The reinvention of b2 b marketing

8 April 2023 Copyright © Econsultancy

The Reinvention of B2B Marketing

Stefan Tornquist, VP Research@MarketingStefan

Findings from Econsultancy Studies ofB2B Transformation, Technology, Budgets and Strategic Priorities

ECONSULTANCY

8 April 2023 2

We help our customers achieve excellence in digital business, marketing and ecommerce through research, training and events.

Founded in 1999, Econsultancy is used by more than 600,000 professionals every month.

The next 45 minutes…

• The Changed State of B2B Marketing

• The Study – the new sales/marketing balance

• 5 takeaways

• Q&A

RESEARCH PREMISE

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8 April 2023 Lessons of the Global 1,000 5

77%Econsultancy, 2014


1995

Don E Schultz, Martin P Block and Vijay Viswanathan, 2012

8 April 2023 Lessons of the Global 1,000 7Don E Schultz, Martin P Block and Vijay Viswanathan, 2012

15%


2010

Don E Schultz, Martin P Block and Vijay Viswanathan, 2012

`

8 April 2023 Lessons of the Global 1,000 9Don E Schultz, Martin P Block and Vijay Viswanathan, 2012

65%+

Reasoning

#1 – shift driven by customers

#2 – marketing has to evolve and grow into the gap

#3 – companies successfully making this transition will enjoy higher growth and other advantages

8 April 2023 10The Reinvention of B2B Marketing

THE STUDY AND RESPONDENTS

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The Reinvention of B2B Marketing Study

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Conducted with

Nearly 600 responses

Revenues $250 million and up

Director and above (EVP/CMO 42%)

Broad range of B2B industries

The hipsters

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8% Marketing led

Newer

Ecommerce models

Tech/digital heavy

The traditionals

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34% Sales led

Traditional

Sales runs revenue

Limited role in growth strategy

Awareness and top of funnel

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58% “Partnerships”

Modern B2B marketers

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28% True partnership

Role in strategy outside of marketing

Revenue responsibility (often stand alone)

Significant/leading role in CX and product

Traditional with modern trappings

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30% False partnershipTraditional in modern clothing

Some role in lead generation strategy

May have shared revenue responsibility

Limited/no role in CX or product dev

Worst case for marketers

Which are you?

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8% Marketing led

19% True partners

42% False partners

36% Sales led

Growing faster than their sectors…

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8% Marketing led

19% True partners

42% False partners

36% Sales led

74%

70%

40%

52%

The benefits of a true partnership (top 2 choices)

Easier to attract top talent

Improved lead quality / more efficient lead handling

Better customer retention

More efficient media/events/awareness spending

Faster adaptation of products / services to customer needs

Positive impact on growth

0% 15% 30% 45% 60% 75%

21%

31%

38%

40%

45%

70%

THE DIFFERENCES

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The old school

Channel management

Customer experience & lifecycle management

New product and/or service innovation

Digital innovation & capability development

Customer research & insights

Sales support

Promotions / merchandising

Brand strategy & communications

0% 20% 40% 60% 80% 100%19%

25%

31%

36%

50%

55%

65%

74%

19%

32%

38%

47%

59%

67%

72%

85%

The new school

Channel management

Customer experience & lifecycle management

New product and/or service innovation

Digital innovation & capability development

Customer research & insights

Sales support

Promotions / merchandising

Brand strategy & communications

0% 20% 40% 60% 80% 100%36%

69%

56%

50%

69%

53%

70%

86%

37%

60%

70%

53%

76%

72%

76%

84%

19%

25%

31%

36%

50%

55%

65%

74%

19%

32%

38%

47%

59%

67%

72%

85%

The new school

Levers for growth ranked…


Respect + responsibility


Executive mgmt. Product Customer svc. Sales Finance IT2

3

4

5

6

7

8

6.46.1

5.75.4

5.24.8

7.1

6.66.4 6.3

5.9

4.9

7.57.1 7

6.8

6

5.4

7.67.4 7.4

6.76.3 6.3

Sales led False partnership True partnership Marketing led

THE MOTIVATIONS FOR CHANGE

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Motivations for Change

Cost cutting/efficiency measure

Falling revenue/slowing growth

Consolidation of customer experience under one organization

Competitor activity

New understanding of value prop/customer experience

New executive leadership

19%

29%

31%

34%

43%

43%


Velocity of change1.Competitor activity2.New leadership3.Falling revenue


Velocity of change1. Competitor activity2. New leadership3. Falling revenue

Degree/Duration of change1.Competitor activity2.Consolidation of CX3.New understanding of

value prop/customer

CUSTOMER CENTRIC?

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32

85%

“High/Top priority”

Customer-centrism

33

47%“Measure & understand financial impact of CC”

Customer-centrism

34

47%“Measure & understand financial impact of CC”

Customer-centrism

63%

35

27%“Use customer satisfaction in determining compensation”

Customer-centrism

36

27%“Use customer satisfaction in determining compensation”

Customer-centrism

43%

BEST TOOLS FOR THE JOB

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Analyzing the leaders: keys to success

Engaging outside help to (re)define processes and requirements

Implementation of enabling technologies, like advanced CRM or marketing management tools

Embedding new marketing leadership and talent

Executive team involvement and support for the changes

Reorganization away from "silos" / strict lines between teams

30%

47%

52%

56%

57%






30%

47%

52%

56%

57%







30%

47%

52%

56%

57%







30%

47%

52%

56%

57%







30%

47%

52%

56%

57%


BUILT TO INNOVATE

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44

36%“Balance between breakthroughs and customer requests…”

Balanced innovation

54%

45

39%“Ideas from all levels”

Balanced innovation

46%

Leaders…

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• Make decisions with experiments

• Understand failure is normal

• Careers are safe (70-20-10…or20)

THE APPROACH TO TECHNOLOGY

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Would you say?

Our digital marketing technologies…empower everything we do.

Leaders are 10x more likely than the rest (40% to 4%)

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Would you say…

Our digital marketing technologies…empower everything we do.

Leaders are 10x more likely than the rest (40% to 4%)

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Tech and the leaders…

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Getting the most from existing tech

Integrating new tech

Using existing data

Identifying new tech

Integrating new data sources

Legacy issues

Tech and the leaders…

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Getting the most from existing tech

Integrating new tech

Using existing data

Identifying new tech

Integrating new data sources

Legacy issues

PEOPLE AND CULTURE

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53

“Difficulty attracting and keeping digital talent”

How do we keep talent?

57%

54

57%

“Difficulty attracting and keeping digital talent”

How do we keep talent?

31%

What’s different at Leaders

• Regular evaluation

• Upskilling

• Train before hiring

• Know where “up” is8 April 2023 55

SUMMARY POINTS

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Summary

Career paths for digitals…up and even outTechnology is an investment in peopleExperiments don’t covet the corner officeEnd the cold war (get rid of the silos)The story of change is the story of the customer (and a dose of competition)


Summary



Summary



Summary



Summary

Career paths for digitals…up and even outTechnology is an investment in peopleExperiments don’t covet the corner officeEnd the cold war (get rid of the silos)Without incentive, strategy is a good intentionThe story of change is the story of the customer (and a dose of competition)


Summary

Career paths for digitals…up and even outTechnology is an investment in peopleExperiments don’t covet the corner officeEnd the cold war (get rid of the silos)Without incentive, strategy is a good intentionThe story of change is the story of the customer (and a dose of competition)


8 April 2023

Thank You!

63

@marketingStefan