3 Trends That Will Shape B2B CMOs’ 2023 Planning

It seems paradoxical that the old saying, “spend money to make money”, is true. What if B2B CMOs could use Forrester’s insights and data to prove that this is precisely what high-growth businesses are doing? CMOS must follow high-growth organizations’ spending patterns as they support 2023 budget requests.

How do you start? As a percentage revenue, marketing expense. Forrester’s 2022 B2B Marketing Survey found that only 51 percent of enterprises that increased their annual revenue by more than 20% in 2021 spent 6.1% to 9.9% on marketing. Only one-third of enterprises with a yearly income that was flat or declining invested in this range.

Which areas are they investing in? The survey revealed that the three most important regions for high-growth companies to support their marketing strategy include:

1. How to address changing buyer behavior

CMOS needs to insist on the rigor of connecting marketing efforts that drive reputation, create demand, and drive post-sale involvement. The Forrester Campaign Framework was designed to connect brand, market, and engagement. This framework coordinates vital elements across all program families and supports customers throughout their entire lifecycle. The largest allocation will be for programs, with a 1% to 9.9% increase in the marketing budget.

2. Implementing a purpose-driven brand

A brand’s purpose is a statement about how the organization plans to improve the world. All brands are held to higher standards these days. CSR has become a strategic function that impacts the whole organization. Customers and buyers make decisions based on environmental, social, and governance (ESG), and the best talent gravitates towards companies that live up to their values. Investors are rewarding companies that take a leadership role in these areas. The 2022 B2B Marketing Survey revealed that communications and brand organizations have one goal to sustain high growth: to create a brand purpose aligned to the brand vision, mission, and CSR goals.

3. Get to know your customers after the sale

B2B companies must provide support for post-sale customer interaction to retain customers, grow accounts and build advocates. High-growth enterprises understand this. 34% of marketing decision-makers with customer engagement management authority plan to increase their customer engagement budget by 10% or more. It is essential to increase the value of post-sale customer engagement programs through sharing customer experiences and demonstrating customer advocacy and references.

The 2023 planning guide is for B2B marketing professionals. It provides additional insight into where to invest, where to pull back, and where to experiment.

It would be disingenuous to wish you “good luck” in your 2023 budget planning cycle. I cannot emphasize enough that what lies ahead will require a spend-money-to-make-money approach. B2B CMOs can confidently request a budget for the next fiscal year by following the example of high-growth companies. Even if everything fails, remind those who doubt that B2B CMOs can confidently request a budget for the next fiscal year by emulating high-growth companies’ success stories. These cost-saving, reactive decisions could take years to reverse and have a significant long-term impact on your brand, customers, and other vital aspects of your business.