Member Article

Customer-Focused B2B Organisations will Prevail in 2023 Predicts Forrester

Since 2022, there has been no doubt: the B2B sector is poised for an economic downturn in 2023.

Worries about inflation, rising interest rates and market shortages, this economic downturn is forcing business leaders to rethink their plans for future growth.

A Forrester research report: Predictions 2023: B2B Marketing And Sales, published in 2023, tentatively predicted what conditions the market would face and how to overcome them.

Forrester analyst Ross Graber, co-author of the firm’s annual predictions, noted: “Concerns about a recession and economic instability will push B2B companies to pursue more predictable growth strategies in 2023. These strategies will focus chiefly on existing customer growth, complemented by tightly targeted approaches to winning new business.”

Whether geared towards B2B or B2C audiences, all businesses aim to limit risk and allocate budgets wisely - and organisations that plan and operate around their customers will always prevail.

The Forrester report shows that sales and marketing are increasingly aligned, and less focus is being placed on channel marketing. But the main takeaway revolves around customer experience.

In 2023, three times as many B2B leaders will prioritise customer health

The B2B sector is realising that their current customer base is a source of growth, after years of solely pursuing new customers.

As a result, 2023’s marketing plan will likely revolve around customer experience.

B2B sales and marketing teams will collaborate to develop account-based marketing strategies that prioritise customer retention, customer upselling, and customer loyalty.

Brands and businesses that can provide seamless customer experiences lead the way in B2B customer experience management, which often borrows from B2C marketing.

Companies can decrease churn, boost customer retention, and improve brand perception by closing B2B customer experience (CX) gaps.

75% of B2B organisations and 65% of B2C organisations are just beginning to develop their CX maturity, according to Gartner. As such, there is an opportunity for many organisations to improve their customer experience. Is your business one of them?

Here’s how you can tighten up your customer experience strategy.

Audience mapping

Research can help your business stand out from competitors, streamline your products/services, measure results, and maximise return on investment. However, you need to start by working out who exactly your audience is.

To ensure that all potential customer needs are met, it is important to create B2B buyer personas with different levels of detail depending on the target segment. With B2C, businesses have the advantage of being able to focus on the individual customer and their unique needs, allowing them to craft a personalised messaging strategy.

When it comes to B2B purchases, getting the attention of multiple decision makers is key; you need to look beyond just one customer and consider a larger group of stakeholders.

The art of engagement - make it meaningful

Engagement is crucial to improving your B2B customer journey. People’s attention is captivated by something they feel is valuable to them. When you analyse prospect or customer feedback, you can improve the user experience by providing more relevant content.

The best way to improve your business’s services is to listen to what your customers say.

To discover what works and what doesn’t, More Than Words Marketing conducts telephone surveys and interviews among your existing and lapsed clients.

During our phone interviews, we ask prospective clients about their expectations, pain points, price sensitivity, and more - teaching you valuable information about your audience.

Conducting focus groups online can result in a more concise look at customer opinions, yet provide limited insight into individual preferences. Telephone interviews are therefore generally more reliable for gathering data, as the longer conversations allow for more detailed answers.

Get Personal

When it comes to tailored advertising experiences, B2C certainly has the edge.

Consumers today expect personalised offers from brands - and are frustrated when they don’t get them. But, B2B customers still appreciate personalisation, so it is important to create campaigns that feel relevant to them.

Up to 30% higher conversion rates have been reported by companies who use segmentation.

Marketing personas help target your marketing, and you should already have marketing content in the form of emails, mailers, or social media campaigns based on the needs of each of these personas.

Content should cover all the stages of the sales process, from those just browsing at the top to those ready to close at the bottom.

This includes everything from creating engaging content to providing detailed product information to help potential customers make informed decisions.

This was posted in Bdaily's Members' News section by More Than Words Marketing .