What’s Next for B2B Marketers in 2024? | Revenue Marketing Report
Dec 29, 2023
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Doug Bell, Fractional CMO at Chief Outsiders, shares his predictions for the future of marketing in 2024, including the impact of the MarTech landscape on SaaS organizations. The discussion also covers changing buyer preferences, the value of investing in marketing, the significance of data in B2B marketing, and the importance of being a truth teller as a CMO.
The Scott Brinker MarTech landscape is predicted to shrink for the first time in 2024, reflecting the changing dynamics and pressures facing SaaS organizations.
Marketing cutbacks can have a temporary negative impact on customer acquisition costs and overall marketing performance, but marketing will recover in the long term as it becomes more codified as the leader of growth.
Deep dives
Prediction: Shrinking MarTech Landscape
In the podcast, Doug Bell predicts that the Scott Brinker MarTech landscape, which has been expanding for years, will actually shrink for the first time. With over 11,000 companies listed in the most recent version of the landscape, Doug believes that the industry will undergo a systemic failure that will lead to a smaller and more efficient market. He suggests that high-performing companies will survive while others will struggle. This prediction reflects the changing dynamics and pressures facing SaaS organizations, which are no longer encouraged to burn cash and must navigate the competitive landscape of SaaS with and without AI.
The Impact of Marketing Cutbacks
The podcast episode highlights the impact that marketing cutbacks can have on a business. When faced with financial pressure, businesses often reduce top-of-funnel activities and brand awareness efforts, leading to temporary increases in customer acquisition costs and a decline in overall marketing performance. However, Doug Bell believes that marketing will recover, but not in the short term. He envisions marketing becoming more codified as the leader of growth, recognizing the evolving role of marketers in reaching and engaging buyers. The podcast emphasizes the importance of understanding the market's settlement process and the eventual recovery of marketing efforts.
The Importance of Data-Driven Marketing
The podcast highlights the increasing importance of data in modern marketing. Doug Bell emphasizes that data has become a critical component for marketers, enabling them to make better decisions and demonstrate results. He argues that investments in data and analytics will continue to be crucial in driving marketing success, citing the need for accurate and reliable data sources. By leveraging data effectively, marketers can shift conversations from personal opinions to objective insights, improving communication and alignment with CEOs. The podcast episode also briefly mentions the potential of AI in enhancing marketing efficiency.
Doug Bell, Fractional CMO at Chief Outsiders, joins our host, Camela Thompson, Go-To-Market Thought Leader, and B2B Insights Expert, in this episode of the Revenue Marketing Report podcast. Some have called 2023 a SaaSacre and others a diSaaSter. So what can marketers learn from 2023 and apply to 2024? Doug Bell shares his thoughts.