Kathy Flom-Greenspan is president of Pomerantz Marketing , a full-service B2B agency supporting local, national and global small and medium-sized businesses.
As the new year approaches, it's time for companies to think about their marketing and sales strategies.
The past 12 months have been extremely tumultuous, so these efforts can be particularly challenging because patterns, trends and best practices can be very difficult to identify in unusual times.
Many companies know they will increase their marketing budgets (slightly), implement generative artificial intelligence and take advantage of the latest B2B buying. They are much less sure how they will achieve it.
By asking the right questions, you can identify gaps, opportunities and strategic steps marketers can take to improve results in the year ahead.
Here are five key questions to ask to improve your B2B marketing plan for 2024.
1. What does my sales force say?
Marketing and PR must support sales results. These teams must work together, collaborate to better communicate with customers and improve sales results. In this case, content is important.
According to a McKinsey & Company analysis: "Content in B2B trumps sales pitches and timelines as drivers of customer purchase. However, 57 percent of marketers say they don't pay much attention to the content their marketing teams create, seeing it as generic and irrelevant." "
When preparing your PR and marketing strategy for 2024, your marketing and sales teams need to come together to identify useful marketing content with insights into:
• What works and what doesn't work with existing software?
• What content is needed to drive more leads?
• Which clients are suitable for us?
• What tools and techniques are needed to support our efforts?
Simply put, an effective PR and marketing strategy combined with sales strategy and ideal results will create the most impactful collateral, which requires communication, communication and collaboration between marketing and sales teams.
2. Who is my target audience?
Knowing your brand's target audience allows your marketing team to create personalized content that resonates and converts.
Unfortunately, many brands don't know who they're trying to reach. A HubSpot Marketing study found that only 42% of teams know basic demographic information about their target audience and only 29% know their customers' pain points and issues.
Additionally, companies often fail to see the connection between their sales goals and their ideal customer profile, fail to differentiate between strong and weak prospects, or fail to take into account changing customer preferences.
Marketing and PR strategies fail when they're vague, but thrive when they're focused and specific.As the new year approaches, brands and their marketing partners need to reassess their ideal audience.
3. How has my industry changed in the past year?
Industries and sectors are rapidly realigning their business priorities and value propositions as they adapt to changing economic conditions, environmental impacts, evolving competition and technological advances.
For example, companies are rapidly integrating generative AI solutions into their products and solutions, undoubtedly changing the competitive landscape and the way industries operate and interact with customers.
On the other hand, some institutions, such as the Federal Reserve System of New York, suggest that there is a 56% chance of an economic recession by September 2024 – a macroeconomic shift that could influence marketing messages and methods.
Of course, every company and industry is different, so brands need to consider and anticipate the market changes that may affect them in 2024.
4. Why should people buy my product or service?
People buy branded products for various reasons. Some prefer product quality or performance, while others feel connected to the brand's values or familiar with the lifestyle offering.
Marketing messages will differ significantly depending on your existing or ideal customer. Brands and marketers can bridge this gap by conducting customer research to better understand their customers and understand what drives their purchasing decisions.
It's often about personalization. Adobe's analysis found that 56% of consumers feel more loyal to brands that "get me," proving they understand their priorities and preferences.
Through this process, companies will better understand whether their products or services meet changing market needs and how they can adapt their offerings to better address customer concerns, ultimately making marketing more effective.
5. How can I reach the largest possible audience?
To effectively reach your ideal audience, conduct extensive audience research to determine their demographics, interests and behaviors, then segment them based on common characteristics for more targeted communications.
Analyze what types of content have gotten the most attention in the past to guide your content strategy and ensure that the most effective channels have different formats. This is an ongoing goal that requires companies and their marketing partners to continually test and optimize their approach through A/B testing to improve messaging and engagement strategies.
Focus on compelling storytelling and community building to build a strong brand connection, and consistently publish high-quality content to build trust and a loyal following.
Think and act now for future success
An effective B2B marketing plan is based on a collaborative, symbiotic relationship between sales, marketing and public relations. In other words, don't do it alone. Collaborate, ask the right questions, and develop strategic marketing initiatives to support organizational performance in 2024. Ask the right questions along the way, helping to illuminate the strategies, opportunities and methods that will best serve your customers and deliver results in the year ahead. . .
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