3 focal points for B2B marketers in 2022

B2B marketers target the needs and challenges of individuals who are making purchases on behalf of an organisation, which means any B2B purchase decision can carry organisational risks for buyers. In such a critical position, trust then becomes a key factor in decision making. In a recent study conducted by Forrester, in 2022 a key focus for any B2B CMO should be to build trust with meaningful action and better align their strategy and marketing plans with the company's business strategy to prepare for the challenges ahead.

In Forrester’s "Planning Assumptions 2022: B2B Marketing" study, B2B marketers are advised to earn buyers' trust through meaningful action. Although becoming a trusted partner is a goal expressed by companies in every industry, organisations still struggle to understand how trust is created, when it matters, and its components, said the study.

Also, marketers and B2B brands sometimes overestimate the level of trust their clients have in them, resulting in the fact that trust is often relegated to a slogan or tagline, or is dismissed as only being important in a B2C setting.

The study stresses that B2B buyers have much more at stake when making a purchase decision on behalf of their company. They need to consider the company’s risk tolerance and their own professional self-interest. Moreover, B2B buyers often look to build a relationship with a partner that instills strong confidence that their future actions will yield positive outcomes. 

"Truly mutual understanding and straight-forward communication is what is important in building long term trust. Mutual trust can be smoothly built if we truly understand our clients' business needs and take actions accordingly. While the business outcome might not always lead to desirable efforts, it will ensure our partners still treasure our efforts," said Wilson Wong, marketing director of Price.com.hk. 

Currently, Price.com.hk has more than 10,000 local retail merchants and it strives to provide them with different solutions to do more retail business. Wong added that the company always aligns common goals with merchants and partners for every project at the very beginning to avoid wasting resources.

"Build-measure-learn (BML) is always our company's planning approach to making and optimising decisions. It is never easy to formulate a perfect strategy to achieve the final goal, so we have to keep trying. By applying BML, we build and measure each trial to learn quickly. With this aligned planning approach, we are eager to take quick action and new campaigns with continuous optimisation so as to achieve the company goals," he said. 

Dealing with uncertain economies

In the study, B2B CMOs are also advised to consider the perspective of buyers more, including how they assess the risks and rewards involved in a purchase decision. Moreover, they need to recognise that many organisations and industries have established risk cultures with norms for how errors are treated, and how risk and innovation are rewarded or discouraged.

Several aspects which are the constituents of trust, according to Forrester, include accountability, competence, consistency, dependability, empathy, integrity, and transparency. These are elements B2B CMOs need to take into account with working with clients. 

According to Tonmoy Kundu, VP, head of sales and marketing at Asia Pacific, Research Microscopy Solutions at Zeiss Group, trust has become a crucial factor when it comes to operating in today’s uncertain environment.

“Every company is looking to survive and thrive in this uncertainty and particularly in the B2B space, clients need partners they can trust to ensure their return on investments made during this period pay off,” he said. Kundu added that generally with any financial downturn, B2B communities and clients become more risk adverse, which makes trust even more paramount.

For Zeiss Group trust is built in two core ways. The first is by becoming customer obsessed. From pre-sales to post, the relationship a company builds with a client especially after the closure of a sale ensures a relationship for the long run. Meanwhile, Zeiss is also focused on product innovation where new products are launched and created in tandem with the needs of its customer. This then leads to fostering greater trust and a stronger partnership.

The second factor to establishing trust is consistent and credible brand reputation. Kundu added that Zeiss is today a 175-year old company with rich history which means clients have a certain level of faith in the company.

Echoing similar sentiments, Karen Yew, group chief communications and branding officer, Surbana Jurong Group, added, "COVID-19 has changed, in many ways, the way we conduct business. For one, building trusted relationships is more challenging virtually than in person. More than ever, our client-facing teams consciously devote time to listening and understanding the needs of our clients, all of whom are confronted by changing circumstances brought on by the pandemic." 

"Ultimately, our marketing efforts are built on our ability to challenge norms and provide innovative, adaptive solutions. That runs across our conversations with clients, partners and all whom we serve," she added.

Better collaboration internally

Marketers also need to better cooperate with other departments within a business, according to the study. A previous study "Forrester’s 2021 Global Marketing Survey" asked senior marketing decision-makers what was most needed to support marketing’s priorities.  The top response, at 35%, was “improving marketing alignment with other functions." B2B CMOs are advised that when planning for 2022, they need to ensure their strategy and marketing action plans synchronise with the company's business strategy, revenue plan, and sales and product functions’ plans.

Lastly, B2B CMOs need to improve collaboration and activate resources beyond traditional silos. 

To ensure clarity across hierarchies and functional boundaries, B2B CMOs needs to identify points of collaboration and interlock. They are advised to audit existing ways and install mechanisms to connect functional experts to the most efficient and impactful ways to operate. In addition, they need to enhance soft skills that drive cross-domain collaboration. These mechanisms can take different shapes and forms — from shared services and centres of excellence to cross-functional pods or networked teams.

When asked how Zeiss Group is orienting its team’s strategy and planning efforts to align with the overall company goals for 2022, Kundu explained it is paramount for marketing teams to work in tandem with the greater company goals.

“We are a large global company with many different units. But our overall strategy guides us like a north star which then every business unit aligns to. This is then filtered down to individual teams to ensure an omnichannel experience for our clients,” he added.

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