B2B Marketing Trends for 2023

Our team at the KA Consulting Group works with top B2B industry thought leaders across social media platforms. We want to provide insight into some of the most powerful B2B marketing trends that executive thought leaders should consider when finalizing comprehensive marketing strategies this year.

The consequences of economic uncertainty that we experienced in the second half of 2022 are likely to be seen again in 2023, significantly impacting purchase decisions and elongating the buyer journey. Decision-makers will look for greater value for money, and prioritize purchases that offer more perceived value or essentiality.

Longer Purchase Funnels

Much like B2C purchase decisions during uncertain times, B2B executives will also need to weigh their options and conduct further research before procurement. A recent survey conducted by eMarketer demonstrates that the time spent on B2B purchasing decisions has increased, with 55% of respondents stating that they now spend more time researching the supplier, reading online reviews, visiting the supplier’s website, and even attending webinars hosted by the supplier. Since customers are constantly researching, it is increasingly important  for B2B sellers to approach them with the right message and timing to earn their trust and lasting support.

Today’s B2B purchaser is a much younger, digital native and more conscious than previous generations. Millennials and Generation Z are increasingly in charge.

Why is this critical?

The needs and behaviors of these younger generations may lead to a complete shift in how brands go to market and promote their products and services, both in B2C and B2B. The stagnant B2B purchase processes are likely to be altered by the younger customers’ demand for transparency and desire to interact with the brands they buy from. In industries like fashion and food, conscious end-users have been increasingly demanding to know more about products’ sustainability and supply chains, forcing brands to provide more information regarding their manufacturing processes. In 2023, B2B vendors across various industries will be more vigilant and demand more information about the products and services presented to them.

In 2023, relationships between vendors and purchasers will likely be less transactional and more about lead nurturing. During a period of economic instability, smaller budgets will be allocated for purchases and decision-makers are likely to turn down new investments or acquisitions deemed redundant.

Here are five easy steps to get ready for the shift in B2B purchasing behavior:

1. Research and learn more about your customers to better understand their needs and wants. Also, cater your products and services or your outreach strategy accordingly.
2. Focus on the promise that your products and services will deliver instead of the product itself. Even in B2B industries, emphasize the perceived benefits to make your services more memorable and favorable.
3. Boost your messaging with a spark of creativity and emotion. Creative messages or ads will lead to more website visits and potential customers.
4. Maintain a professional brand image to earn the trust of your customers. Remember that your brand image also depends on those who represent it. Establishing personalized thought leadership strategies for the executives of your company boosts the strength of its reputation.
5. Aim to become a digital native. Build a strong online presence for your brand through thought leadership. 

Instead of focusing on sales goals, B2B companies should prioritize relationship building and aim to be top of mind when decision-makers are ready to purchase. Personalized and timely outreach is critical to gain mindshare, but being too persistent when the lead is not ready to make a purchase, may damage reputation. Vendors may organize information sessions or offer more information online to demonstrate to customers that their products are high quality or essential.

If you need assistance establishing your online presence as a B2B brand or leader, book a 30-minute strategy call about thought leadership here. 

Sources: 

Adweek 

Insider Intelligence 

LinkedIn