Mapping the “MarTech World” in Industrial B2B Business

Marketing and digital technology go hand in hand: welcome to the world of MarTech, a blend of Marketing and Technology. In an era where digital dominates the business landscape and consumers are increasingly connected, the integration of marketing with technology is essential for the success of any business strategy. 

This holds true especially in B2B within the industrial sector and industries characterized by a high level of engineering (such as IoT, Mechanical Engineering, Life Sciences, Renewables, Oil and Energy, and beyond).

But what makes MarTech so crucial in today's B2B business landscape?

And what are the implications for companies that want to stay competitive in a constantly evolving digital market?

‍

MarTech: Key Features and Benefits in the B2B World

Let's start with the basics. Renowned research firm Gartner defines MarTech as “a set of integrated technologies—platforms, software, tools—used by businesses to support their marketing and communication activities”. Their adoption enables and accelerates the achievement of defined business goals—such as targeting, acquiring, and retaining customers—producing positive effects both qualitatively and quantitatively.

In the post-pandemic era, data indicates that the adoption of MarTech ecosystems has become a business imperative, especially for the B2B sector. According to dedicated research, at the start of the pandemic, 60% of leading B2B companies had little to no MarTech capabilities. However, within two years, the landscape shifted: by early 2021, 53% of B2B companies across all industries reported having equipped themselves with tech stacks, reaching 65% by February 2022.

The trend continues to grow as B2B companies expect the following benefits from adopting tech stacks:

• Increased ROI from campaigns;
• Accelerated customer acquisition processes;
• Personalized customer experience (CX).

The path is clear. However, as with any transformation journey, there are challenges. Authoritative international sources note that the "call to arms" for B2B companies to implement tech stacks hasn’t necessarily resulted in exemplary customer experiences, especially considering the improvisations prompted by the Covid-19 emergency.

The learning curve for B2B operators appears rather steep: a mature MarTech transformation often lacks the necessary time and resources.

A 2023 survey by Insider Intelligence reveals that 35% of B2B companies find their newly acquired tools do not integrate with existing ones, leaving 40% of these tools unused.

Additionally, talent gaps are real: 61% of Chief Marketing Officers report a shortage of personnel dedicated to the strategic planning of new methodologies, which require advanced multidisciplinary skills.

Marketers are left feeling disoriented. This occurs precisely at a time when it is essential to transition from an emergency-driven approach to a more structural and organized one.

“B2B companies are learning firsthand that going digital isn't just about creating a basic self-service portal and calling it a day. Now, B2B businesses must digitally transform not just their 'commerce' but their entire operation—from marketing and content to checkout and fulfillment—to achieve a truly end-to-end customer experience. Given that B2B commerce is approximately three times larger than B2C, it’s no surprise that digital commerce is the next growth frontier for B2B marketers and salesmen.”

Research: “Pivotal Trends and Predictions in B2B Digital Commerce in 2023” (source: commercetools.com)

In this scenario, a sort of guidance is essential.

Not only with a view to selecting the right tools, but also for implementing a working method that directly achieves goals, acknowledging the deficiencies of traditional methods.

The 90s-style B2B funnel (contact – convince – close) is now obsolete: generic cold calls yield minimal results. The data is clear: a sample of 209 calls results in an average success rate of just 0.47% (source: Baylor University, 2019).

There's also a notable gap in buyer expectations. In 69% of cases, buyers state:

“I wish salespeople would listen to my needs” (source: HubSpot).

To shift gears, it’s necessary to create value using a "goal-directed" method. This means tailoring the strategy towards selected users.

With the help of carefully chosen tech stacks, it becomes doable to focus time, resources, and energy on an already interested target audience.

‍

The Drivers of Change

Recent research from the Digital Innovation Observatory of the Politecnico di Milano converges on a crucial point: in today’s VUCA world (Volatile, Uncertain, Complex, and Ambiguous), an effective MarTech is by definition data-driven. Only the integrated design and management of user data (or potential customers), combined with creativity in content development, allow companies to meet the needs of their target audience with personalized, tracked, and traceable services.

But there’s more.

The real turning point lies in the integration with a Value Driven approach. This means unifying the stack of diverse technologies and knowing how to harmonize the objectives of different roles and departments, all in service of the marketer's primary mission: generating value.

B2B strategies should therefore aim for a holistic approach, leveraging multidisciplinary expertise from dedicated teams to align the potential of the technology stack with the specific needs of the target audience.

To achieve this goal, personalization is key. It’s essential to consider the personal needs of internal stakeholders, facilitating the attainment of individual objectives for all links in the internal value stream chain.

“73% of B2B buyers want a personalized experience similar to B2C”. (source: “Pivotal Trends and Predictions in B2B Digital Commerce in 2023,” commercetools.com)

Breaking down silos and internal barriers is the first accelerator of value. In fact, the majority of failed projects result from a lack of alignment between roles and stakeholders.

Where to start?

‍

Awareness Toolkit: A 4-Phase Journey

Data Collection and Integration – This phase allows for a targeted view of the audience through a structured process of information management and governance. Data is essential for understanding the target market, pinpointing individual touchpoints—typically characterized by unique and subjective needs—and identifying pain points.

Data Analysis and Interpretation – The collected data is analyzed to provide relevant insights and inform downstream processes. This phase ensures that decision-making is aligned with sales goals, enhancing the overall strategy.

Value Creation – Leveraging these insights allows for specific actions to be activated or individual activities to be personalized (e.g., tailored marketing campaigns, up-selling and cross-selling initiatives, and outreach strategies based on detected buying intents). This improves the experience, effectiveness, and productivity of the actions undertaken, while also boosting customer loyalty.

Measurement – The insights obtained from the previous phases, combined with the use of specific technologies, facilitate the introduction of KPIs to measure the effectiveness and efficiency of the activated actions. The objective is continuous improvement of the offered experience and alignment of internal stakeholders within the company itself.

‍

Conclusion 

Marketing tools applied to B2B strategies can make the difference between a successful operation and a failed one. Compared to the past, and in light of the changing context, even in highly engineered sectors, the Marketing phase now plays a dominant role, occupying 75% of the strategy compared to the Sales phase, which accounts for 25%. These percentages are the opposite of what they were in the pre-digital era.

However, data in hand, the traditional conception of Marketing proves to be obsolete and ineffective today.

When discussing the crucial role of MarTech in B2B within the industrial sector and highly engineered fields, it's clear that an advanced MarTech approach is necessary to effectively respond to current market challenges.

The classic proliferation of generic leads is no longer useful.

Instead, it is necessary to meet the needs of a targeted and thus high-quality audience.

Understanding the habits of prospects has become fundamental, and this understanding is as accurate as the amount of data we have at our disposal. This is why it is so important to equip oneself with a tech stack ecosystem that is never improvised but instead capable of integrating with existing tools, managed by a dedicated and trained multidisciplinary team.

Only after this setup phase can the sales sector continue the sales process profitably. At the center of the stage are people: this applies to both potential clients and the heads of various departments within the supply chain. Competent advisory intervention is essential to harmonize the personal goals of all roles and departments within the supply chain, which often struggle to integrate into a smooth and productive overall process.

It should not be forgotten that any process is lead by people: owing their own goals, objectives, and individual priorities. It is crucial to ask: what are their needs along the supply chain? Which roles need to be addressed, and how can they be motivated?

A productive B2B marketing strategy must therefore align with the specific characteristics and objectives of each company and clientele, keeping in mind that there are no "one-size-fits-all" solutions. To determine the most suitable solutions for their B2B business, it is crucial to precisely define priorities and goals, establish a budget, and finally, seek out the tools that best align with the set priorities and available resources.