B2B buying is growing ever more complex. From 2016 to 2018 the number of stakeholders involved in a purchase decision jumped from 6.8 to 8.2 contacts at a company. Today, consumer experiences continue to overlap and influence our expectations and behaviors more and more each year in our business buying experiences. For B2B manufacturers already navigating a complex marketing and sales environment, this can be challenging. As 2020 unfolds personalization and online expectations will increase. These are seven key b2b manufacturing marketing trends to keep an eye on in 2020.
B2B manufacturers face some of the most complex buying environments.
- Long sales cycles
- Growing numbers of buying roles involved
- High-value transactions
- Channel and distributor relationships
Traditional outbound and inbound marketing strategies can struggle to prove value and support manufacturers’ sales channels in this environment.
Enter account-based marketing or ABM for short. HubSpot defines ABM as a focused growth strategy in which Marketing and Sales collaborate to create personalized buying experiences for a mutually-identified set of high-value accounts.
At its core, it turns the funnel upside down and aligns sales and marketing to hunt with spears instead of nets. Manufacturers benefit from building an account-based marketing framework by
- Creating higher quality opportunities
- Tightly aligning sales and marketing
- Streamlining and often speeding up the sales cycle
- Expanding business relationships in key accounts
- Better measure ROI
Because ABM starts by targeting and seeking to reach only your most qualified ideal customers first, it can be resource-intensive to get a pilot going but provides long term returns. DemandBase found companies that have been using ABM for at least 1 year saw an increase in revenue of 10%, 19% of those surveyed saw revenue growth in excess of 30%.
Account-based marketing isn’t necessarily one of the new manufacturing marketing trends, but tools and platforms are now making it easier to orchestrate and evaluate and as a result, savvy B2B manufacturers are looking at it as a potential addition to their sales and marketing programs.
Consumer-Like Buying Experiences
More and more B2B buyers are behaving as they do in their consumer lives. Forester 2020 predictions point to 2020 as a year of change as B2B buyers continue to evolve more of their experiences to online channels. In Gartner’s B2B Buying Journey we see that sellers actually have little opportunity to influence the decisions of their potential buyers. Enter B2B e-commerce’s time in the spotlight.
With the impact of the COVID-19 pandemic – now there is an even faster escalation in demand for investments by manufacturers to make sure they meet changing buying preferences. Insite Software, a provider of B2B e-commerce solutions for Manufacturers notes in its parent company Episerver’s annual B2B Digital experience report that 93% of manufacturers and 95% of distributors expect more than 20% of their revenue will come from e-commerce websites they own and operate by 2025.
With a push online, creating more opportunities for real-time response to customers, and end-users will be critical. Queue the chatbots. Chatbot technology continues to advance every year enabling advanced logic capabilities that manufacturers can use to field all sorts of questions to drive sales and marketing forward. BotCore points out a handful of ways chatbots can help with fulfillment in addition to questions around inventory and delivery, chatbots can be an effective way to answer product questions or point website visitors to the product documentation to help them in their buying process.
Marketing Automation & Personalization
Marketing automation for b2b manufacturers will continue to grow in importance as the buying journey becomes more digital. Marketing automation helps manufacturers simplify complex b2b processes while personalizing and scaling their digital marketing and sales efforts.
Here are a few personalization examples b2b manufacturers are taking advantage of:
- Addressing your recipient by name in the greeting
- Referencing their company name when giving an example of how their company could benefit from your product
- Referencing their role or job title when discussing pain points or solutions pertinent to their role
- Referencing the last piece of content they downloaded by name and asking if they are finding it helpful
- Customizing the sender information per contact by contact owner
- Referencing product or product category of interest
- Referencing examples and case studies
The complex business processes facing many B2B manufacturers are also a challenge marketing automation platforms or MAPs are ready to tackle head-on.
Marketing automation can drive efficiencies and allow for real-time routing, task creation, and follow-up across functions and channels. The automation we’re seeing B2B manufacturers take advantage of include:
- Routing leads by sales rep territory
- Sending custom ‘Thank You’ emails by country
- Routing internal requests like samples, RFQs or catalogs
- Creating custom tasks by a sales rep for lead review
- Automatically setting subscription types
- Setting product interest categories or other data governance within the CRM
Video Video Video
This is one of the manufacturing marketing trends that industrial buyers love: Video. Engineers, for example, nearly 87% report getting at least some of their work content from the video. B2B manufacturers have a ton of options when it comes to video. Brand videos, testimonials and case studies, use cases or field solutions, culture videos, demos, and more.
An area you can expect to see video grow significantly is through 1:1 personalized video. Short videos created for a specific user. It could be a sales follow up, a quick how-to, or just a thank you. With the influx of more personalized sales and marketing experiences across the B2B manufacturing marketing ecosystem – video enables face-to-face connections that can otherwise be lost in a completely online sales experience.
This year many B2B organizations had to adjust their event strategy due to COVID-19. While not anticipated and certainly sudden, many marketing and sales professionals leaned into the pivot and are embracing the benefits afforded to virtual events. A lack of travel and time constrictions. The ability to meet with much larger audiences in discussion settings. Virtual events are here to stay and for B2B manufacturers this spells opportunity. While trade shows will inevitably return in some fashion, planning a virtual strategy for everything from recurring lunch and learns or product demos to featuring unique use cases and customer stories will only enhance the growing online buying process many B2B manufacturers see their customers adopting.
Content Isn’t Optional
Creating content that answers your potential buyer’s questions early in their research process and throughout their buying journey is non-negotiable.
A survey by engineering.com found an overwhelming preference for an online search or a website blog as a primary source for finding answers to questions they have in their work. This begs the question: if your technical buyers have questions, whose content will they find, yours or your competitors?
When it comes to steady consistent lead generation for b2b manufacturers, content is front and center across all of the 2020 b2b manufacturing marketing trends.