The traditional sales process of Business to Business, popularly called B2B has been taken over by the online marketing, reducing the tedious process, where in field representatives meet customers, educate them, build use cases and close deals.
According to a survey of marketing executives by Gartner, Inc, digital marketing has been the mainstream, and digital commerce is a top priority for marketers. The survey also found that marketing budgets increased 10 percent in 2015, with 61 percent of respondents saying they expect budgets to increase again in 2016.
Digital commerce has increased 11 percent of the digital marketing budgets (up from 8 percent in 2014).
The survey also clearly indicates increase in the scope for digital marketers in the coming years. Keeping in mind the ongoing marketing trend, marketers are expanding their role to create new digitally led business models.
Reason in the upsurge of digital marketing budgets
The main factors driving marketers’ interest in digital commerce are,
- need to project the tangible results derived from marketing investments
- Awareness about the fact that B2B companies need not operate offline. But need something more than a commerce platform to sell.
Earlier, the definition of marketing was ‘buying’ and ‘selling’ in two different places (disconnected wholly from the marketing engine). Today, there is integration between marketing and digital commerce as a single discipline. Marketers bring everything from content marketing and brand storytelling to advanced analytics and multichannel campaign management to optimize digital commerce across channels.
Particularly, there is a growing appetite by B2B to reach customers directly with digital commerce initiatives. They are looking to engage customers directly to better understand their needs, preferences and behaviors.
With an increase in customer expectations, marketing scope of responsibility also increases, in correlation to the demand and supply model. As a result, the marketing tools will have a broader forecast of the customer expectations, innovative initiatives and digital commerce.