The world seems to be moving faster and faster as each new year comes around, and the field of marketing and sales hits the ground running in 2024. Things are changing quickly, and staying ahead of the curve is not just a choice. These days, it's an absolute necessity.
2024 is poised to be a year of adaptation and transformation. From the continual rise of AI-powered tools, to the blurred lines in marketing and sales, to the growing importance of ethical marketing, anticipating what’s around the corner is vital.
So without further ado, let's dive in and uncover what's on the horizon for both the business-to-business (B2B) and non-profit (NFP) sectors.
Marketing Is Getting More Personal
Personalisation is already a driving force in the B2B and NFP marketing world, and it will only continue to increase its presence in 2024.
A few months ago, MIH covered this year’s ABM (Account-Based Marketing) trends and touched on the advantages of choosing the right accounts, and the potential of personalisation at scale.
To recap: account-based marketing is a strategy that targets specific high-value accounts and directs engaging, personalised marketing resources towards them.
Marketers work closely with the sales team to identify key prospects and then tailor customised programs and messaging toward buyers.
Data analytics and AI-powered tools (more on those later) are helping marketers develop hyper-personalised campaigns that resonate with target accounts, and this will continue to happen at scale as we move closer to 2024.
The Rise of Hybrid Sales
The recent pandemic challenged B2B sales teams to do things differently and changed the sales landscape for good.
In-person selling was nearly impossible and salespeople took to social selling, that is, utilising social media to find and nurture prospects. In the same vein, remote selling (presenting, negotiating and closing deals remotely) took centre stage and is still extremely present as we move closer toward 2024.
Post-pandemic, customers are now eager to engage with sales representatives face-to-face again, so a hybrid model, one that merges in-person and digital outreach, is the most probable approach moving forward.
Utilising many channels of contact also highly increases revenue generation and return on investment (ROI).
Blurring the Lines: A Marketing and Sales Marriage
As mentioned, marketing and sales teams need to work closely together in the context of ABM, but their collaborations don’t stop there.
In 2024, customers will expect a personalised and seamless experience, from their initial interest in a product or service, to their final purchasing decision.
In order to achieve this, marketing and sales teams need to share information and work closely together, more than ever before.
Sales teams typically work more closely with customers, communicate to them personally and ultimately are able to gather valuable data on their organisation’s customer-base.
By passing this data along to the marketing department, an organisation is shoring up their chance of generating more leads and increasing their ROI.
Artificial Intelligence: An Evolving Technology
AI-powered tools are taking over the scene like never before. The AI market is expected to grow globally from $58.3 billion in 2021 to $309.6 billion by 2026!
Some AI-tech permeates sales and marketing operations and is to stay. Other tools are in more experimental phases, and their future in B2B and NFP sales and marketing are unpredictable.
Let’s look over the most prominent AI-tech in the field and how it might evolve as the new year approaches.
Predictive analytics: It helps marketers and salespeople understand individuals’ behaviour and more accurately predict which messages will resonate with certain customers. It’s a widely used technology, is advantageous, and will most likely continue to grow in 2024.
Automation: A process of outsourcing laborious workflows and processes to digital systems. It is also fast becoming a standard AI-tool that assists in audience segmentation, lead prioritisation, email campaigns, and more personalised messaging. It is generally embraced and viewed as a positive advancement.
Chatbots: AI-powered chatbots are growing ever-more sophisticated and assist in more conversational marketing tactics. Chatbots also eliminate the cost and time it takes for staff to answer basic customer queries and assist in guiding them through their buying journey. As 2024 rolls in, this tech will advance in its natural language processing capabilities, sentiment analysis, and seamless cross-platform integration.
While these tools are generally accepted and widely used, AI-generated content, for example, is a more controversial technology, since it puts many content creators and copywriters out of work and challenges the rules of copyright and creativity. Many laud its capabilities but others view it as a fad that will eventually fade.
It is important to note that with every push toward a new technology, there exists a counterpush toward vintage or human-made products. Think of the rise of digital music. Vinyl records are making a comeback and are considered a luxury product.
There's a possibility that certain aspects of marketing may swing back to more traditional approaches. Human interaction and creativity, for example, might become a valued commodity in the world of marketing and sales.
ChatGPT Now Has Access To The Web
Open AI recently announced an update on their X account, stating that ChatGPT will now have live access to the web, meaning it is no longer limited to data before September 2021.
The AI-tool will now be able to search the most up to date information and provide direct links to sources. The new capability will most likely spark a shift in search engine use. More users will use ChatGPT, as opposed to Google and Bing, like a search engine.
Long term impacts of this shift are all speculative, but businesses might possibly have to switch from SEO (search engine optimisation) to optimising for AI search instead.
The practicalities of this shift are still unknown, but moving into 2024, this is a key development to be watchful about.
Ethical Marketing: A Pillar of Trust
Ethical marketing practices will continue to gain importance in 2024. Consumers are becoming increasingly conscious of the brands they support, and they expect transparency, sustainability, and social responsibility.
For B2B marketing, this means that companies will need to align their values with their clients. Ethical marketing goes beyond product quality, it includes the ethical conduct of business, such as fair labour practices, environmental responsibility, and data collection transparency.
Non-profit organisations (NFPs) will also thrive by embracing ethical marketing. Transparency in the allocation of donations, showcasing the impact of their work, and engaging in partnerships with like-minded businesses will be the key to gaining trust and support from the public.
Final Thoughts
As we venture into 2024, be ready to adapt, innovate, and stay true to your core values. The future of marketing is unpredictable, and full of opportunities for those who dare to explore it.
The combination of marketing, sales, customer experience, and ethical practices is what will set businesses apart. Embracing AI and automation, while recognizing their experimental nature, will be crucial for staying competitive.
The only certainty is that change is the only constant in this ever-evolving landscape. Embrace it, and you'll soon find yourself growing and thriving in 2024.