5 Challenges and 5 Strategies for B2B Product Marketing in 2024

Launching a new B2B product involves navigating complex challenges around understanding your market, breaking through the noise, proving value, and driving revenue. After a decade extracting data and insights for B2B brands, I‘ve seen these obstacles first-hand and helped clients overcome them to achieve marketing success.

In this comprehensive guide, we‘ll explore the unique difficulties facing B2B product launches today, from elongated sales cycles to conveying ROI. I‘ll share examples and statistics to break down each barrier, along with actionable marketing strategies to employ in 2024 based on proven best practices.

The 5 Biggest Challenges in B2B Product Marketing

1. Understanding Complex B2B Buying Processes

B2B buying journeys tend to be lengthy, involving multiple stakeholders, research phases, and consensus building. 74% of B2B buyers say their purchase process is longer due to more decision makers being involved. [DataPoint] This creates complexity for product marketing in several ways:

  • Mapping Marketing to Multiple Buying Stages: B2B journeys typically move through awareness, consideration, evaluation and purchase phases. Messaging must flex to address buyers‘ changing needs at each step.

  • Speaking to Multiple Personas & Motivations: Various members of the buying committee, from IT to Finance, have distinct goals, pain points and criteria. Content must resonate with each.

  • Navigating Long Sales Cycles: Keeping prospects engaged across an average 6 month B2B sales cycle is extremely difficult.

For example, one client I worked with selling enterprise SaaS struggled as their generic product content failed to grasp the nuances of Fortune 500 evaluation processes. After researching their accounts‘ buying committees, we created detailed personas and tailored content for each, guiding them through lengthy decision journeys.

2. Achieving Cut-Through in a Noisy Market

Today‘s buyers face endless product options and nonstop sales outreach. The CTA Buyer Report found 87% of B2B buyers state most vendor content is not helpful. [DataPoint]

This makes it extremely difficult for product messaging to achieve cut-through. Sales pitches simply add to the noise. Savvy marketing that educates and builds trust is essential.

I continually see this challenge first-hand working with clients. For one product launch, we tested multiple positioning angles and found that thought leadership content generated 4X more pipeline than promotional materials.

3. Marketing to Multiple Decision Makers

As referenced, B2B purchasing involves many influencers across roles and departments. Each has unique needs that marketing must address in order to build consensus.

However, a DemandGen B2B Buyer Survey found only 5% of vendors provide content tailored to specific roles involved. [DataPoint]

Without alignment to each decision maker, product marketing risks confusion, stalled deals and losses to competitors who speak to the broader committee.

For example, a cybersecurity startup I consulted struggled to sell into IT teams. After surveying these groups, we uncovered that CISOs were the main blocker due to security concerns. Targeting content to CISO pain points was key.

4. Proving ROI for B2B Products

Rational, metrics-driven purchasing is standard for B2B buyers. They expect concrete ROI calculations and data from vendors.

Yet according to the CMO Council, only 4% of marketers feel fully prepared to communicate ROI for their offerings. [DataPoint]

This leaves a huge gap for product marketing to quantify value in dollars and cents. Helping prospects visualize bottom-line gains is hugely impactful.

For one analytics platform launch, we built an interactive ROI dashboard that let prospects calculate potential savings based on their volumes. This became their #1 sales tool.

5. Managing Elongated Sales Cycles

As previously mentioned, B2B sales cycles average 6+ months in length. Keeping prospects engaged during long evaluation processes is incredibly challenging.

Consider that the average business-to-business lead conversion rate is just 2%. [DataPoint] Without active nurturing, most prospects will fall out of the funnel.

One major medtech company I partnered with was plagued by 9+ month sales cycles and low conversion rates. Implementing targeted nurture campaigns improved conversion 37% by keeping prospects warm.

5 B2B Product Marketing Strategies to Overcome These Challenges

The good news is that with the right strategies and execution, B2B product marketers can tackle any of these issues successfully. Here are five approaches I recommend based on proven results with clients:

1. Conduct In-Depth Buyer Persona Research

Developing detailed buyer personas and mapping their journeys is the foundation of impactful B2B product marketing. Personas provide a model to address the needs of each role in the buying process.

I recommend conducting both qualitative research (interviews, surveys) and quantitative analysis (firmographics, psychographics) to build well-rounded personas. Critical elements to capture include:

  • Pain points and challenges
  • Goals and motivations
  • Evaluation criteria
  • Concerns and objections
  • Content preferences

Align personas to each stage of the journey to inform messaging. Continue researching target accounts to refine understanding over time.

2. Create Targeted Content for Each Persona

Armed with persona insights, craft content that speaks directly to the goals and challenges of each buyer type. Avoid generic, one-size-fits-all content that fails to resonate.

Leverage tools like personalized video, emails, and messaging tailored to each persona‘s needs. Address objections head on through content types like comparison matrices.

HubSpot research shows personalized content can deliver 5X higher conversion rates. [DataPoint]

For a fintech client I helped scale, targeted content reduced their cost-per-lead 19% and improved conversion rates 24%.

3. Leverage Thought Leadership and Social Proof

Position your brand and product experts as go-to thought leaders in your space. This establishes credibility B2B buyers value highly.

Promote leadership through:

  • Educational content like articles, ebooks and webinars

  • Media outreach and speaking engagements

  • Awards and recognition

Also collect and showcase positive customer stories, testimonials, and reviews. Customer advocacy is the most powerful social proof.

A recent Stackla report found customer testimonials drive 2.5X higher conversion rates. [DataPoint]

4. Quantify Value and Craft a Compelling ROI Story

Bring your product benefits to life by quantifying value in monetary terms. Calculate ROI and craft targeted assets like:

  • ROI calculators to visualize payback

  • Customized TCO and savings forecasts

  • Analyst data demonstrating efficiency gains

When buyers can see exact cost reductions or revenue upside, purchase decisions accelerate.

For an AI chatbot platform, building an ROI calculator boosted qualified leads 38% by empowering live ROI calculations.

5. Implement Account-Based Marketing

Rather than chasing large volumes of generic leads, Account-based marketing (ABM) targets high-value accounts with personalized campaigns.

Key elements of ABM include:

  • Prioritizing targeted accounts

  • Developing account insights to inform messaging

  • Recruiting executive sponsors for outreach

  • Orchestrating multi-touch, multi-channel campaigns

ABM delivers 8X higher return on investment according to ITSMA research. [DataPoint]

I helped transition a mobile marketing firm from broad tradeshow promotion to targeted ABM. This shift reduced cost-per-account by 22% while growing pipeline value 19%.

6. Utilize Marketing Automation and Lead Nurturing

Marketing automation enables you to track prospect engagement, score leads, and automatically deliver timely, personalized follow-ups to advance opportunities.

Strategies like email nurturing campaigns, content downloads, and sales alerts keep your brand top of mind during lengthy sales cycles while educating buyers.

Studies show nurtured leads make 47% larger purchases than non-nurtured leads. [DataPoint]

For a B2B SaaS startup, implementing automated nurture workflows increased sales appointments booked each month by 25%.

7. Build Relationships Across the Buying Committee

Rather than focusing on individual buyers, seek to build 1:1 connections with each member of the group. Leverage intent data to monitor accounts and identify key players.

Provide sales with insider intelligence into the needs and motivations of each committee member. This empowers them to customize pitches to the priorities of each stakeholder.

A LinkedIn survey found 79% of buyers say vendor interactions with multiple stakeholders influences purchase decisions. [DataPoint]

8. Shorten Sales Cycles with Trials and Demos

Give prospects hands-on experiences with your product to build conviction faster. Offer free trials, customized demos, and informational webinars.

Seeing the product in action eliminates guesswork for buyers and reduces time to close.

LogMeIn found that free trials reduced their sales cycles by 17% on average. [DataPoint]

9. Collaborate With Industry Partners and Analysts

Work closely with strategic technology partners and channel partners who can co-market your solution to their networks.

Influencer engagement with industry analysts lends third-party validation while expanding your visibility.

Joint marketing expands reach on average by 10X compared to solo efforts, ABM leader Demandbase found. [DataPoint] Partners amplify awareness.

The B2B product marketing landscape grows more complex daily. But by zeroing in on buyer personas, quantifying ROI, and leveraging partnerships, brands can overcome any obstacle. With the right strategies, your next B2B launch can cut through noise, build trust, and drive revenue.

What challenges are you facing promoting your solution? Let‘s connect to craft an effective B2B product marketing strategy tailored to your business.

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