Customer Retention, Brand Awareness Are Growing B2B Challenges
Innovating products and services is another hurdle they face
While building market share continued to be one of the biggest challenges of 2015 for business-to-business (B2B) marketers in the US and Western Europe, other business obstacles have become increasingly tricky compared to the year prior. Customer retention and increasing brand awareness are other hurdles they faced.
B2B International surveyed 266 US- and Western Europe-based B2B marketers from a variety of industries in October and November 2015. The market research firm found that 62% of respondents said building market share remained the top challenge among other business objectives. That’s an increase from the 57% of respondents who said it was a leading challenge they faced the year prior.
Retaining customers and increasing brand awareness were other challenges that B2B marketers said they faced, more so than last year. For example, in 2014, 44% of respondents said that making customers more loyal was a leading business challenge they confronted. In 2015, 54% of B2B marketers said they faced that hurdle.
More interestingly, the research also pointed out year-over-year trends of those polled in 2014 and 2015. According to the findings, both customer retention and increasing brand awareness had become more troublesome (10%) over the year prior. Meanwhile, objectives such as countering competition and expanding into new regions were less of a challenge.
A separate survey from Demandbase, conducted by Wakefield Research, which looked at more specific marketing objectives, found that US B2B marketers were most challenged with measuring ROI, followed by a lengthy sales cycle throughout February 2016. Six percent of those polled, who were at the manager level or higher, said they weren’t faced with an obstacle that month.