Navigating what tactics and strategies to use in B2B marketing is tough. To gather insights on how to stay ahead, we recently participated in the Forrester B2B Summit in Austin, Texas. Leaders and visionaries from various industries gathered to explore trends, strategies, and innovations. The sessions, discussions, and networking opportunities provided valuable knowledge that will shape our B2B marketing approach for 2023 and beyond. Here are our "TLDR" notes from our favorite sessions.
- Out of 100 presentations, 17 are focused on AI.
- Out of 100 sponsors, 50 of them already have AI built in to their tools.
- "Ironman effect" - this isn't about robots taking your job, it's about marketers putting on a robotic suit to create superpower-like efficiency and effectiveness.
AI's capability to analyze vast amounts of data enables B2B marketers to identify patterns, predict customer behavior, and personalize content and interactions. It also streamlines lead generation, automates repetitive tasks, improves customer service, optimizes for voice and visual search, aids in competitive analysis, and necessitates ethical considerations. Marketers should prioritize training and upskilling, refine Account-Based Marketing strategies with AI, and stay updated on AI's future directions.
Introducing Forrester's B2B Customer-Obsessed Growth Engine
Sam had an amazing experience meeting Sebastian Vettel's pit crew, sitting in the racecar, and receiving a personal letter from the racer himself. Despite Mercedes' dominance in racecar driving, being a Ferrari fan was essential to Vettel's winning mindset. Experiential marketing, particularly in the context of Formula I, played a significant role in driving customer loyalty and advocacy. Key elements of experiential marketing include interaction, engagement, personalization, and creating memorable experiences. Leveraging technology like VR and AR enhances the impact. Storytelling and adapting to virtual events are crucial, as well as considering emerging trends and building long-term relationships with customers. The Forrester B2B Growth Engine emphasizes aligning marketing, product, and sales to meet the changing needs of buyers, as evidenced by their dissatisfaction with providers in 2022.
Buyer Value is the Core of Your Customer-Obsessed Growth Engine
Katie and her son Drew faced the challenge of choosing a college among numerous options, feeling overwhelmed by the lack of differentiation. Similarly, B2B brands encounter a "sea of sameness" and must differentiate themselves by listening to individual customer needs. Key strategies include understanding buyer value, adopting a customer-centric approach, maximizing customer lifetime value, personalization, predictive analysis, customer feedback, crafting compelling value propositions, increasing customer retention, aligning product development with customer expectations, customer journey mapping, cross-functional collaboration, and evolving with changing customer preferences for sustained value delivery.
How CMOs Support the Six Ways a Company Can Grow
CMOs can drive market penetration by implementing targeted marketing campaigns, enhancing branding efforts, and implementing customer retention strategies. Market development involves conducting market research, creating market entry strategies, and tailoring messaging to different market segments. CMOs collaborate with product teams in product development by integrating customer insights and developing marketing strategies. Diversification requires exploring opportunities, validating them through research, and executing marketing strategies for new products or markets. Strategic partnerships involve identifying compatible partners, creating collaborative marketing strategies, and maintaining brand alignment. CMOs also play a role in assessing potential acquisitions, overseeing post-acquisition integration, and developing effective communication strategies to inform customers about changes resulting from acquisitions.
Outreach: How Unified Revenue Operations Strategy Drives External Growth
Ashley Naumann discussed the concept of Revenue Operations (RevOps) and its significance in driving business growth. RevOps involves aligning sales, marketing, and customer service departments to provide a seamless customer experience. It emphasizes the integration of data from different departments to create a holistic view of customer interactions, enabling informed decision-making. RevOps also streamlines business processes, enhances revenue forecasting and planning, and helps overcome organizational silos, fostering collaboration and improving performance. She highlighted the impact of RevOps on customer experience and provided strategies for successful implementation.
Making Sense of the B2B Intent Data Landscape
B2B intent data is defined as data that reveals the signals and indications of a potential buyer's interests and purchasing intentions. It plays a crucial role in modern marketing and sales strategies by providing valuable insights into customer behavior and preferences. There are various sources of B2B intent data, including first-party and third-party data providers. First-party data providers utilize a company's own data, such as website analytics and CRM data, to analyze user behavior. Third-party data providers collect data from external sources, offering a broader view of the market. Other intent data provider models include bidstream data providers, cooperative data providers, predictive analytics providers, publisher-based providers, and data aggregator providers. Understanding the pros and cons of different data sources helps businesses make informed decisions about utilizing B2B intent data in their marketing and sales efforts.
Dun & Bradstreet: True Stories of Successful Master Data Management
Master Data Management (MDM) is a comprehensive method that helps organizations define and manage critical data, providing a single point of reference for all data elements. It ensures data accuracy, consistency, and uniformity across the organization, leading to improved efficiency, decision-making, and regulatory compliance. MDM consists of components such as master data, metadata, data quality, and data integration. Best practices for implementing MDM include having a clear strategy, securing executive buy-in, prioritizing data quality, involving stakeholders, starting small and scaling gradually, choosing the right tools, and planning for data governance. Common challenges in MDM implementation include inconsistent data quality and resistance to change, which can be addressed through data cleansing and effective communication. Successful MDM implementation results in enhanced decision-making, improved operational efficiency, and better regulatory compliance.
How We Plan to Use What We've Learned
Attending the Forrester B2B Summit was truly an illuminating experience that has invigorated our team at MarinOne. As we reflect on the invaluable insights gained from industry experts, thought leaders, and fellow marketing professionals, we are inspired to push the boundaries of B2B marketing and embrace innovation. Armed with a fresh perspective and a deep understanding of emerging trends, we are eager to implement the strategies and best practices we've learned to drive tangible results for our clients and stay ahead of the curve. The Forrester B2B Summit served as a catalyst for growth, igniting our passion for continuous learning and reaffirming our commitment to delivering exceptional B2B marketing solutions. We eagerly look forward to the opportunities and challenges that lie ahead, armed with the knowledge and inspiration we gained. Reach out to work with one of our team members to revamp your B2B advertising campaign strategy.