Connect with us

MARKETING

Enterprise Content Marketing Research 2023

Published

on

Enterprise Content Marketing Research 2023

Navigating work in a large organization comes with unique challenges, especially in times of change.

But one thing remains constant – communication endures as one of the thorniest issues.

So it’s no surprise in our newly released Enterprise Content Marketing: Benchmarks, Budgets, and Trends – Insights for 2023, well over half (64%) of enterprise content markers say communicating among internal teams/silos is a challenge.

That’s one of the findings from the analysis of the 278 enterprise marketers (those working in companies with at least 1,000 employees) who completed our annual content marketing survey.

64% of enterprise #content marketers say communicating among teams/silos is a challenge, according to @CMIContent #research via @EditorStahl. Click To Tweet

Advertisement

Here’s a snapshot of the content marketing practices, challenges, opportunities, and 2023 plans they shared with us.

Common challenges of enterprise content marketers

Close in popularity to the internal communication challenge is creating content that appeals to different stages of the journey (62%). Among the other most frequently cited challenges of enterprise marketers: technology integration (41%), accessing subject matter experts to create content (38%), achieving consistency with messaging (37%), developing consistency with measurement (37%), and differentiating products and services from the competition’s (37%). Interestingly, only 24% say continuing to make a business case for content marketing is a challenge (and 1% say they have no challenges.)

Enterprise organizations' current content marketing challenges.Click to enlarge

In their open-ended (qualitative) responses, many enterprise content marketers told us they want to see content marketing centralized within their organization. Even more expressed a desire to see silos torn down.

Lynn Heidmann, senior director of content marketing at Dataiku, found a solution at her enterprise. Though the central content marketing team owns content creation for global marketing campaigns, it isn’t the only team producing external-facing content. Other teams create all content for partners, customers, and prospects.

To maintain a consistent content approach and keep everyone up to date, the central content marketing team shares “lots of best practices [things like central messaging documentation, style guides, etc.] and offer(s) up our time for reviewing other teams’ work, involving them in our workflows where we can try and streamline as much as possible.”

Technology is an issue

Tools and technology can be an especially fraught issue in enterprises. Buying decisions sometimes takes ages, and solutions that work well for one team might not suit another.

Advertisement

In a new question on the annual survey, we asked marketers if they thought their organization had the right technology to manage content across the organization. Only 23% say yes. Nearly a third (31%) say no. Even more (37%) say they have the technology but aren’t using it to its potential.

The right technology in place to manage content across the enterprise organization?

Having and using the right technology sets top-performing content marketers apart. Of those who think their organization is extremely or very successful with content marketing, 38% say they have the right technology to manage content across the organization compared to 23% of all enterprise marketers.

Enterprise marketers who report being extremely or very successful are more likely than all marketers to have the right tech to manage #content across the organization, according to @CMIContent #research via @EditorStahl. Click To Tweet

That makes sense to CMI’s chief strategy advisor Robert Rose who recently said, “Any marketing technology worth purchasing involves implementation, training, user learning curve time, and ongoing administration.”

Is tech a solution to all your content woe? No. Does that mean it’s not worth addressing? Of course not. The first step, Robert advises, is to get your processes in order before shopping for the tech to help them.

“I’ve been advising clients and colleagues to worry less about which new technology will be a must-have for 2023,” he writes. “Instead, work on developing the muscle to evolve content activities into repeatable processes.”

Advertisement

(Read more of Robert’s advice in this Rose-Colored Glasses column, Your 2023 Planning Shouldn’t Be All About That Tech.)

More differentiators of top performers

Top-performing enterprise marketers also stand apart from their peers by always/frequently making their content different. They craft content based on stages of the buyer’s journey (72% vs. 47%) and prioritize the audience’s informational needs over their organization’s (81% vs. 61%).

Eighty percent of the top performers say they always/frequently differentiate their content from the competition compared to 53% of all enterprise marketers who say the same.

How enterprise content marketing top performers describe their organizations --at a glance.Click to enlarge

How do they do it? Well, the same ways are most popular among the top performers and all marketers: producing better quality content (86% of top performers, 85% of all marketers) and covering topics/stories that their competitors don’t (71% for top performers and all marketers).

But the top performers are more likely to do these things than all marketers:

  • Produce more content (41% of top performers vs. 31% of all marketers)
  • Do a better job distributing content (38% vs. 29%)
  • Promote actively the content they publish (58% vs. 53%)

Jeff Revilla, digital marketing director for Smail Auto Group, manages all content operations for 10 franchises. He says his organization differentiates its content by taking the customers on journeys about what they’re most interested in – the vehicles’ features.

“Most of the content in automotive centers around the dealer screaming, ‘We have inventory’ or ‘Look at these deals!’ We took a different approach. Instead of talking about us, we created a series of videos that take the customer through a journey of the vehicle. We only mention our name in the intro, never talk about price, and only focus on the features that a car owner would care about. Once we figured out that formula, our YouTube growth was exponential.” Since 2008, Smail Auto Group’s YouTube channel has had almost 2.5 million views.

Advertisement

In-person events are back

This trend doesn’t surprise me at all – in-person events are back. We’ve seen it and participated in it.

Sixty-three percent of enterprise marketers report using in-person events this year – that’s 2.5 times more than the previous year’s survey.

Use of in-person events by enterprise marketers jumped 2.5 times this year over last year, according to @CMIContent #research via @EditorStahl. Click To Tweet

In addition, 56% expect their organization’s in-person event investment to increase in 2023 compared with their 2022 budget.

How enterprise organizations' investment will change in 2023 compared with 2022.Click to enlarge

Having the right content to support these in-person events can extend the audience’s experience and the enterprise’s investment.

Dataiku’s Lynn Heidmann shares that her team has a hand in shaping the narrative of the brand’s event content. “A memorable, well-crafted message on stage is what people come to events for, so that’s what works best, and we try to support that,” she says.

Advertisement

And make sure to capitalize on the events for future content. “We’ve had great success with on-site surveys, which are a great way to collect data that you can reuse in later content pieces,” Lynn says.

Video investment continues to rise

Another finding everyone (enterprise or not, content marketer or consumer) already sees? The use of video.

Among enterprise content marketers, the use of video increased to 87% from 79% the previous year, making it the second most often used type of content. Now it’s second only to short articles/posts (89%).

Content assets enterprise marketers created/used in last 12 months.Click to enlarge

Among the other content assets used in the last 12 months:

  • Virtual events/webinars/online courses (77%)
  • Long articles/posts – more than 1,500 words (71%)
  • Case studies (68%)
  • Infographics/charts/dataviz/3D models (68%)
  • E-books/white papers (64%)
  • In-person events (63%)
  • Podcasts and other audio content (44%)
  • Research reports (42%)
  • Livestreaming content (27%)
  • Print magazines or books (23%)

Video also tops the list of predicted content marketing investments in 2023, with 83% expecting to spend money on video for their enterprises.

Among the other popular categories for investment:

  • Owned-media assets (67%)
  • Paid media (67%)
  • Events – digital, in-person, hybrid (63%)
  • Earned media (53%)
  • Social media/community building (53%)
  • Getting to know audiences better (38%)
  • User experience design (36%)
  • Audio content (25%)
  • Content technologies (20%)

Areas of enterprise content marketing investment in 2023.Click to enlarge

Video’s place at the top of the investment list is good news because it’s one of the top five content assets that produced the best results for enterprise marketers in the last 12 months.

Advertisement

Will 2023 be a bumpy ride?

Your team may grow or shrink. Your budget may rise or fall. Your content may succeed or struggle. To manage those surprising and expected events, use these and the rest of the findings to get your bearings for the rest of 2023.

Amy Fair, content marketing manager at SpyCloud, sums up the 2023 vibe for enterprise and other marketers beautifully: “I would encourage folks to continue to nurture their networks to ensure they have a robust support system at all times … You never know when you could be impacted, and making sure you have built solid relationships with colleagues who are there for you can be a lifesaver, both literally and figuratively.”

Get the latest Content Marketing Institute research reports while they’re hot – subscribe to the newsletter. 

HANDPICKED RELATED CONTENT:

Cover image by Joseph Kalinowski/Content Marketing Institute



Source link

Keep an eye on what we are doing
Be the first to get latest updates and exclusive content straight to your email inbox.
We promise not to spam you. You can unsubscribe at any time.
Invalid email address

MARKETING

Battling for Attention in the 2024 Election Year Media Frenzy

Published

on

Battling for Attention in the 2024 Election Year Media Frenzy

Battling for Attention in the 2024 Election Year Media Frenzy

As we march closer to the 2024 U.S. presidential election, CMOs and marketing leaders need to prepare for a significant shift in the digital advertising landscape. Election years have always posed unique challenges for advertisers, but the growing dominance of digital media has made the impact more profound than ever before.

In this article, we’ll explore the key factors that will shape the advertising environment in the coming months and provide actionable insights to help you navigate these turbulent waters.

The Digital Battleground

The rise of cord-cutting and the shift towards digital media consumption have fundamentally altered the advertising landscape in recent years. As traditional TV viewership declines, political campaigns have had to adapt their strategies to reach voters where they are spending their time: on digital platforms.

1713626763 903 Battling for Attention in the 2024 Election Year Media Frenzy1713626763 903 Battling for Attention in the 2024 Election Year Media Frenzy

According to a recent report by eMarketer, the number of cord-cutters in the U.S. is expected to reach 65.1 million by the end of 2023, representing a 6.9% increase from 2022. This trend is projected to continue, with the number of cord-cutters reaching 72.2 million by 2025.

Moreover, a survey conducted by Pew Research Center in 2023 found that 62% of U.S. adults do not have a cable or satellite TV subscription, up from 61% in 2022 and 50% in 2019. This data further underscores the accelerating shift away from traditional TV and towards streaming and digital media platforms.

As these trends continue, political advertisers will have no choice but to follow their audiences to digital channels. In the 2022 midterm elections, digital ad spending by political campaigns reached $1.2 billion, a 50% increase from the 2018 midterms. With the 2024 presidential election on the horizon, this figure is expected to grow exponentially, as campaigns compete for the attention of an increasingly digital-first electorate.

For brands and advertisers, this means that the competition for digital ad space will be fiercer than ever before. As political ad spending continues to migrate to platforms like Meta, YouTube, and connected TV, the cost of advertising will likely surge, making it more challenging for non-political advertisers to reach their target audiences.

Advertisement

To navigate this complex and constantly evolving landscape, CMOs and their teams will need to be proactive, data-driven, and willing to experiment with new strategies and channels. By staying ahead of the curve and adapting to the changing media consumption habits of their audiences, brands can position themselves for success in the face of the electoral advertising onslaught.

Rising Costs and Limited Inventory

As political advertisers flood the digital market, the cost of advertising is expected to skyrocket. CPMs (cost per thousand impressions) will likely experience a steady climb throughout the year, with significant spikes anticipated in May, as college students come home from school and become more engaged in political conversations, and around major campaign events like presidential debates.

1713626764 529 Battling for Attention in the 2024 Election Year Media Frenzy1713626764 529 Battling for Attention in the 2024 Election Year Media Frenzy

For media buyers and their teams, this means that the tried-and-true strategies of years past may no longer be sufficient. Brands will need to be nimble, adaptable, and willing to explore new tactics to stay ahead of the game.

Black Friday and Cyber Monday: A Perfect Storm

The challenges of election year advertising will be particularly acute during the critical holiday shopping season. Black Friday and Cyber Monday, which have historically been goldmines for advertisers, will be more expensive and competitive than ever in 2024, as they coincide with the final weeks of the presidential campaign.

To avoid being drowned out by the political noise, brands will need to start planning their holiday campaigns earlier than usual. Building up audiences and crafting compelling creative assets well in advance will be essential to success, as will a willingness to explore alternative channels and tactics. Relying on cold audiences come Q4 will lead to exceptionally high costs that may be detrimental to many businesses.

Navigating the Chaos

While the challenges of election year advertising can seem daunting, there are steps that media buyers and their teams can take to mitigate the impact and even thrive in this environment. Here are a few key strategies to keep in mind:

Start early and plan for contingencies: Begin planning your Q3 and Q4 campaigns as early as possible, with a focus on building up your target audiences and developing a robust library of creative assets.

Advertisement

Be sure to build in contingency budgets to account for potential cost increases, and be prepared to pivot your strategy as the landscape evolves.

1713626764 197 Battling for Attention in the 2024 Election Year Media Frenzy1713626764 197 Battling for Attention in the 2024 Election Year Media Frenzy

Embrace alternative channels: Consider diversifying your media mix to include channels that may be less impacted by political ad spending, such as influencer marketing, podcast advertising, or sponsored content. Investing in owned media channels, like email marketing and mobile apps, can also provide a direct line to your customers without the need to compete for ad space.

Owned channels will be more important than ever. Use cheaper months leading up to the election to build your email lists and existing customer base so that your BF/CM can leverage your owned channels and warm audiences.

Craft compelling, shareable content: In a crowded and noisy advertising environment, creating content that resonates with your target audience will be more important than ever. Focus on developing authentic, engaging content that aligns with your brand values and speaks directly to your customers’ needs and desires.

By tapping into the power of emotional triggers and social proof, you can create content that not only cuts through the clutter but also inspires organic sharing and amplification.

Reflections

The 2024 election year will undoubtedly bring new challenges and complexities to the world of digital advertising. But by staying informed, adaptable, and strategic in your approach, you can navigate this landscape successfully and even find new opportunities for growth and engagement.

As a media buyer or agnecy, your role in steering your brand through these uncharted waters will be critical. By starting your planning early, embracing alternative channels and tactics, and focusing on creating authentic, resonant content, you can not only survive but thrive in the face of election year disruptions.

Advertisement

So while the road ahead may be uncertain, one thing is clear: the brands that approach this challenge with creativity, agility, and a steadfast commitment to their customers will be the ones that emerge stronger on the other side.


Disruptive Design Raising the Bar of Content Marketing with Graphic

Source link

Keep an eye on what we are doing
Be the first to get latest updates and exclusive content straight to your email inbox.
We promise not to spam you. You can unsubscribe at any time.
Invalid email address
Continue Reading

MARKETING

Tinuiti Marketing Analytics Recognized by Forrester

Published

on

Tinuiti Marketing Analytics Recognized by Forrester

News


By Tinuiti Team

Rapid Media Mix Modeling and Proprietary Tech Transform Brand Performance

Advertisement

Tinuiti, the largest independent full-funnel performance marketing agency, has been included in a recent Forrester Research report titled, “The Marketing Analytics Landscape, Q2 2024.” This report comprehensively overviews marketing analytics markets, use cases, and capabilities. B2C marketing leaders can use this research by Principal Analyst Tina Moffett to understand the intersection of marketing analytics capabilities and use cases to determine the vendor or service provider best positioned for their analytics and insights needs. Moffett describes the top marketing analytics markets as advertising agencies, marketing dashboards and business intelligence tools, marketing measurement and optimization platforms and service providers, and media analytics tools.

As an advertising agency, we believe Tinuiti is uniquely positioned to manage advertising campaigns for brands including buying, targeting, and measurement. Our proprietary measurement technology, Bliss Point by Tinuiti, allows us to measure the optimal level of investment to maximize impact and efficiency. According to the Forrester report, “only 30% of B2C marketing decision-makers say their organization uses marketing or media mix modeling (MMM),” so having a partner that knows, embraces, and utilizes MMM is important. As Tina astutely explains, data-driven agencies have amplified their marketing analytics competencies with data science expertise; and proprietary tools; and tailored their marketing analytics techniques based on industry, business, and data challenges. 

Our Rapid Media Mix Modeling sets a new standard in the market with its exceptional speed, precision, and transparency. Our patented tech includes Rapid Media Mix Modeling, Always-on Incrementality, Brand Equity, Creative Insights, and Forecasting – it will get you to your Marketing Bliss Point in each channel, across your entire media mix, and your overall brand performance. 

As a marketing leader you may ask yourself: 

  • How much of our marketing budget should we allocate to driving store traffic versus e-commerce traffic?
  • How should we allocate our budget by channel to generate the most traffic and revenue possible?
  • How many customers did we acquire in a specific region with our media spend?
  • What is the impact of seasonality on our media mix?
  • How should we adjust our budget accordingly?
  • What is the optimal marketing channel mix to maximize brand awareness? 

These are just a few of the questions that Bliss Point by Tinuiti can help you answer.

Learn more about our customer-obsessed, product-enabled, and fully integrated approach and how we’ve helped fuel full-funnel outcomes for the world’s most digital-forward brands like Poppi & Toms.

The Landscape report is available online to Forrester customers or for purchase here

Advertisement

Source link

Keep an eye on what we are doing
Be the first to get latest updates and exclusive content straight to your email inbox.
We promise not to spam you. You can unsubscribe at any time.
Invalid email address
Continue Reading

MARKETING

Ecommerce evolution: Blurring the lines between B2B and B2C

Published

on

Ecommerce evolution: Blurring the lines between B2B and B2C

Understanding convergence 

B2B and B2C ecommerce are two distinct models of online selling. B2B ecommerce is between businesses, such as wholesalers, distributors, and manufacturers. B2C ecommerce refers to transactions between businesses like retailers and consumer brands, directly to individual shoppers. 

However, in recent years, the boundaries between these two models have started to fade. This is known as the convergence between B2B and B2C ecommerce and how they are becoming more similar and integrated. 

Source: White Paper: The evolution of the B2B Consumer Buyer (ClientPoint, Jan 2024)

Advertisement

What’s driving this change? 

Ever increasing customer expectations  

Customers today expect the same level of convenience, speed, and personalization in their B2B transactions as they do in their B2C interactions. B2B buyers are increasingly influenced by their B2C experiences. They want research, compare, and purchase products online, seamlessly transitioning between devices and channels.  They also prefer to research and purchase online, using multiple devices and channels.

Forrester, 68% of buyers prefer to research on their own, online . Customers today expect the same level of convenience, speed, and personalization in their B2B transactions as they do in their B2C interactions. B2B buyers are increasingly influenced by their B2C experiences. They want research, compare, and purchase products online, seamlessly transitioning between devices and channels.  They also prefer to research and purchase online, using multiple devices and channels

Technology and omnichannel strategies

Technology enables B2B and B2C ecommerce platforms to offer more features and functionalities, such as mobile optimization, chatbots, AI, and augmented reality. Omnichannel strategies allow B2B and B2C ecommerce businesses to provide a seamless and consistent customer experience across different touchpoints, such as websites, social media, email, and physical stores. 

However, with every great leap forward comes its own set of challenges. The convergence of B2B and B2C markets means increased competition.  Businesses now not only have to compete with their traditional rivals, but also with new entrants and disruptors from different sectors. For example, Amazon Business, a B2B ecommerce platform, has become a major threat to many B2B ecommerce businesses, as it offers a wide range of products, low prices, and fast delivery

“Amazon Business has proven that B2B ecommerce can leverage popular B2C-like functionality” argues Joe Albrecht, CEO / Managing Partner, Xngage. . With features like Subscribe-and-Save (auto-replenishment), one-click buying, and curated assortments by job role or work location, they make it easy for B2B buyers to go to their website and never leave. Plus, with exceptional customer service and promotional incentives like Amazon Business Prime Days, they have created a reinforcing loyalty loop.

And yet, according to Barron’s, Amazon Business is only expected to capture 1.5% of the $5.7 Trillion addressable business market by 2025. If other B2B companies can truly become digital-first organizations, they can compete and win in this fragmented space, too.” 

Advertisement

If other B2B companies can truly become digital-first organizations, they can also compete and win in this fragmented space

Joe Albrecht
CEO/Managing Partner, XNGAGE

Increasing complexity 

Another challenge is the increased complexity and cost of managing a converging ecommerce business. Businesses have to deal with different customer segments, requirements, and expectations, which may require different strategies, processes, and systems. For instance, B2B ecommerce businesses may have to handle more complex transactions, such as bulk orders, contract negotiations, and invoicing, while B2C ecommerce businesses may have to handle more customer service, returns, and loyalty programs. Moreover, B2B and B2C ecommerce businesses must invest in technology and infrastructure to support their convergence efforts, which may increase their operational and maintenance costs. 

How to win

Here are a few ways companies can get ahead of the game:

Adopt B2C-like features in B2B platforms

User-friendly design, easy navigation, product reviews, personalization, recommendations, and ratings can help B2B ecommerce businesses to attract and retain more customers, as well as to increase their conversion and retention rates.  

According to McKinsey, ecommerce businesses that offer B2C-like features like personalization can increase their revenues by 15% and reduce their costs by 20%. You can do this through personalization of your website with tools like Product Recommendations that help suggest related products to increase sales. 

Advertisement

Focus on personalization and customer experience

B2B and B2C ecommerce businesses need to understand their customers’ needs, preferences, and behaviors, and tailor their offerings and interactions accordingly. Personalization and customer experience can help B2B and B2C ecommerce businesses to increase customer satisfaction, loyalty, and advocacy, as well as to improve their brand reputation and competitive advantage. According to a Salesforce report, 88% of customers say that the experience a company provides is as important as its products or services.

Related: Redefining personalization for B2B commerce

Market based on customer insights

Data and analytics can help B2B and B2C ecommerce businesses to gain insights into their customers, markets, competitors, and performance, and to optimize their strategies and operations accordingly. Data and analytics can also help B2B and B2C ecommerce businesses to identify new opportunities, trends, and innovations, and to anticipate and respond to customer needs and expectations. According to McKinsey, data-driven organizations are 23 times more likely to acquire customers, six times more likely to retain customers, and 19 times more likely to be profitable. 

What’s next? 

The convergence of B2B and B2C ecommerce is not a temporary phenomenon, but a long-term trend that will continue to shape the future of ecommerce. According to Statista, the global B2B ecommerce market is expected to reach $20.9 trillion by 2027, surpassing the B2C ecommerce market, which is expected to reach $10.5 trillion by 2027. Moreover, the report predicts that the convergence of B2B and B2C ecommerce will create new business models, such as B2B2C, B2A (business to anyone), and C2B (consumer to business). 

Therefore, B2B and B2C ecommerce businesses need to prepare for the converging ecommerce landscape and take advantage of the opportunities and challenges it presents. Here are some recommendations for B2B and B2C ecommerce businesses to navigate the converging landscape: 

  • Conduct a thorough analysis of your customers, competitors, and market, and identify the gaps and opportunities for convergence. 
  • Develop a clear vision and strategy for convergence, and align your goals, objectives, and metrics with it. 
  • Invest in technology and infrastructure that can support your convergence efforts, such as cloud, mobile, AI, and omnichannel platforms. 
  • Implement B2C-like features in your B2B platforms, and vice versa, to enhance your customer experience and satisfaction.
  • Personalize your offerings and interactions with your customers, and provide them with relevant and valuable content and solutions.
  • Leverage data and analytics to optimize your performance and decision making, and to innovate and differentiate your business.
  • Collaborate and partner with other B2B and B2C ecommerce businesses, as well as with other stakeholders, such as suppliers, distributors, and customers, to create value and synergy.
  • Monitor and evaluate your convergence efforts, and adapt and improve them as needed. 

By following these recommendations, B2B and B2C ecommerce businesses can bridge the gap between their models and create a more integrated and seamless ecommerce experience for their customers and themselves. 

Advertisement

Source link

Keep an eye on what we are doing
Be the first to get latest updates and exclusive content straight to your email inbox.
We promise not to spam you. You can unsubscribe at any time.
Invalid email address
Continue Reading

Trending

Follow by Email
RSS