The B2B market trends have now long been moving towards information, customer engagement, and consumption. Most of these trends, as a result, are not entirely surprising as they have been present and evolving in the past years. The pandemic has also had a significant impact on B2B, creating more uncertainty than ever. This is why it’s essential to know these five B2B trends in 2021 and beyond, so you can turn them into profitable opportunities.
1. Digital Transformation
Perhaps one of the most critical trends nowadays that is undoubtedly here for the long-term is the digital-focused approach adopted by many B2B firms. This is the result of social distancing that created an unprecedented shift towards the virtual world.
In this new reality, access to data becomes the core focus for B2B companies; you can learn more about B2B data and how it can be leveraged in this industry. This becomes vital as, according to Forbes, up to 76% of marketing leaders in the B2B market acknowledged that digital transformation is the main focus for this year.
2. B2b Online Marketing
According to Forrester, a vital part of the sales cycle occurs online. In order to appeal to their customers, B2B decision-makers must use these high-quality B2B data in order to craft a new strategic approach.
For instance, McKinsey states that the revenues generated solely from video-related activities now make up to 43% of all B2B revenue. Many B2B marketers use alternative data, including web traffic, social media information, and more, to personalize their marketing efforts and generate leads.
3. Artificial Intelligence
Artificial intelligence now has an impact on every aspect of a business. Ranging from chatbots to algorithms that collect and analyze high-quality B2B data, artificial intelligence is used to make sure that companies are able to keep up with quickly evolving customer demands.
In other words, modern buyers have more and more expectations that require fast services, decisions, and the development of new capabilities that can deliver personalized experiences via multiple channels. As a result, this trend will require B2B decision-makers to implement AI to support business development.
Artificial intelligence is also a powerful trend because it has automated numerous tasks, saving time, resources and, most importantly, cutting costs. AI uses high-quality B2B data to help leaders conduct data-driven analyses, streamline innumerable processes, and obtain better and actionable insights. AI quickly turns into an indispensable yet extremely versatile approach to understanding customers and fulfilling their demands using data.
4. Predictive Analysis
The surge in B2B data has empowered numerous businesses to use predictive analysis. They improve the quality of their services and personalize offers using users’ past data regarding purchasing behaviors, consumption patterns, and more.
Predictive analysis refers to using historical information that is analyzed with the purpose of predicting future outcomes. For example, machine-learning methods and statistics allow B2B decision-makers to forecast the result of marketing campaigns, the success rate of different products and services, predict consumer trends and adjust future strategies based on data.
As a result, predictive analysis is a long-term tool that helps B2B businesses attract new consumers, retain existing ones, and provide improved services, strengthening the competitive edge.
5. Data-driven Decision making
Doing business based on instinct and guesswork does not have the expected outcomes in most cases. As anyone could argue, these decisions can be far from practical or successful. Consequently, B2B leaders shift towards data-driven decision-making.
For instance, a B2B website has a high rate of customers canceling their subscriptions after a short period. There may be many reasons for lack of customer retention – such as high prices, lack of perceived value, and others.
Knowing how to improve efficiency and retain the customer base is now related to the company’s ability to collect and interpret high-quality data. For example, after examining feedback or web traffic, the sales manager may add a chatbot to the website to encourage customers to share their concerns. Also, it could be useful to use B2B data to learn more about your customers, what their needs are, and what they expect, so you can tailor your business offerings to their needs.
As a result, data-driven decision-making replaces ideas or suggestions with actual fact-based information regarding why customers cancel your services, their needs and expectations, and many more.
All of this data can be used to craft more efficient business strategies, so data-driven decision-making is definitely one trend that is here to stay even beyond 2021. B2B leaders use high-quality, accurate data to make decisions, mitigate risks, improve their services, and stay above the competition.
Technology advances each year considerably. As a result, businesses need to adopt data-driven, dynamic strategies to cater to demanding customers, and they also need to be aware of B2B trends in 2021 and beyond to spot opportunities and leverage them for competitive advantages. Change occurs each day and, as artificial intelligence replaces most tasks and streamlines operations, companies need continuous access to high-quality B2B data to make informed decisions.