Recent global studies have shown that B2B organisations are continuing to switch from price-led marketing, to a value-led approach.
Businesses are placing greater emphasis on retention of existing customers, and improving brand awareness, rather than pushing product promotions.
A recent study by Marketing Week, involving 250 global B2B companies, showed that 54% of respondents listed retaining customers as one of their top five challenges, up from 44% last year.
Interestingly, the study also found that 31% of B2B marketers felt the customer experience should be at the heart of their entire business, but only 19% of company executives are actively involved with customer experience.
The research revealed that many B2B companies are focussing more on understanding their own customers, rather than analysing their competitors. Only 39% say they prioritise competitors, down from 53% last year.
The study also revealed that 46% of respondents see increasing brand awareness as one of their top five priorities, up from 36% last year.
75% of companies with 50,000 or more employees have a programme to measure brand awareness, whilst companies with less than 1000 employees are significantly less likely to have a programme in place.
O2 are one of the latest brands to be recognised for developing a programme to monitor brand conversations. The O2 system, known as META, provides near to real time data about how their brand is perceived.
Dan Broadbent, Managing Director of award winning marketing agency Objective Creative, commented “The Marketing Week report endorses our commitment to insight led marketing.
“Effective campaigns can only be developed when an agency truly understands how client brands are viewed by their customers, at all stages of the customer journey.”
He added “Historically B2B clients are less likely to commission insight led marketing, so we are delighted that the Marketing Week study has shown a shift in attitudes amongst B2B marketing professionals.
“As the UK’s fastest growing B2B marketing agency, we are helping more and more businesses better understand their customers. Resulting in the development of highly effective campaigns!”