Published on 09/24/2024 – Last Updated on 09/24/2024 by OTC
Recession rumblings. Inflation. Market volatility. Businesses of all sizes and across all industries are navigating a seemingly endless onslaught of economic challenges.
As cost-saving measures are enacted, vendors need to prove their value to avoid the chopping block. Businesses are debating what’s essential, and savvy marketers need to focus on retaining current clientele in addition to driving new business. Strategies to acquire and retain business are nuanced.
Current customers have likely bought into the brand, mission and product/service value. But how do companies foster loyalty as competitors buzz about with their so-called bigger, better and perhaps cheaper offerings?
Forrester’s 2025 Budget Planning Guide is out, and the prospects look good in the press releases, but the real figures are really just “OK”. Globally, 87% of decision-makers are planning for budget boosts in 2025. But before you spend big on your B2B marketing plan, it’s worth a closer look. Only 35% of B2B decision-makers expect a marketing budget increase of more than 5%. Accounting for inflation, that 5% looks more like 2%.
Most businesses are in for another thrifty year, with a volatile environment driven by high interest rates, skilled worker shortages and global political instability. Thankfully, we’re used to volatility. If nothing else, the pandemic taught us to be agile and adapt our B2B marketing plans to meet the changes that come our way.
Key takeaways
Budget boosts aren’t as big as they seem: While 87% of decision-makers plan for budget increases, most will see less than a 5% rise—barely covering inflation. Your B2B marketing plan needs to be more strategic than ever.
Volatility demands flexibility: With economic uncertainty, supply chain issues, and rapid tech advancements, B2B marketing plans must be adaptable and focused on long-term resilience rather than short-term gains.
Content marketing as a core strategy: Real content marketing isn’t just about SEO; it’s about tightening your messaging and authority across all channels, from blogs to social media, making it the backbone of your B2B strategy.
Cutting the fat: It’s time to reassess underperforming channels. If your social media isn’t driving ROI, it’s better to refine your strategy or reinvest those resources elsewhere.
Regulatory compliance is key: As regulations evolve, especially around data privacy and sustainability, your marketing must stay compliant while maintaining transparency and trust with your audience.
Ongoing global economic instability, including inflation, fluctuating interest rates, and geopolitical tensions, is and will continue to affect businesses’ confidence and spending. Hesitance to invest in new solutions = unpredictable buying cycles.
Supply chain disruptions
Continued supply chain issues, exacerbated by lingering effects of the COVID-19 pandemic and geopolitical conflicts, are impacting businesses across a range of industries. Delays and shortages lead to shifts in demand and purchasing behaviour, making it difficult to predict market trends.
Technological advancements
Rapid technological innovation, particularly in AI, automation, and digital transformation, has created both opportunities and challenges. While some businesses are quick to adopt new technologies, others are lagging, creating a fragmented market where needs and expectations vary widely.
Evolving customer expectations
B2B buyers increasingly expect a B2C-like experience with personalized interactions, seamless digital journeys, and quick responses. Marketers who don’t adapt to these higher expectations risk losing market share.
Regulatory changes
The introduction of new regulations, especially around data privacy, sustainability, and industry-specific compliance, can create uncertainty. Businesses must navigate these changes while ensuring their marketing strategies remain compliant.
Increased competition
The ease of digital entry and globalisation has intensified competition in many B2B sectors. With more players entering the market, standing out requires more innovative and targeted marketing strategies.
How does volatility impact B2B marketing plans?
1. Economic uncertainty
Impact: In an unpredictable economic climate, where budget increases are likely modest, B2B marketing plans need to be highly strategic. This means prioritizing efforts that deliver clear ROI and focusing on long-term relationships rather than short-term gains—strategies like SEO and email marketing.
Marketing plans must be flexible, with the ability to pivot quickly in response to economic shifts. The key is to maintain a clear value proposition that resonates with cautious buyers, demonstrating how your solutions can offer stability and growth even in uncertain times.
2. Supply chain disruptions
Impact: As supply chain issues continue to affect industries globally, B2B marketing plans should incorporate messaging that addresses these challenges head-on. Transparency and communication are critical—customers need assurance that your business can deliver despite delays and shortages.
Marketing strategies should highlight your company’s resilience and adaptability, with a focus on how your solutions can help businesses navigate supply chain complexities. Content that offers practical insights into overcoming these challenges will position your brand as a trusted partner.
3. Technological advancements
Impact: The rapid pace of technological change means that B2B marketers must stay ahead of the curve. However, the fragmented adoption of new technologies across industries requires a nuanced approach.
B2B marketing plans should include tailored campaigns that meet businesses where they are on their tech journey, offering education and support for those slower to adopt—content marketing. Meanwhile, early adopters will respond to messaging that emphasizes cutting-edge innovation and the competitive edge your technology provides. Flexibility and segmentation are crucial to address the diverse technological landscape effectively.
4. Evolving customer expectations
Impact: The shift towards a B2C-like experience in B2B markets demands that marketers prioritize personalization and customer experience in their plans. With buyers expecting seamless digital interactions and quick responses, marketing strategies need to be data-driven and customer-centric.
This may involve investing in AI and automation to deliver personalized content at scale or enhancing customer support to ensure rapid resolution of inquiries. Meeting these evolving expectations is not just a competitive advantage—it’s essential for retaining and growing your customer base.
5. Regulatory changes
Impact: As regulations around data privacy, sustainability, and industry compliance evolve, B2B marketing plans must be agile and compliant. This means staying informed about legislative changes and being prepared to adjust messaging and strategies accordingly.
Marketers need to balance the need for compliance with the demand for transparency and trust. Content that educates customers on how to navigate new regulations will be valuable, positioning your brand as a knowledgeable and responsible partner.
6. Increased competition
Impact: With more players entering the B2B space, standing out requires innovation and a clear, differentiated value proposition. Marketing plans should emphasize unique selling points and leverage creative strategies to capture attention in a crowded market.
New strategies could involve exploring new channels, refining your brand story, or targeting niche segments that are underserved by competitors. The goal is to build a brand that not only competes on price but on value, expertise, and customer experience.
This is how to adapt your B2B marketing plan
All of this considered, two key messages come through:
Invest in your content marketing
Reconsider channels that don’t offer returns.
Content marketing is the all-rounder solution that solves a lot of your problems. Many marketers think of content as little more than SEO fuel, but real content marketing is about leveraging content to tighten messaging and authority in everything you do—from articles and blogs to social media posts, email communications and any other business comms. Whatever your preferred channels, your strategies with them should be content-led.
Content helps you build stronger relationships in the face of economic uncertainty. It lightens the frustration of supply chain interruptions, educates your customers about your technological advancements, powers your digital interactions, advises the market about your compliance and solidifies your position against the competition. This is content done right.
Next, you want to cut waste. That means anything you do just for the sake of doing as well as anything you put real effort into and see little return from. Most often, that’s social media. To be very clear, this recommendation is not to cut social media from your strategy fully. But, if you just “do” social media by sporadically putting up posts, you want to consider putting the “marketing” into your social media marketing strategy. That comes back around to a content-led B2B marketing plan.
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Centralize communications and resources.
Ease and convenience are crucial in our on-demand environment. Consider creating an online customer portal to house resources, templates and tools your customers need to operate efficiently. While this is a heavy and potentially cost-intensive lift at the start, the long-term benefits and ROI are multi-fold:
Customers get easier and quicker access to what they need, plus vendors can improve customer service and reduce time and labor related to repetitive questions and how-it-works explanations. Customer portals also provide opportunities to upsell services and educate users.
Be intentional with your content and repurpose your written content into digestible social media bites. Focus on being a thought leader and educator rather than just promoting your products. Find out what your customers want to know. If you’re on all the channels, see what’s worthwhile and what is not. Calculate how much time you spend vs how much ROI you get.
Analyze all of your channels, and if you have to cut budgets, look at whether investing more in those that perform better is a smarter B2B marketing plan than trying to be everywhere doing everything.
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