Insights That Will Shape Marketing Strategies in the Coming Year
To keep up with the ever-evolving landscape of B2B marketing, marketing experts must employ inventive methods to build brand awareness and loyalty, to reach new audiences, and to keep them engaged. The “2024 Marketing Benchmark Report” from Endeavor Business Media gathered responses from marketing professionals in key business sectors, including design and engineering, energy, transportation, healthcare, and manufacturing. In fact, more than half (55%) of respondents provide marketing services in the manufacturing industry. This is a summary of the report’s key findings and areas of focus.
Key Takeaways
- 45% of marketers expect to increase their budgets in the coming year
- Half of survey respondents use AI for content generation
- Marketers said in-person events are most effective for lead generation
Marketing Budget and Objectives
- Of the B2B marketers surveyed, 45% expect marketing budgets to increase, and 43% expect them to stay the same. They said the top three marketing activities to receive additional funding are lead generation (69%), content marketing, (65%), and content development (61%).
- The top three prioritized marketing objectives, on a scale of 1-10, were branding and awareness (8.45), lead generation (7.6), and demand generation (7.0). When asked about outsourcing marketing functions, 57% of respondents said they are most likely to outsource video production.
- Marketers are relying on AI more often, with 50% of survey respondents saying they leverage AI for content generation. However, they expressed concerns about data quality (44%), lack of human expertise (35%), and ethics/privacy (26%) as the top perceived limitations of using AI tools for marketing.
- Marketers are investing in research to help them find innovative ways to reach their target audience, generate brand awareness, and drive leads. The majority of respondents (90%) conduct targeted B2B research, focusing on market trends and topics (59%), voice of the customer (53%), and product development/feedback (53%). Two-thirds, or 67%, of marketers use web-based or online surveys as their primary research methodology.
Content Marketing
Content has a significant impact on the marketing strategies of respondents. More than half said they would allocate more of their budget to content marketing, content development, and video. Of the variety of content types used for marketing purposes, respondents said their top three are press releases (80%), video (74%), and product content (70%).
- The survey respondents also identified their top three challenges related to executing a content marketing strategy. They are budget (67%), developing an actual strategy (57%), and producing enough content (57%).
- Finally, the B2B marketers said their top three most effective lead generation tactics were in-person events (65%), website marketing (55%), and email marketing (51%). Respondents also commented on the challenges of implementing a lead generation strategy. More than half (57%) said finding the correct tactic to drive quality leads was a challenge, and 50% said measuring and documenting success was also a challenge.
Event Marketing
- More than 80% of survey respondents plan to leverage in-person marketing events with either the same frequency or more often in the upcoming year. The most common types of events are:
- In-person traditional trade shows with exhibition floor, conference, and sponsorship opportunities (82%)
- In-person, boutique hotel-based events—with conference tracks, tabletop displays, and networking opportunities (70%)
- In-person resort or hotel-based events with dedicated 1:1 connections between buyers and sellers and round table networking (65%)
- However, the B2B marketers named three difficulties related to event marketing. More than half of the survey respondents (52%) said they are challenged to create experiences with impact, and half (50%) are challenged to determine ROI. Thirty-eight percent identified coordinating post-event follow-up with sales for leads as another obstacle.
Video Marketing
- The most common types of videos created by B2B marketers were product videos (71%), company overview videos (51%), and technical/how-to videos (51%).
- One-third of respondents said they are confident in the effectiveness of their video marketing strategies, but they also cited challenges with using video as part of their marketing strategies and activities. These include having a limited budget (57%) and not being able to create enough video content (53%).
The data and insights from this 2024 B2B Marketing Benchmark Report can assist marketers in deciding where to invest marketing resources for optimal results for the companies that rely on their expertise to promote their brands, maximize lead generation, and engage customers. Implementing the right B2B marketing strategies is the key to success for B2B manufacturers.
As noted in the study, brand and awareness ranked highest in the prioritized marketing objectives—and this matters, whether you are attending in-person events or executing online content strategies. Grant Marketing offers expert insight on brand development and how it can drive growth for your B2B business. Has your brand kept up with internal changes such as new products or policies, or external changes based on customer demands? Find out with Grant Marketing’s free brand assessment! Contact us now to learn more or call (413) 259-0319 to get started.
