The biggest challenges for B2B marketing, according to a recent report? Finding leads that convert and engaging the right target audience.
Highlights:
Measuring social media ROI is a challenge for 58% of respondents, and 39% report that proving ROI is the biggest hurdle to securing C-suite buy-in.
Only 23% of brands have a dedicated social media team.
60% of marketers report content marketing is their most valuable technique for lead nurturing.
Chief Marketer’s 2019 B2B Marketing Outlook report is out, and it’s full of revealing statistics for B2B marketers industry-wide. The survey studied 209 B2B marketers in more than 20 verticals, getting a bird’s eye view of biggest challenges and trends in B2B marketing.
Here are the top 10 stats you need to be aware of.
10 B2B marketing stats from Chief Marketer’s 2019 report
1) For 58% of respondents, measuring ROI is the top challenge surrounding social media marketing.
65% of respondents reported engagement as one of their biggest social media challenge, while 45% cited the challenge of having enough content. Adequate bandwidth to respond to social followers and post frequently and inadequate social budget (24% each) were lower on the list of social concerns.
2) Only 23% of brands have a dedicated social media team.
We’ve written before about how social media management is a herculean task that falls all-to-often to an overworked marketing team. Chief Marketing’s survey found that, for a vast majority of B2B brands (75%), their marketing team is in charge of maintaining social media presence.
Even as social media is becoming increasingly effective at ushering leads through the sales funnel, only 23% of brands surveyed have invested in a dedicated social media team, while 15% are outsourcing their social media management.
3) Articles/blog posts and reviews/customer testimonials are tied as the two most effective types of content for moving prospects through the sales funnel.
45% of respondents reported that articles and blog posts, as well as reviews and customer testimonials, are the most effective content types for moving prospects through the sales funnel.
Following closely behind, 32% reported whitepapers and 31% reported video as most effective. Partner content, at 26%, came next, while social media is gaining efficacy, coming in at 22%.
Respondents reported that for all content types, the visual aspects were key. For Informa Engage, for example, more visual content is performing well, says Tricia Syed, Vice President for Marketing Strategy and Execution. “In some markets, traditional whitepapers and webinars are still hugely popular, but we’re getting more visual with e-books [to illustrate] data.”
4) 39% of survey respondents reported being unable to prove ROI to C-suite as the biggest obstacle for getting approval for marketing expenditures.
Just as proving social media ROI is a poses a challenge for B2B marketing, proving overall content marketing ROI to win C-suite buy-in can be equally daunting. 39% reported it as the biggest hurdle to getting marketing expenditures approved.
46% of respondents cited the challenge of budgets that are focused elsewhere, while 33% reported that executives still don’t understand the need for marketing expenditures.
5) For 60% of respondents, content marketing is the most valuable technique for lead nurturing.
Content marketing is reported by 60% of marketers as their most valuable technique for lead nurturing. Email marketing led the pack at 62%, while in-person marketing took a close third place at 57%. When it comes to lead nurturing for B2B marketing, social media was relatively low on the list, reported by only 20% of respondents as their most valuable technique.
6) Only 22% of respondents have an in-house editorial team dedicated to content creation.
While content marketing is overwhelmingly reported by marketers as being a highly effective technique for generating, nurturing, and converting leads, relatively few brands have chosen to invest in a dedicated in-house editorial team for content creation. Instead, a whopping 80% of marketers are charged with creating their own content.
“That’s a surprising disconnect,” says James Furbush, B2B marketing manager of Lord Hobo Brewing. “I’m not surprised marketing teams are creating content, but if you’re going to be that focused on content marketing, having an editorial team is an important investment.”
Perhaps even more surprisingly, only 23% of respondents are taking advantage of the opportunity to outsource content creation, an excellent alternative for companies who are unable to afford a dedicated in-house team.
7) 42% say that their organizations will increase martech budgets in 2019.
Martech, or the fusion of marketing and technology, is taking over B2B marketing. 42% of survey respondents reported that their martech budgets will be increasing in 2019, while 40% said that existing martech budgets will remain the same. Only 4% reported that they anticipate a decrease in martech budget.
When asked what types of martech they plan on investing in, 45% of respondents pointed to marketing automation, 43% to video, 40% to email, 38% to customer experience, and 37% to social media management.
Interestingly, despite all the discussion surrounding AI, only 9% of businesses surveyed report that they are considering investing in these technologies.
8) When it comes to generating new leads, 55% reported that finding leads that convert is their biggest challenge.
More than half of survey respondents pointed to the challenge of finding leads that ultimately convert as the greatest obstacle to generating new leads. 57% reported that their biggest challenge is getting targeted prospects to engage with their brands.
What’s interesting about these numbers is that, while marketers are reporting these issues as lead-generation obstacles, they are simultaneously pointing to content marketing as their most effective tool for lead nurturing and conversion.
9) For 44% of respondents, email is a top source of B2B leads.
When it comes to which channels are the largest sources of B2B leads, email leads the pack, with 44% of respondents putting it first. Online searches came in at a close second at 43%, and live events came in at 41%.
A respectable 36% of respondents cited content marketing as a top source of B2B leads, while 22% pointed to social media.
Knowing where leads are coming from is only part of the picture. Perhaps unsurprisingly, the channel that produced the leads with the highest ROI was email for just under half (49%) of survey respondents.
10) 56% say cost of conversion is the metric that matters most in marketing attribution.
When asked which metrics matter most in marketing attribution, cost of conversion topped the list at 56%, followed closely by amount of time to convert at 53%. Other important metrics included channel (34%), first click (29%), and last click (22%).
“At the end of the day, the most important takeaway when setting up campaign attribution is to think about your goal,” said one respondent. “Start with the end in mind, reverse engineer your marketing campaign, and set up ‘mile markers’ along the way to track trends in your prospects’ digital footprints.”
Before you make your marketing resolutions for this year, take a moment to look at last year’s digital content marketing successes and failures.
As the new year begins, take the opportunity to look at past marketing choices, see what worked and what didn’t, and shape goals for the future. The year ahead is a blank canvas, but evaluating past successes and missteps is key to making sure the big picture works.
1) Don’t go anywhere without clear, specific goals — and a plan for measuring results.
Assuming you’ve been tracking useful metrics along the way, the end of the year means you’re armed with a fresh crop of data. Take time to study and evaluate your data, and use it to develop incremental goals, as well as projections for next year. If you haven’t already, now is a good time to implement a documentation strategy, like our Monthly Marketing Report Template.
Furthermore, take a moment to consider how the metrics you’re currently tracking are serving you. Is your data giving you the insights you need? Are you left with questions about where your efforts are successful, or where another approach is needed? The beginning of the year is a good time to tweak your plan for tracking and measuring the results of your digital marketing efforts.
2) Don’t forget the “social” in social media.
[bctt tweet=”Social media platforms are viable places to engage with your customers,” writes Tama-Rutigliano. This means encouraging interaction with your posts, replying to comments, and engaging with posts from your community.” username=”Fronetics”]
You’re so busy creating and curating content to be fresh, relevant, and engaging for your social media audience, you forget that one crucial part of social media marketing: the social. “Social media platforms are viable places to engage with your customers,” writes Tama-Rutigliano. This means encouraging interaction with your posts, replying to comments, and engaging with posts from your community — be part of the conversation, and build relationships.
3) Don’t put all your eggs in one basket.
With so many options for digital marketing, all of them full of possibilities, it can be tempting to choose one or two and put all your dollars and efforts there. But a successful digital content marketing strategy is robust and well-rounded. Use your year-end data to evaluate where your efforts are thriving, and where you need to devote some cash and ideas.
4) Don’t post without a purpose.
We’ve all felt the push to create content, just for the sake of getting something new up on the blog or social media platforms. But content without a clear purpose in mind is never going to get you the best results.
It’s easy to get cynical, and think that content creation is just about feeding the search engine beast. But the heart and soul of content marketing is about sharing your knowledge and expertise with your customer-base, building trust, and creating lasting relationships.
Here are four metrics to benchmark how your brand stacks up against your competitors and to evaluate the success of your content marketing strategy.
Competitive benchmarking is the process of comparing your company’s performance against that of your competitors. You can use various metrics to benchmark what these businesses are doing better than you are and where you have the edge. Benchmarking marketing performance is an important step in the process of evaluating the success of your content marketing strategy.
Organizations of all kinds — large corporations, privately owned businesses, nonprofits, and even sports teams — need to measure their performance to see if their efforts are leading to success. It’s one thing to examine webpage visits, number of clicks on a social post, or how many times a piece of content has been shared to understand what is happening as a result of your activities. But it’s key to take this information and see how it compares to other industry leaders.
Measuring digital marketing performance begins with setting competitive benchmarks. And to do this, you need contextual data. Analytics are great, but not if you don’t have context for your data.
There are several ways to measure your activity against your competitors. At Fronetics, we use these four metrics to benchmark marketing performance against competition and industry leaders.
Video: 4 metrics to benchmark marketing performance against your competition
As with all good strategies, you must continually measure success of your content marketing and adjust based on real-world results. These four metrics to benchmark marketing performance against your competitors are a great way to get started. If you aren’t keeping pace with — or beating — the competition, it might be time to go back to the drawing board.
Competitive benchmarking should be part of your data-driven marketing strategy.
In August 2016, Elaine Thompson claimed the mantle of world’s fastest woman, and Michael Phelps became the most decorated Olympian of all time. Thompson and Phelps achieved these incredible feats by continuously pushing themselves to do better. To do this, they not only tracked and measured their personal performance, but they also tracked the performance of their peers and of their competitors. Together, this data gave Thompson and Phelps the knowledge and drive needed to improve their own performance.
When it comes to measuring marketing performance, most marketers look inward, focusing on key performance indictors (KPIs) such as website traffic, open rates, social engagement metrics, and conversion rates. While these inward facing KPIs are important, it is also important to look at what is happening outside your organization and to benchmark your marketing performance against peers and competitors. This will give you the knowledge and drive you need to improve your performance and chance of success. It can help you to identify threats and strategic opportunities.
WHO
When adding competitive benchmarking to your marketing strategy the first step is to determine who to benchmark against. I recommend not just benchmarking against direct competitors, but to also benchmark against industry leaders, and against a company or two that you think is excelling (this company does not need to be in your industry). By taking this more global view, you can gain ideas and intelligence from industry leaders and from the creative and strategic minds of top performers. A word of caution – be strategic and keep the number of companies to a reasonable number.
WHAT
While you should determine the KPIs to track and measure based on your business and marketing goals, here are some to consider:
Traffic by channel
Visits by source
Bounce rate
Keywords
PPC activity and spending
Social engagement
Social reach
Posting times
Top performing content
Meta description (company positioning)
As with your inward facing KPIs, action is key. Use the data you gather to inform your strategy.
Speak your boss’ language with metrics, statistics, and facts that articulate content marketing’s impact on customer acquisition and sales.
Garnering C-suite support for your content marketing program can be a challenge. Your team knows that your strategy is working by evaluating a series of metrics (e.g., shares, website traffic, email click-through rates), but executives do not always understand the value of such measures. It is almost like marketers speak another language.
So, how do you articulate the value of content marketing in a way that your executives will understand and support? Think of it this way: It is like that scene in the movie Jerry Maguire, only it is your boss demanding, “Show me the money!” The C-suite wants to know the cost to the company and the dollar amount of the return for any marketing initiative you undertake. Basically, you need to quantify success in terms of customer acquisitions and new sales.
Don’t focus on the secondary results, or “soft” metrics like per-post Facebook engagement. Talk the C-suite’s language, and demonstrate how your content marketing efforts led to new customers and what those customers are worth to the company’s growth and success.
Report these six metrics to win C-suite support
Customer Acquisition Cost (CAC): This is the total average cost your company spends to acquire a new customer. Basically, what your company spends in marketing costs, divided by the number of new customers it produced.
Marketing Percentage of the CAC: This is the marketing department costs divided the costs of the sales and marketing costs to get the marketing percentage of overall cost per new customer. The figure demonstrates if more is going into the sales team or the marketing team to produce the current result, and the lower the percentage the better.
Ratio of Customer Lifetime Value to CAC: This figure estimates the total value that your company derives from each customer versus what you spend to acquire them.
Time to Payback CAC: This estimate demonstrates how many months it takes for your company to earn back the CAC it spent acquiring your new customers.
Marketing-Originated Customer Percentage: This is where you look at all of the new customers from a set time period and determine what percentage of them started with a lead generated by your marketing team.
Marketing-Influenced Customer Percentage: This figure highlights all of the new customers that marketing interacted with at the time they were still just leads.
Additional selling points for content marketing
Content marketing can make a big impact on your company in terms of spreading brand awareness, growing your audience, and helping form business relationships. Though these benefits are difficult to quantify, try using the following statistics and facts to articulate the value your program could have in a way your executives will understand.
As any business knows, it is essential to be where you customers are, and they are online. Your competitors know this, too. In fact, a recent study indicated that that 77% of companies surveyed, across industries, had plans to increase their digital marketing budgets in the coming year.
Blog content has long-term value, as what you post today may continue attracting traffic months (or years) from now. Your posts last indefinitely, outliving more traditional marketing methods, such as a print advertisement in a magazine.
Consistently publishing quality content can earn your company a reputation as a thought leader in your industry. The public will come to trust your company as a respected source of knowledge, and you’ll begin forming relationships with readers who want to know more about your products and services. People buy from companies that they trust and feel connected to.
Content marketing is a valuable business intelligence tool. By distributing content through social media platforms, you not only engage potential customers, but you get their feedback and learn more about their needs and wants.
