By Nick Nelson

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Sales growth is down for B2B products. Ad spending is up. Companies are facing heightened competition for business at a time where buyer budgets are tightening and purchasing cycles are getting longer.

The going is getting tough, so marketers are getting going. Here’s an overview of recent data highlighting the timely challenges being faced by the B2B marketing industry today, and how leaders are taking action to overcome them.

A Challenging Time for B2B Marketers

While warnings of an economic downturn haven’t been realized to the fullest degree, it’s clear that external conditions are having an impact on B2B activity, especially in the volatile tech space. Here are some trends that are placing B2B marketers in a uniquely tricky position at the moment.

Product growth slows as ad spend rises

A forecast from Insider Intelligence found that B2B product sales growth is at just 3.4% this year, while ad spend is still increasing with a growth rate of 9.3 percent.

“B2B companies are fighting over limited spend,” wrote Sara Lebow. This environment is raising the bar for impactful marketing that achieves bang for the buck.

B2B purchases are being scrutinized more deeply

New research from Demand Gen Report and Vidyard shows that “buyers are focusing more on the value of a purchase and thoroughly researching solutions before making a decision.” The study showed that 38% of buyers are conducting more detailed ROI analysis. Meanwhile, purchase cycles are extending.

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Marketing leaders face increasing pressure to drive revenue (and prove it)

The B2B Marketing Benchmark from LinkedIn* found that the biggest change in the CMO role over the past two years was a two-way tie:

In other words, marketing leaders are increasingly expected to show results, at a time where results are inherently more difficult to achieve (at least, short-term revenue results).

Like I said: a challenging time. Fortunately, there are new techniques, tactics and tools emerging to aid B2B marketers as they navigate these difficult circumstances.

How B2B Marketing Leaders Are Rising to the Occasion

Drawing from expert insight and industry research, here’s a look at how B2B marketers are evolving their approaches to meet these challenges head-on.

Investing in brand building and long-term growth

Among Lebow’s expert-sourced tips for growing business in a difficult market: Don’t over-index on performance. Branding in B2B still matters.

“I worry those marketers [focusing solely on performance] are setting up their companies for irrelevance in the future by focusing on that short-term performance hit but not creating that long-term brand awareness and relevance,” said Anteriad CMO Lynn Tornabene.

The outsized value of branding investment during an economic downturn is well documented, and it appears that many B2B marketers are heeding those lessons.

Prioritizing creativity and differentiation

A space like B2B tech was crowded and competitive enough before introducing the aforementioned challenges. Right now, the need for differentiation …read more

Source:: Top Rank Blog

Author: Aaron