Companies are looking for every advantage they can find to do more with less in the current economic climate. Business-to-business (B2B) marketers are harping on this, with B2B ad spend expected to clear $35 billion in 2023.
That’s a 9.3 percent increase from last year, and a staggering 58 percent increase from 2020, according to Insider Intelligence. B2B marketers know that finding new tools for agility is the name of the game right now, as brands grow cautious about how their spending affects the bottom line. Today’s B2B marketing playbook doesn’t look all that different from consumer marketing: Lead with a customer-centric approach and strong insights.
The increased need for B2B tools has brought new competition to the space. To stand out, business-solutions marketing is getting more sophisticated about harnessing data-driven insights. U.S. B2B marketing data spend, which is used to understand and engage prospects and clients, is expected to rise to $3.77 billion in 2023, 3.2 percent more than last year.
Over half (54 percent) of B2B marketers plan to spend more on customer marketing in 2023, according to a survey by Integrate and Demand Metric. Building customer relationships and trust starts from the foundation and can lead to long-lasting stability, meaning trust in uncertain times is paramount.