The New Year always seems full of promise; a time for us to review the developments of the last year and resolve to harness them to improve the way we work. However, so much of the marketing conversation is revolving around new technologies, we risk becoming obsessed with the potential of AI and automation at the expense of more fundamental questions – not least, reviewing our approach to the lifeblood of our industry, data.
So, while others can concentrate on the potential applications of virtual reality in the marketing space, here’s a look at three different areas of risk and opportunity for the industry in 2018.
1. Marketers get smart with intent data
Intent data is widely trumpeted as the new silver bullet in B2B marketing, but much of it is meaningless. In 2018, we’ll see a collapse of faith in third-party intent data – quickly followed by renewed interest, as marketers find new ways to corroborate and use this data.
Until recently, marketers have failed to question the value of third-party intent data, which explains why it’s delivered such lacklustre results until now. The insight it provides is highly limited, and so is marketers’ understanding of how publishers collect it.
While marketers are growing to appreciate third-party intent data’s limitations, they’re already learning how to use this information to augment their own first-party data. By combining third- and first-party data, and through the application of machine learning and AI, marketers are able to add a layer of qualitative insight to the bald figures provided by publishers. By using your own data and qualitative insights to corroborate and interrogate third-party intent data (and vice versa), marketers are gaining much more nuanced (and reliable) insight into the ‘who’, ‘what’ and ‘why’ of data.
2. Account-based marketing promises both triumph and disaster
You can’t dabble with ABM – it requires commitment, a clear strategy, deep research, and a high degree of trial, error and iteration. In 2018, marketers who understand the ethos of ABM will see great results through forging new, stronger and more collaborative relationships between sales and marketing. Those who treat it as a gimmick and fail to grasp its fundamentals will not only fail, but may also damage their relationships with key accounts.
One way that marketers will fail is by putting too much trust in ABM tech, rather than focusing on the less glamorous leg-work of research into key accounts, identifying individuals, crafting bespoke campaigns, and getting sales and marketing to work in tandem.
In 2018, we’ll see instances of brands thinking they can use technology to fast-track their way to ABM – and getting their fingers badly burned along the way. We’ve seen numerous instances of AI going rogue when it’s devoid of human intervention and oversight, and it’ll be the same for ABM: we still need humans to conduct the in-depth research, apply this to business objectives and create compelling messaging to influence the audience. We’ll also see marketers who misunderstand the ethos of ABM, and see it as merely another funnel for demand- or lead-gen, rather than an opportunity to radically reshape relationships with new and existing customers across the entire lifecycle. When this occurs, it represents a major missed opportunity.
On the other hand, the brands who understand the fundamentals of ABM to aid the very human-oriented discipline of ABM will be the ones who succeed in unlocking the benefits.
3. Power shifts to technology customers
Technology vendors have had it their own way for too long. For years they’ve been able to sell end-to-end solutions to their client base, but increasingly, customers are fighting back. They no longer want to buy exclusively from one provider: they want to pick and choose specific capabilities to create a bespoke offering that’s fit for their business and will enable them to address a particular business challenge.
This means having flexible relationships with multiple suppliers, and more control over their relationships – including which services they decide to take, and how they wish to pay.
To their credit, many companies are responding to this new climate by rushing to review their account planning for 2018 and designing their offerings for customers. But the rise of the customer-created ecosystem requires not just a shift in marketing priorities, but a much closer alignment between sales and marketing so the vendor can truly listen to their customers’ concerns and ambitions, which then feeds back to every area of the business – including product or service design.
If this trend is sustained, we’ll see the industry forced into greater collaboration to provide holistic propositions with a high degree of partnership between different providers. Many B2B organisations are about to go through a customer-centric revolution, and it’s going starting in the marketing department.
Now more than ever is the time for business leaders to listen to the feedback that sales and marketing are reporting from their customers. Only then can they build strategies, relationships and solutions – in other words, a new ecosystem – that will benefit their increasingly-demanding customers.
