The B2B martech space is set to scale new heights in 2021, according to data from 93x.
A new study by 93x on the impact of COVID-19 on B2B tech marketing found that 75% of B2B technology companies have achieved or exceeded their marketing targets in 2021. However, the study also found that about a fourth of the marketers surveyed said they struggled to meet their targets.
“I’m not surprised that enterprise buyers have responded to the pandemic by bringing digital transformation strategies forward, with obvious benefits to B2B companies with innovative solutions. At PolyAI for example, we’ve seen increased interest in our contact center automation solutions. I’m delighted that so much of the FINITE community has seen success in spite of mass job losses and budget cuts, and hope that we continue to support each other during this awful global crisis,†said Kylie Whitehead, marketing lead, PolyAI.
Also read: 3 Trends That Will Make AR a Marketing Game-Changer in 2021
The overall sentiment for 2021 seems positive – only 5% of the marketers surveyed said they expected a negative result for the year.
Beating Digital Fatigue in 2021
The study found that digital fatigue is setting in and has become more common over the past few months. Decreasing engagement and lower webinar turnouts were a consistent theme in 2020.
While there was an initial surge in engagement off the back of increased screen time, these habits gradually tapered off since. In a world where digital investment is a priority for all businesses, it seems it’s harder to stand out from the crowd. The quality of content and bespoke digital experiences are now more important than ever.
“At LoopUp, we have increased digital spend during lockdown because other channels like out-of-home and trade shows have been unavailable – a strategy that probably many B2B tech companies took, contributing to digital content saturation, and creating a need for marketers to ‘cut through the noise’. To do this, we have invested in the quality of our content to maintain engagement in a more crowded online environment – likely something that all marketers will need to do on some level going into 2021,†said Robert Jardine, CMO, LoopUp.
Also read: Video-Based Ads To Help Marketers Maximize Marketing ROI in 2021: New Data Reveals
The State of AI and Martech in B2B Tech Companies
93x identified that 65% of B2B tech marketers are looking to increase their use of martech in 2021. While we’ve seen how the martech environment has been growing exponentially. Navigating this space is not easy for marketers.
“Marketers are going to increase their Martech budget and usage next year to keep up with digital demand. This will be primarily driven by the transition to digital-only experiences, but you’ll also see marketers putting a stronger emphasis on overall effectiveness and productivity. Given that, I foresee a big spike in investment in project management and workflow management tools in 2021,†said Darrell Alfonso, global marketing operations manager, Amazon Web Services.
Also read: Consumers Ready To Spend up To 20% More on Brands That Are Responsive on Twitter: Study Reveals
Conclusion
We expect 2021 to be a very promising year for marketers. Given the positive outlook around martech spending, B2B marketers have a prolific opportunity to capture growth and drive revenue in 2021. However, marketers must focus on the basics, reassess their audience and their new needs, and focus on their marketing strategy. Whatever marketers knew about their audience last year is more uncertain now.