B2B Marketing Trends for Scaling Kiwi Tech & Innovation Companies.
This is NOT a Futures report!
But, it is a selection of the interesting current and, not-too-way-in-the distant, trends which I have tried to pick as relevant to scaling Kiwi tech and innovation companies.
The emphasis is primarily on marketing trends, along with some wider trends. What I’m trying to do here is distil what I’m seeing, what I have read and the conversations I have had with people in NZ and globally. I’m hoping this isn’t just a post for you to read and mumble “that’s interesting”, but it actually gives some practical prompts and steps towards incorporating into your business.
Ever-changing algorithms, ad blockers, cookie options, premium ad-free content and privacy laws means we have to continuously think of different ways to build relationships and nurture our prospects.
This is not an exhaustive list; I’ve just selected some that have piqued my interest and seem relevant and actionable.
Artificial Intelligence (AI)
Data-driven decisions
Role of the CMO & the Marketing Team
Changing buyer behaviours
a. Hybrid sales
b. Sustainability / Green
c. Time-Out
d. Differentiating Customer EngagementDemographic Changes
Trends are sometimes impactful, interesting or a crazy waste-of-space to you and I’m not that great at picking them! I think it’s a useful exercise to undertake a scan of the environment (use the PESTLE framework if helpful) and pick the things to watch closely. Be clear of who is watching, how and when they are reporting and how to agree if something seems important and needs action.
1. Artificial Intelligence (AI)
Are you ‘all in’ or ‘standing back’ with AI?
It seems that, while last year was all about the explosion of AI into most people’s consciousness, this year shows 2 alternate routes.
I have seen businesses take very different stances on AI use in-house, from a blanket ban at one end, to a free-for-all with no guidance at the other.
I’m a believer that AI will develop and become useful and move beyond a ‘fad’. Businesses need to identify and test use-cases to drive value for their business, such as:
Transcribing meeting notes, creating tasks and actions
Content and idea generation - blogs, job descriptions, meeting agendas; alternative and counter-views, A/B testing
Video production and image generation - both are improving leaps and bounds
Multilingual versions of videos or written content for use with global audiences
Chatbots and customer service avatars which are mining your support documentation and FAQs
Sales forecasting and analytics eg in your CRM
Job descriptions, job ads
My personal view is that every organisation ought to ensure they have a written and well communicated (and understood) policy around AI use in the business, even if you aren’t going ‘all in’. Do you want your business strategy open-source to the world?
I also encourage you to be testing a small number (1 to 3) specific use-case in a controlled way to get started. Ensure you have a senior leader as the sponsor, set objectives, scope it tightly, review and learn. Iterate and communicate what you have learned and the next steps.
Counter-view
Despite this, there’s a growing trend of railing against AI and of organisations actually differentiating their offering as having NO AI in their business and products.
AI might help you write, buuuuut Google’s search algorithm is on the look-out already and predictions are that organic search traffic will decrease.
So, while AI might be a great tool, don’t rely on just what it pumps out - it’s important to ensure your content is unique, tailored to your audience and relevant to your strategy and offering and to work out if you are going to take an ethical and differential stance.
There’s an excellent critique here.
2. Data-Driven Decision Making
I feel like we’ve been having this discussion for a long time, so it’s not new. Decision-making is still being done without the use of data.
Ask any tech firm who is selling into organisations where the incumbent competitor offering is actually a ‘spreadsheet’ solution! The reality is, even in 2024 a lot of time is wasted in organisations pulling data and information together, not enough on interpretation and analysis.
I hear of a lack of real data literacy which may be masking some of this - even at quite high levels. If you have an offering in this space, think about how easy your product is to use and ensure you communicate in really accessible ways, not just to those you are selling to, but also the users. Sounds simple, but when you are dealing with something everyday, it’s really easy to have blind spots.
Not only is insight hard to gather from data, there’s a missed opportunity within tech businesses who often have a great deal of data, but aren’t using it to create insights for their business or their customers in terms of the macro trends of how people use it.
What data are you gathering in your business and can you turn that into value - an insight to share and differentiate yourself from others?
3. Role of the CMO & the Marketing Team
The role of CMO (Chief Marketing Officer) is changing, with a shift towards having a more direct role in driving revenue and growth (doh, of course from me!)
Many B2B businesses in NZ may consider marketing as an expense, but that’s true only if your marketing activity is not helping you drive your business strategy. Is it??
Perhaps surprisingly, or because of AI, there is a move to create, protect and authenticate non-AI content. Gartner predicts that by 2026, 60% of CMOs will adopt measures to protect their brands, such as content authenticity technology and enhanced monitoring.
In addition, despite the uplift and overwhelm of AI, Hubspot reported that the role marketing leaders are hiring for this year are all about content creation.
23% are hiring content strategists who work out what is needed, for who and with what message
26% are hiring content creators who develop the content
21% are hiring those that work out the channel to market
Many small and mid-sized Kiwi businesses may not have the revenue to support hiring 3 different roles, but content continues to be a main driver for lots of businesses and it’s important to understand the different elements to creating good value content that will drive prospects and position you as a leader.
More generally, LinkedIn reported a growth in marketing roles, up 10% year on year.
There’s growing demand for ‘storytelling’ skills, i.e. not just product descriptions, but the ability to engage customers and prospects.
While content is the key skill being recruited for now, there’s a big increase in the demand for people who can manage and drive outcomes using marketing technology, such as through automations, analytics and AI. There’s already thousands of ‘prompt engineers’ being recruited.
4. Changing Buyer Behaviours
a. Hybrid Sales Approach
How we act in our personal lives doesn’t always get left at the door of our offices. We’re so used to using digital platforms when buying clothes, food, holidays etc that our expectations of what a sales process should be at work is also changing.
You may know that B2B prospects are typically 60% through the buying process before a sales person or company is aware of them as a potential buyer. People don’t want to talk with you or your sales person! Gartner found that 75% of prospects simply want to help themselves online, but that the online DIY approach sometimes fails to deliver the best solution for the customer, which leaves them dissatisfied with your offering. Businesses need to be able to deliver a joined up approach, or online digital AND sales rep support.
Even for growing companies, that means the buyer journey needs to be better understood, with less friction online and helpful engagement from the sales people when appropriate.
I often see businesses running too fast to sign up a prospect, in the process turning them off with the market comms which is too much, too early in the relationship and fails to understand where the prospect actually is in their buying process. Stop trying to sell the product and think more about value. Look at your content (website, emails, demo sign ups, LinkedIn messages) and review that they are appropriate for what your prospects need AT THAT MOMENT.
b. Sustainability / Green
Purchasers are making decisions based on your green / sustainable / good for the world practises, whether you are selling to an end user or part of a supply chain. RFPs and proposals are increasingly asking for evidence of this and government legislation will push this to larger organisations first, which will trickle down to SMEs.
It should be noted, that not all geographies are in the same space - large parts of the US for example are well behind - for example using disposable plates and cups rather than a dishwasher; while Australia the talk may be more about the impact on animal life and the degradation of the ecosystem than ‘climate change’.
From a marketing perspective it is important to communicate what you are doing in this space. At the moment, this might set you apart, but in the not-too-distant-future this will become a ‘hygiene factor’ i.e. you must have it to be considered. If you don’t you will find it hard to compete, even on price.
This is also an important area for recruitment and retention.
If you are doing stuff already - pull it together into a cohesive brand story. You might not be perfect; be authentic about where you are. Don’t fake it.
If you aren’t doing anything in this space, I think you need to start thinking about building a plan…even a small start.
c. Time-Out
Being ‘always on’ may not be that great and maybe that’s why some (not all) people loved the serenity caused by COVID lockdowns.
One of the trends I read about in a number of different places was this theme of being ‘unplugged.’ It seems especially strong with Gen Zs (between 12 and 27 years now), but also aligns with the wider population and growing awareness of mental health and wellness.
By 2025, a perceived decay in the quality of social media sites will push 50% of consumers to significantly limit their use
Nokia has seen an increase in sales of its ‘dumb’ (ie not ‘smart’) phones, driven by Gen Zs who want to unplug from social but still be connected
An increase in unplugging holidays (no wifi) or going analogue while on holiday (taking a Polaroid or film camera instead of your phone). In fact, one of my tour-mates over Christmas had a throwaway camera to record her travels
What does that mean in the B2B-world?
It might make it harder to reach audiences. If they spend less time engaging - what are you doing to make sure they are engaging with YOUR content. Ensure your content is of value to your audience, not centred on your company or product.
I don’t know how some of these things are going to play out, but it is an interesting trend to watch.
d. Differentiating Customer Engagement
I don’t think this is necessarily that new, or ‘forward looking’, but there is commentary about enhancing your ‘loyalty’ programme for customers. I used to think this was all about loyalty cards, but how it’s described in much of the analysis is simply (common sense) giving better and more personalised services to your customers, rather than just offering transactional benefits.
Not all customers are created equally (your ideal, most valuable clients are not the same as the difficult, low value ones), so I emphasise the importance of tiering offerings so you give better service to the most valuable customers.
In simple terms, this might be a volume / value discount, a dedicated account person, ability to partner in product development etc.
Where I do think there is an interesting trend is in the growing ‘concierge’ services market and this could be something you consider providing your Gold customers. This is essentially like having someone on retainer with a flat monthly fee, who provides you with services that are personalised, tailored and available when you want, without the need to pay for a full-time resource. (A bit like a Fractional CMO ;))
Medical - unlimited Dr visits, no time constraints, direct phone line for questions, coordination of specialist visits
Childcare - a nanny on tap to pick up your kids and look after them when you are stuck late at work
Dining - someone to plan on your meals based on your needs / likes etc and to have the ingredients or meals delivered
These examples are all in the consumer space, but aligns with the ‘as a service’ model seen in software and infrastructure already.
5. Demographic Changes
I find demographic changes fascinating, so sharing as a final section
Multi-generational workforce (your customers and your team)
Baby Boomers – born 1946-1964
Generation X – born 1965-1980
Generation Y (Millennials) – born 1981-1996
Generation Z – born 1997-2012
Changing face of NZ’s population over the next two decades (Dr Paul Spoonley)
Almost 20% Kiwis will be Asian
20% Māori
11-12% Pasifika
Globally 1 in 6 people will be over the age of 60 by 2030 (VML Future 100: 2024)
India is set to become the third largest economy by 2027 (EY)
Virtual AI children could be common by 2070 (Catriona Campbell) - you can take that on
If you are interested in the quirky and esoteric, there are lots of reports and rabbit holes to dive down, but I found the VML Future 100: 2024 a real eye-opener.
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I provide leadership, support and direction for growing Kiwi tech and innovation companies as a ‘virtual’ (remotely) or 'fractional' (part-time) Chief Marketing Officer (CMO) - an affordable way to get senior thinking and direction for businesses.
If you could do with some help to grow your business, get in touch
Helen Shorthouse
Virtual / Fractional Chief Marketing Officer (CMO)