B2B has officially reached its adapt-or-die scenario that consumer-facing brands have come to grips with in recent years.
Recently, eMarketer revealed its first business-to-business digital ads forecast, estimating that the space will total $4.6 billion in 2018, up 13 percent from last year’s $4.07 billion. And when comparing this year’s forecast to 2013, B2B digital ad budgets will have grown by 111 percent in only five years.
So B2B has reached a tipping point, and here are three big reasons why:
1. The tools and data are here
Digital has remade how B2B companies buy and the way vendors market their services. According to McKinsey, turning your company into a top quartile B2B digital player can increase revenue by 3.5 percent. Customer relationship management (CRM) tools—with Salesforce often leading the way—have been pushing the digital transformation frontier for B2B companies.
2. ABM leverages 1:1 engagement
Now with the tools in place for marketing and sales data to talk to one another, the focus is on driving measurable results. From this philosophy, accounts-based marketing, or ABM, has grown in popularity. With B2B marketers spending just 6 percent to 9 percent of company revenues on marketing, it’s no surprise that digital is appealing.
3. Content can now be mapped to the customer journey
Thanks to the maturation of the space, business-to-business companies can now also map out and measure the impact of how content works inside advertising and in conjunction with advertising. Content can be customized and tweaked on the fly to deliver relevant advertising and marketing to sales prospects like never before. The customer journey is no longer static, representing a huge opportunity to B2B players who want to leverage bleeding-edge technologies’ best features.