand awareness and generate higher conversion rates. B2B companies that don’t take advantage of innovative technologies like AI are missing out on incredible opportunities that can help them thrive in the ecommerce industry.
