The marketing landscape is constantly changing in line with new technologies and market trends, and the past couple of years have perfectly exemplified this.
From the demands of data compliance to the uptake of new platforms and marketing methods, the current state of the B2B market can often be hard to predict and just as difficult to navigate, leading to several misconceptions about the effectiveness of certain activities or channels.
Thankfully, the future is looking bright and several current and forecasted trends are likely to set the record straight on what does and doesn’t work within the B2B market.
Here are 3 myths around B2B marketing that we predict will be busted in 2023.
1. Influencer marketing is just for B2C
Influencer marketing has grown rapidly over the past few years to become a key part of the marketing toolbox when it comes to establishing trust and brand awareness.
With the global influencer market now valued at $16.4bn, it’s understandable that most businesses will be looking for ways to reap the benefits.
Influencer marketing might seem like a more natural fit for B2C brands, however many of the principles carry over nicely to B2B and there has been an increasing prevalence of influencer-driven campaigns within the marketplace.
A survey by TopRank Marketing revealed that 86% of B2B marketers have found success with influencer marketing, with 77% of the influencers they work with being industry experts and analysts.
B2B brands looking to leverage influencers could consider approaching people like business gurus, academics, industry spokespeople, and thought leaders. Potential collaborations could range anywhere from podcasting and guest blogging to video testimonials or in-person event appearances.
While the long-term effectiveness of B2B influencer marketing is relatively unknown at this point, it’s good to know that those brands that have trialled it seem to be experiencing success.
The thing to keep in mind is that any influencer-led marketing is likely to strengthen trust and understanding of your brand more than drive conversions, however it will also lay the groundwork for stronger conversions down the line.
2. The end of third-party cookies means the end of Google advertising
The death of third-party cookies has been on the cards for a while now.
From the introduction of the General Data Protection Regulation (GDPR) in Europe and the Consumer Privacy Act (CCPA) in California, to Apple’s privacy-focused iOS 14 update, to widespread media coverage of how people’s information has been harvested by ‘Big Data’, online consumer privacy has been a hot button issue across the globe.
The result of this is that several browsers including Firefox and Safari have already disabled third-party tracking cookies, and Google is still to follow suit (the goalpost recently moved to 2024).
For many marketers, this might seem to spell the end of data-led advertising and website analytics, however, the reality is that while the landscape might be changing, B2B marketers will simply have to adapt with the times.
One solution is to leverage privacy-first data tools, while another is to build campaigns around first-party data capture such as embedded sign-up forms, lead-gen advertising, and in-person sign ups.
Crucially, the recently introduced Google Analytics 4 comes equipped for a cookie-less world.
It puts web user privacy and consent first and foremost while using machine learning to fill in the gaps and provide as accurate a picture as possible of user intent and behaviour without requiring third-party cookie tracking.
3. Traditional and social marketing don’t work together
The final myth we want to bust is that of social marketing.
Social media has often been seen as the ‘new kid on the block’, relevant mostly to consumer brands and content-based businesses.
This couldn’t be further from the truth, as B2B brands can benefit greatly from social media and a strong social selling and marketing strategy.
Social marketing, in essence, is about connecting with potential customers and clients through social media, whether that is through making direct connections, posting content, or managing an online community of followers.
Companies in the B2B space can find a wealth of opportunities on LinkedIn and Twitter, and surprisingly can even establish a strong presence on more visual platforms like Instagram or Pinterest, depending on their target audience and brand identity.
However, this doesn’t have to come at the expense of traditional methods like telemarketing, and savvy marketers will incorporate these cold outreach activities alongside social media to fill the gaps in their overall strategy and exploit the strengths of both approaches.
Conclusion
These are just some of the many marketing myths we predict will be addressed in the coming months.
Shifts in the global market over the past few years like the rise of influencers, the end of third-party cookies, and social media marketing have forced businesses to be more dynamic, transparent, and engaged with their online customer base.
As such, B2B marketing must rely more heavily on methods traditionally suited to B2C and begin to embrace every tool available to them.
So, before you think a certain path may be closed to you, just remember that older digital marketing channels are still going strong and that newer methods aren’t just for the consumer brands.
If you’re in need of someone to drive your B2B digital marketing efforts in 2023, then Pursuit is here to help.
We develop unique and fully integrated digital marketing and demand generation campaigns, taking a direct and data-led approach to finding relevant, valuable prospects before nurturing them into sales-ready leads.
If you’re interested in expanding your digital marketing or sales development efforts, get in touch with us today.