Boost Your B2B Tech Sales with Proven Marketing Strategies
Navigating the ‘Era of Less’: Strategies for B2B Tech Companies to Maximise Marketing ROI
The latest Gartner CMO Spend Survey reveals a stark reality in the landscape of B2B tech marketing: marketing budgets have dropped to 7.7% of overall company revenue in 2024, down from 9.1% in 2023. This significant reduction underscores the financial pressures many marketing directors face as they strive to achieve growth in what Gartner aptly calls the ‘era of less’
The Significance for Marketing Directors and B2B Tech Companies
For marketing directors, especially in the B2B tech sector, these findings are a clarion call to rethink and recalibrate strategies. The budget reduction doesn’t necessarily spell doom; rather, it presents an opportunity to simplify, innovate, and scale. in
Here are 7 key takeaways and strategies to consider:
- Prioritise High-Impact Channels: Despite budget cuts, it’s crucial to take a data – driven approach and invest in channels that deliver the highest ROI. According to Gartner, digital channels like search, social advertising, and digital display advertising are leading the way. However, there’s a notable mismatch between investment and perceived impact, with digital video/streaming being highly impactful yet underfunded. Adjusting your budget allocation to reflect these insights can drive better results.
- Leverage AI for Efficiency: The promise of AI and Generative AI in enhancing productivity cannot be overstated. With 64% of CMOs acknowledging budget constraints, AI offers a lifeline by enabling marketing teams to do more with less. From automating routine tasks to providing deeper insights through data analysis, AI can help stretch your budget further.
- Optimise Martech Investments: While martech spending has seen a decline, this doesn’t indicate a reduced appetite for technology. Instead, it reflects a shift in control towards IT departments. Marketing directors should collaborate closely with IT to ensure that martech investments are aligned with overall business goals and deliver tangible benefits.
- Maximise productivity with stronger sales alignment: Ensuring strong alignment with sales will maximise resources and accelerate revenue growth. By collaborating more closely with sales, marketers can identify untapped opportunities through field insights, ensure campaigns are effectively targeted, and improve lead quality, ultimately enhancing marketing efforts.
- Focus on Content Quality Over Quantity: In an era of reduced budgets, the quality of content becomes paramount. High-quality, personalised content that addresses the specific pain points of your audience can drive engagement and conversions more effectively than a high volume of generic content.
- Measure and Adapt: Continuous measurement and adaptation are critical. Utilise analytics to track the performance of your campaigns and be prepared to pivot quickly based on what the data tells you. This agile approach ensures that your marketing efforts remain effective and aligned with your business objectives.
- Outsource to Reputable Agencies: Outsourcing marketing efforts to established and reputable marketing agencies can be a cost-effective strategy. These agencies bring specialised expertise, advanced tools, and a fresh perspective, often at a lower cost than maintaining an in-house team. This can lead to significant cost savings while still achieving high-quality results.
Making Budgets More Efficient
To make the most of your marketing budget, consider the following practical steps:
- Audit and Reallocate: Conduct a thorough audit of your current spending. Identify areas where you can cut costs without compromising on quality and reallocate those funds to high-impact activities.
- Embrace Automation: Invest in automation tools that can handle repetitive tasks, freeing up your team to focus on strategic initiatives.
- Collaborate Across Departments: Foster collaboration between marketing, sales, and IT to ensure that all efforts are aligned and resources are used efficiently.
- Outsource to Marketing Agencies: Consider outsourcing specific marketing tasks to specialised agencies. This can provide access to expert knowledge and resources, often at a lower cost than maintaining an in-house team, allowing your internal team to focus on core business activities.
Conclusion
While the reduction in marketing budgets presents challenges, it also offers an opportunity for B2B tech companies to innovate and optimise. By prioritising high-impact channels, leveraging AI, and focusing on quality content, marketing directors can navigate this ‘era of less’ and still achieve significant ROI. The key lies in being strategic, agile, and collaborative.
I hope these insights help you steer your marketing efforts effectively in these challenging times. Feel free to reach out if you have any questions or need further assistance. We are always here to help!
We offer 30 min slots for a quick coffee catch up. You can book a slot directly with me here!
Vanessa Cardwell
Managing Director, Bite IT Marketing
1: Gartner CMO Spend Survey 2024
