10 Consumer B2B Trends For 2023

By: LiquidPixels | January 17, 2023 | 10 Min Read

Monitoring consumer and B2B trends is a vital aspect of business scaling.

In the B2B setting, a business providing a product or service must help solve their own operational concerns while constantly adapting to the ever-changing needs of other companies, who also deal with the requirements of their customers. These businesses serve other businesses concerned about productivity, return on investment, and costs.

To be effective, B2B companies must make informed decisions about which are the best tools to stay ahead of the curve. This helps companies to know where to allocate efforts and resources to respond to the needs of their target market.

Additionally, consumer and B2B marketing trends can provide valuable insights into how customers may behave in the future, which influence B2B marketing strategies.

Those who understand B2B consumer behavior can respond to customers’ needs. They also know on which B2B marketing trends to focus, thereby giving them a significant advantage over their competitors.

Interested in which B2B trends will transform your business? Read on. This list could be the difference between success and failure:

1. The Rise of Mobile Commerce

More companies are using mobile devices to sell and purchase goods and services, contributing to the rapid growth of mobile commerce, also known as m-commerce.

Case in point: the m-commerce market is expected to account for 41.6% of total e-commerce sales by the end of 2022 and 44% by 2025, gradually balancing the m-commerce vs. e-commerce ratio.

B2B buyers also have a significant share in this growth. According to a Mckinsey report’s review of trends in B2B e-commerce, mobile app ordering in the B2B industry has increased 250% since the pandemic. B2B m-commerce accounts for 33% of total B2B e-commerce sales.

This trend will only continue to grow. Statista predicts that the North American B2B e-commerce market will reach $1.8 trillion by 2023.

B2B businesses also agree; 78% believe that B2B m-commerce is a future driver of their industry. But what is currently driving the m-commerce trend in the B2B space?

Here are some key factors:

• Increased availability of high-speed mobile internet
• Smartphones and tablets are the primary device of consumers
• Rise of mobile payment platforms such as Apple Pay and Android Pay
• M-Commerce offers a faster and easier buying platform than traditional phone calls, emails, or web apps

M-Commerce is one of the most critical B2B trends because it allows businesses to conduct transactions anywhere, anytime. It helps business executives and decision-makers save time and money and increase efficiency. In addition, m-commerce transactions are often more secure than traditional methods, as it uses encrypted data transmissions and can be password-protected.

Data Source: InsiderIntelligence

2. The Shift to Subscription-Based Models

The subscription-based model is one of the most significant emerging consumer and B2B trends. This is especially true in software and technology offerings.

But why is this shift happening? For businesses, they provide a steadier stream of revenue. It also responds to customers’ need to utilize products and services without making a significant upfront investment.

For example, the growth of the subscription business model has increased the demand for subscription billing management platforms. A report from Zion Market Research showed that the subscription and billing management market was worth $3.8 billion in 2018 and is expected to reach $10.5 billion by 2025.

Businesses believe this trend will continue. According to the How to Make Money from Membership Economics report from Manifesto Growth Architect, 70% of business leaders believe subscription business models will be critical to their prospects in the coming years.

Subscriptions can help businesses build stronger customer relationships. This is because subscription-based offerings benefit business customers; it allows them to scale operations more quickly and efficiently without huge upfront costs.

Data Source: Statista

3. The Power of Word-of-Mouth Marketing

Customers are more likely do business with a company they believe they can trust. Word-of-mouth marketing is crucial in establishing this necessary trust as it enables companies to connect with potential customers and build a positive relationship.

This aligns with HubSpot’s Flywheel model, wherein businesses use the momentum of satisfied customers to propel referrals. Efficiency in business processes and marketing efforts, along with effective communication and customer service, can aid the speed of the flywheel. However, friction, such as misalignment in processes and poor customer service, can slow it down.

And so these factors affect how their customers can refer a business:

• Provide excellent customer service. If a customer has a great buying experience, they will likely tell their friends and colleagues about the company.
• Offer something unique that your competitors do not have. This could be a new product, service, or simply a better way of doing business.
• Build relationships with influencers in your industry. These people have a large following and can help promote your business to their audience. If you can get positive word-of-mouth marketing from influencers, it can be beneficial for your business.

Word-of-mouth influences approximately 50% of all purchases. In addition, according to B2B trends, it influences 91% of all sales in this space. According to another study, 8% of B2B marketers found word-of-mouth marketing effective in promoting live events for marketing purposes.

For small businesses that use affiliate marketing, word-of-mouth is one of the most important traffic sources. This type of marketing will account for 20% of a company’s annual marketing budget.

Data Source: Shopify

4. The Importance of Customer Experience

Providing an optimum customer experience (CX) is also another crucial B2B trend. After all, customers are the lifeblood of any business, and their satisfaction should be a top priority.

According to research, 73% of consumers consider customer experience an essential factor in their purchasing decisions, and 86% are willing to pay more for a better CX. As a result, a good customer experience can increase trust and brand loyalty and drive value growth for the business.

Happy customers are likely to continue doing business with a company and recommend it to others. Furthermore, excellent customer experience can help a business stand out from the competition, as many companies still have work to do in this area. Companies who fail to satisfy their customers can experience negative repercussions. In the US, 59% of buyers will renounce a company after several bad experiences and 17% after just one.

Data Source: PWC

5. The Growth of Content Marketing

Recent B2B trends show that buyers are becoming more and more comfortable with making purchase decisions without speaking to a sales representative. Among B2B buyers, 60% prefer researching before engaging with a company. What is the perfect way to reach these self-directed buyers? Content marketing.

By creating informative content, B2B companies can position themselves as thought leaders and build trust with potential customers.

According to Google Insights, digital content influenced 67% of industrial manufacturing and pack-and-ship purchases. Even in the industrial and manufacturing industries, digital content affects 67% of purchases.

Meanwhile, a Demand Metric report reveals something more: companies that create blog content can generate 67% more leads monthly than those that do not. In addition, 90% of consumers find custom content useful.

On top of capturing buyer interest, effective content marketing can help businesses generate leads and drive sales. Companies that use content marketing see six times higher conversion rates than those who do not.

Data Source: Demand Metric

6. The Popularity of Social Media

The use of social media for marketing content does not only apply to B2C companies. According to recent B2B trends, social media for marketing and customer engagement also show benefits in this space. This is because, like individual consumers, B2B sellers of products and services can interact with their target customers more personally, thanks to social media.

Many businesses already recognize its value: 46% of B2B marketers use Facebook as part of their social media marketing strategy. In fact, according to HubSpot, adding a social channel to a company’s marketing plan can increase ROI and effectiveness by 35%.

B2B companies can use social media to share their expertise with a larger audience, which could lead to attracting new leads and customers, as well as driving traffic to a company’s website or blog.

Data Source: Sprout Socials

7. The Use of Influencer Marketing

Research shows that influencer marketing is effective. A study by Tomoson found that influencer marketing generates $6.50 for every $1 spent, with the top 13% earning $20 or more. While 70% make $2 or more, the remainder breaks even or fails to produce a return on investment.

According to the same study, when asked to rate the average quality of customers acquired through the channel, 51% of marketers believe they acquire better customers through influencer marketing.

Similarly, a TopRank Marketing survey showed that 86% of B2B brands are successful with influencer marketing. Other results of the study also showed that:

• 72% of B2B brands have experienced improved brand reputation
• 70% had better brand awareness from consumers
• 56% generated new leads
• 33% had direct revenue generation

Today, several platforms are dedicated to connecting brands with influencers, allowing more accessible efforts to launch an influencer marketing campaign. Influencer marketing is here to stay, and B2B companies that embrace it will be well-positioned to win the trust of their customers and drive sales.

Data Source: Tomoson

8. The Importance of Account-Based Marketing

Account-based marketing, or ABM, allows businesses to target and market to specific accounts rather than just focusing on leads.

This type of marketing lets companies center their resources on a smaller group of high-value accounts. ABM can also be customized to fit the specific needs of each account, which leads to more relevant and targeted messages. In effect, businesses can build deeper relationships with their target accounts and focus on providing value to these high-value accounts.

Today, companies spend an average of 29% of their marketing budget on ABM, and 94% of B2B marketers use it.

According to one study, companies that use an ABM strategy increase their revenue by 208%. Another survey found that 87% of B2B marketers affirm that ABM initiatives outperform other marketing investments in terms of ROI. In addition, 62% of B2B marketers can see a positive impact after implementing an ABM strategy, according to a separate study.

Data Source: Smart Insights

9. The Value of Omnichannel Marketing

Omnichannel marketing is such a significant trend because it allows businesses to reach their customers where they are. In today’s world, people are constantly moving between different channels—in-store, through websites, social media, email, etc.—and if a business is not there to meet these customers, it can lead to missed sales opportunities.

According to a Harvard Business Review report, the number of channels used by B2B buyers has more than doubled to ten in 2021. Furthermore, 94% of respondents believe that the new omnichannel sales model is as practical as, if not more effective than, previous sales models.

According to a Mckinsey report, B2B selling has changed much faster and more dramatically than many would have predicted. 94% of respondents believe that today’s B2B omnichannel reality—in which customers buy face-to-face and online, or inquire online and buy face-to-face, and vice versa—is as practical as or more effective than older sales model that do not involve multiple channels.

Data Source: Mckinsey

10. The Future of Artificial Intelligence in Marketing

Artificial intelligence (AI) in marketing is one of the most critical B2B trends because of its capability to automate tasks, personalize messages, and scale business operations. Many B2B businesses express interest in using AI for their operation. According to a study by AI Multiple, 63% of B2B marketers want to use AI to identify trends.

Among those B2B marketers already using AI, 64% say AI benefits their sales and marketing strategy. Meanwhile, a Gartner report found that 84% of digital marketing leaders believe that using AI/ML improves the marketing function’s ability to provide real-time, personalized experiences to customers.

AI in marketing has the potential to help businesses save time, money, and resources. It can also help enterprises to improve their customer relationships.

Data Source: Mobiloitte

Understanding B2B Consumer Trends

B2B businesses must follow and understand consumer trends. At LiquidPixels, we help companies gain a better understanding of these emerging trends and implement tools to improve customer engagement and sales. Contact LiquidPixels to learn more.