2024 Mid-Year Report: What are B2B Marketers Doing Different this year
As we’re about to wrap up the first half of 2024, it’s clear that B2B buyer journeys are continuing to evolve, reflecting significant shifts in behavior and engagement.
We are also witnessing changes in the priorities and efforts of B2B marketing organizations which could indicate the beginning of a pivot from defensive approaches which dominated 2022-3 towards careful growth initiatives and strategies. You can find our previous report analyzing the major shifts in buyer journeys of 2023 here.
Our Data and Methodology
Before we dive in to the results, a quick recap of the sources of the data and the types of marketing organizations:
Trendemon works with over 150 B2B marketing organizations around the world. We are analyzing over 20 million monthly B2B website journeys, focusing on content engagement and connecting assets and journeys various business goals, both on and off the website.
We look at the individual journey, account and buying group levels to compile a holistic picture of how B2B companies are engaging with content, evaluating products and converting into pipeline.
For this report, we compared the first half of 2023 to the first half of 2024 to account for seasonality.
Ok, let’s dive:
Key Findings
1. Paid is Back & Organic is on the Rise
In the first half of 2024, about two-thirds of our customers experienced a notable increase in the number of companies coming from paid sources. On average, there was a 2.2x uplift (120% increase) compared to the same period in 2023. This resurgence in paid traffic indicates a strategic shift back to investing in paid advertising channels to capture buyer attention. The effectiveness of paid campaigns seems to have improved, perhaps due to better targeting, more compelling creatives, or increased budget allocations as companies seek immediate visibility and engagement.
The renewed focus on paid sources highlights the importance of a balanced marketing strategy that leverages both organic and paid efforts. While organic traffic remains crucial, the ability to boost visibility through paid channels can significantly accelerate lead generation and brand awareness. This trend suggests that companies are finding new ways to optimize their paid campaigns to complement their broader marketing strategies, ensuring they reach potential buyers at various stages of the purchasing journey.
Simultaneously, organic and direct traffic has seen substantial growth, with approximately two-thirds of customers reporting an increase in the number of companies coming from these sources. The average uplift for all customers is 1.6x (60% increase) compared to the same timeframe in 2023. This uptick indicates a growing reliance on content marketing and SEO strategies to drive organic engagement. Companies are likely investing more in creating high-quality, relevant content that resonates with their target audiences, thus enhancing their organic search performance and direct website visits.
The rise in organic and direct traffic also points to the increasing importance of brand authority and trust. As buyers become more discerning, they are seeking out credible sources of information and are more likely to engage with brands that provide valuable insights. This trend underscores the need for businesses to maintain a robust content strategy, focusing on educational and thought leadership content that meets the evolving needs of their audience. In a crowded digital landscape, standing out through organic and direct channels can significantly boost long-term engagement and conversion rates.
2. Increasing Buyer Anonymity
The trend towards buyer anonymity continues to intensify, with only 5.31% of companies having known contacts in 2024, down from 6.3% in 2023. This growing anonymity highlights a significant challenge for B2B marketers: engaging and nurturing leads without direct contact. As buyers increasingly prefer to conduct research independently, the traditional methods of capturing lead information through forms and direct inquiries are becoming less effective.
To adapt to this shift, marketers must focus on creating compelling content that can engage anonymous buyers and guide them through the buying journey. This involves leveraging data analytics to understand buyer behavior and personalize content delivery based on inferred interests. Additionally, investing in technologies that can track and analyze anonymous interactions on websites can provide deeper insights into buyer intent, enabling more targeted and effective marketing strategies. As anonymity becomes the norm, the ability to engage and influence buyers indirectly will be crucial for maintaining a competitive edge.
3. Improved Website Conversion Rates into Pipeline
Conversion rates from accounts to deals have shown a positive trend, improving to 1.5% in 2024, a 15% increase from 1.3% in 2023. This improvement signifies that companies are not only attracting more traffic but are also becoming more effective at converting that traffic into actionable sales opportunities. Enhanced website experiences, better-targeted content, and more efficient lead nurturing processes likely contribute to this increase in conversion rates.
This positive trend in conversion rates underscores the importance of optimizing every touchpoint in the buyer’s journey. Companies that focus on improving their website’s usability, providing clear and compelling calls to action, and nurturing leads with personalized content are more likely to see higher conversion rates. Additionally, the integration of advanced analytics and CRM systems can help track and manage leads more effectively, ensuring that sales teams can follow up with the most promising opportunities. By continually refining these processes, businesses can maximize their conversion potential and drive more revenue from their marketing efforts.
4. Increasing Competition for Buyer Attention
2023 vs 2024 buying group metrics –
We analyzed accounts with associated deals in the CRM to understand the structure and changes in the buying group. Here are the figures:
The decline in the number of unique website visitors per company and the lower number of pages read can be attributed to the heightened competition for buyer attention. With an overwhelming amount of information available, buyers are becoming more selective about what they read. This trend emphasizes the need for content that is not only relevant and valuable but also highly engaging and easy to consume. To capture and retain buyer attention, companies must deliver concise, impactful content that addresses their audience’s specific needs and interests from the outset.
In this competitive landscape, the quality of content is more critical than ever. Businesses must ensure that every piece of content they produce is optimized for maximum engagement, focusing on clarity, relevance, and value. Additionally, leveraging multimedia formats such as videos, infographics, and interactive content can help capture attention and convey information more effectively. As buyers spend less time on each website, the ability to quickly and effectively communicate key messages will be crucial for driving engagement and conversions.
Despite advancements in AI and integrated search answers, the continued growth in organic traffic suggests that buyers still rely heavily on thorough research and content engagement. This indicates a robust demand for high-quality, informative content that can guide buyers through their decision-making process. As the competition for attention intensifies, businesses that prioritize content quality and relevance will be better positioned to attract and engage their target audience, ultimately driving more successful outcomes.
4 Marketing Strategy Recommendations for B2B Marketers in the Second Half of 2024
These trends highlight the necessity for B2B marketers to adapt to changing buyer behaviors. Here are the strategies we recommend considering and strengthening:
1. Focus on High-Quality Content
With buyers increasingly consuming content independently, the quality of your content has never been more critical. Investing in high-quality, informative content is crucial for engaging both known and unknown personas. This means creating content that is not only relevant and valuable but also accessible and easy to understand. High-quality content helps build trust and authority in your industry, making your brand a go-to resource for potential buyers.
Ensure your content addresses the specific pain points and needs of your target audience. Use various content formats—such as blogs, whitepapers, videos, and infographics—to cater to different preferences. Regularly update and optimize your content to keep it relevant and engaging. By providing valuable insights and actionable information, you can guide buyers through their journey, even if they remain anonymous, and position your brand as a thought leader in the industry.
2. Optimize for Anonymity
Given the high level of anonymity in the B2B buying process, it’s essential to create a seamless journey for buyers who may not initially identify themselves. Enhancing your website’s user experience (UX) and personalizing content based on behavior analytics can significantly improve engagement with anonymous visitors. This involves using tools to track user behavior and tailoring content recommendations based on their interactions.
Consider implementing features such as personalized content suggestions, interactive elements, and clear calls to action that cater to the interests of anonymous visitors. Use data analytics to understand how users navigate your site and identify areas where you can improve the user experience. By creating a welcoming and intuitive online environment, you can encourage anonymous visitors to engage more deeply with your content and eventually reveal their identity as they move further down the funnel.
3. Support the Entire Buying Group, Including Financial Decision Makers
The growing role of CFOs and financial leaders in purchasing decisions requires tailored content that clearly demonstrates ROI and economic benefits. It’s important to create content that addresses the specific concerns and priorities of these key decision-makers. This might include detailed case studies, ROI calculators, and whitepapers that highlight the financial advantages of your product or service.
Ensure that your content speaks directly to the needs of financial stakeholders, providing clear and concise information about cost savings, efficiency gains, and long-term value. Use graphics and data visualizations to make complex financial information more accessible. By addressing the entire buying group and their diverse needs, you can build a compelling case for your solution and facilitate consensus among decision-makers.
4. Shift to Account-Based Approaches
In light of increased buyer anonymity, the importance of content, and current B2B buying processes, marketers need to move away from lead-level metrics and towards account-level engagement and performance metrics. This shift involves focusing on the overall engagement of target accounts rather than individual leads. Account-based marketing (ABM) strategies can help you tailor your efforts to the specific needs and behaviors of high-value accounts.
Implement ABM tactics such as personalized campaigns, targeted content, and coordinated outreach across multiple channels. Use account-level data to track engagement and measure the effectiveness of your marketing efforts. By aligning your marketing and sales teams around key accounts, you can create more cohesive and impactful campaigns that drive higher conversion rates. This approach allows you to focus your resources on the most promising opportunities, ensuring a better return on investment.
Conclusion
Understanding and adapting to these evolving buyer journeys is crucial for success in the competitive B2B landscape. As we continue through 2024, keeping a pulse on these trends and benchmarks will help B2B marketers effectively capture and convert their ideal customer profiles. Stay tuned for our next post, where we will dive deeper into the role of brand within this new demand generation framework.