The B2B marketing landscape has changed significantly over the years, going from broad, one-size-fits-all methods to more targeted, data-driven strategies. This transformation has been fueled by shifting business dynamics, advances in technology and rising customer expectations. B2B transactions that were previously dependent on conventional in-person meetings are now shifting toward online interactions. This shift is compelling companies to revamp and optimise their marketing strategies.

The needs and wants of B2B buyers and their companies are evolving. To stay relevant, companies are enhancing their strategies by harnessing the power of Artificial Intelligence (AI), machine learning and advanced data analytics to predict trends and personalise outreach. This integration not only enhances the capabilities and efficiency of sales and marketing but also improves the performance across the board.

Evolving Role of B2B Marketing

The role of marketing is changing and it is no longer exclusive to just catchy slogans, captivating visuals and advertisements. While these elements still play a vital role, today’s marketers are data strategists, data scientists, and user experience experts who incorporate technology and data into their marketing efforts.

With the extending role of technology and data in marketing, there has been a rise in the adoption of Martech (marketing technology) tools. According to the CMO Survey, Martech today accounts for 20% of the entire marketing budget. Marketers are expecting that share to grow to 31% over the next five years. Businesses rely on numerous Martech systems and platforms, including Customer Relationship Management (CRM) tools, data analytics suites, content management systems, and more, with the average small business marketer using three different Martech tools each week.

Brands are now shifting from intuition-based to data-driven marketing because B2B consumers these days conduct their own online research before receiving a direct sales pitch. This is why top B2B companies are using data analytics to gain a competitive advantage, understand challenges, and predict new customer segments.

Nepal’s Journey Towards Datadriven Marketing

The adoption of these global trends is gaining momentum in Nepal. Local B2B companies are beginning to recognise the importance of going beyond network-based marketing and integrating strategic B2B marketing techniques with technology and data. Many are turning to global tools like HubSpot and MailChimp as well as local CRM solutions -- such as Sajilo CRM, Dyno CRM and Bidhee -- that are emerging to meet the specific needs and cater to the unique challenges faced by the businesses in Nepal.

While the trend is growing, it is moving at a slower pace compared to other developing nations. According to Google, nearly seven in 10 leading companies use data to support decision-making at all levels. Slow adoption puts Nepali B2B businesses at risk of lagging behind in an increasingly competitive global market. By accelerating the transition to these practices, Nepali B2B companies can take full advantage of data-driven approaches and compete more effectively on the international stage thereby ensuring they are not left behind as global standards continue to evolve.

Engaging Customers Across Multiple Platforms

B2B consumers interact with brands on various platforms, including social media, mobile apps, websites and virtual spaces. Since customer engagement is no longer confined to a single platform, businesses must maintain a presence across multiple channels to reach their audience effectively. For this, they must utilise diverse tools and systems to manage, monitor and optimise these interactions from different sources.

Some of these tools include:

● CRM Tools: CRM platform database contains key information about every customer interaction, preference, and purchase.

● Web Analytics: Tools like Google Analytics provide data on website visits and views, user behaviour and conversion counts.

● Social Media Analytics: Social media platforms provide metrics on customer engagement, content performance, share of voice and audience segmentation.

● Market Research Tools: Surveys, focus groups, and other research methods gather information on customer attributes like demographics, preferences and behaviours.

● External Data Sources: Third-party data providers offer broader industry trends, comparative benchmarks or audience segments that are not directly accessible to the company.

Data-driven marketers delve into niche, specialised platforms tailored for specific marketing functions and leverage the output data and analytics to create more targeted and effective campaigns that resonate with their audience across all touchpoints.

Making Data-driven Marketing Decisions

In the past, marketers made decisions solely based on trends, intuition or experience. Today, however, effective marketing decisions must be backed by solid data. According to McKinsey & Company, 64% of marketing executives “strongly agree” that data-driven marketing is crucial in today’s competitive landscape. The vast amount and complexity of data require sophisticated systems. This is why data-driven marketing relies on a wide array of tools to collect, analyse, and interpret data from multiple sources, as mentioned earlier.

The ability to interpret and transform data into quantifiable, actionable insights is a crucial skill for modern business. By leveraging these insights, brands can gain a deeper understanding of their audience, predict trends, and optimise their messaging for maximum impact. This approach enables them to customise their strategies to meet customer needs better and allocate resources more efficiently. According to US-based technology research and consulting firm Gartner, the role of a marketing manager has significantly evolved over the past decade. Marketing leaders are now evaluated based on their impact on the company’s profitability. Their responsibilities extend beyond branding and creativity to embrace technology, data, sales and growth.

As Nepali B2B companies strive to compete on a global scale, data-driven marketing decisions are becoming increasingly vital. By adopting the practices of a data-driven approach, Nepali B2B companies can reduce guesswork, minimise risks and build credibility thereby positioning themselves as reliable and innovative partners.

To fully embrace this approach, Nepali B2B brands can take following stamps to enhance their effectiveness:

● Investing in the right marketing tools and platforms, such as CRM systems and analytics software, to improve the data handling capabilities.

● Cultivating a data-centric culture within the organization so the team understands how to contextualise data and apply different analytical techniques to extract insights.

● Monitoring, measuring and constantly refining performance data in real-time to stay agile and responsive to market changes.

Benefits of Data-driven Approach to Marketing

By making data central to the decision-making process, businesses can unlock numerous advantages that not only amplify their brand's influence but also build deeper connections with their audience. Here are some key benefits of embracing this modern marketing approach:

● Improved Personalisation: Understanding customer behaviour and preferences allows businesses to customise their content, offers and campaigns for specific users or segments.

● Optimisation: Data helps businesses pinpoint what is effective and what is not, allowing for more efficient resource allocation.

● Predictive Data Analysis: Brands can use data to anticipate future trends, helping them maintain a competitive edge.

● Increased ROI: Companies often achieve a better return on their marketing investment by concentrating efforts where they have the most impact.

● Enhanced Customer Experience: When marketing feels relevant and resonates with customers, they are more likely to have a favourable view of the brand.

These benefits can play a crucial role in Nepal’s growing digital economy, where competition is fierce and margins can be tight. A data-driven marketing approach can help Nepali B2B brands avoid costly mistakes and ensure that their marketing efforts are focused on the most promising opportunities.

Conclusion

The global shift from intuition to insights in B2B marketing is driven by data and technology. Witnessing the significant benefits of a data-driven approach, businesses are now in the lead, employing a wide range of systems to engage, understand and captivate today’s audience. This shift presents a significant opportunity for Nepali B2B companies to enhance their competitiveness in the global stage. This transition is not just about keeping pace with international competitors; it is about setting new standards of excellence with Nepal’s growing digital landscape.

(Munankami is B2B Business Development Strategist at Korifi B2B, Nepal's first full service B2B Marketing Agency working globally.)

(This opinion article was originally published on September 2024 issue of New Business Age Magazine.)