B2B Marketers Focus On Brand
In a recent survey of large businesses serving B2B markets, US and European marketers show optimism about brand as a growth driver. 57% of respondents anticipate marketing budget increases this year while only 13% expect a decrease. Also, 49% expect market research budgets to increase.
Despite challenges, branding is the chief growth strategy
60% of survey respondents are focusing on initiatives to grow their brands. Many marketers, though, acknowledge challenges. Only 41% feel their organizations have strong Unique Selling Propositions (USP). And just 43% perform well in brand assessments. Still, 42% of marketers and researchers consider brand research a valuable investment. In the US, the number is 49%.
Current Marketing Strategies
Branding, product development, customer satisfaction and value marketing are the top marketing strategies of current focus.
Question: Which of these marketing strategies are you focusing on at present?
Innovation is marketing’s biggest challenge
While marketing innovation is clearly recognized as a key growth driver, it consistently ranks as the first or second greatest challenge facing businesses. Only 36% of organizations think they perform well when it comes to their innovation process, suggesting that few have a systematic approach to ideation, concept development, and product assessment.
Perceived Strength of Organizational USPs
Question: To what extent do you believe your organization has a USP that sufficiently drives differentiaion of your corporate brand?
Overall, only 41% rate their organization a USP score of 8 or above.
Customer satisfaction is vital; it keeps marketers awake at night
Meanwhile, 50% of B2B marketers say retaining customers is a top challenge. And they admit their weaknesses. Less than half (46%) perform well in, or act upon, their Net Promoter Score. Only 37% map their customer journeys. Just 32% maintain up-to-date customer databases.
Based on How B2B Marketers Are Embracing Brand As The Top Driver of Growth. by Abhishek Talreja.