B2B marketers are open to new ideas. But most are doubling down on tried-and-true tactics as they brace for a probable downturn, judging by The Growth Report 2022, a study by Twilio Segment.
For instance, 69% are focusing on channels with high ROI — that would include email. Indeed, 83% say email remains their primary channel despite experiments elsewhere.
Moreover, 65% report their firm’s growth strategy has changed based on fears of a recession or downturn. And 61% have eliminated the “growth at all costs” mentality, while 62% report their firms have prioritized profitability over the last 12 months.
In general, 93% are taking steps to adjust to today’s macroeconomic conditions.
Of those polled, 63% expect to spend less on marketing technology in the next 12 months. And 83% plan to simplify their marketing tech stack in that period.
Is this advisable? Probably — 57% say their firm is spending money for tools they don’t need. At the same time, 86% want technology that gives them more control and flexibility in customer communications.
In addition, 43% are focusing on customer retention, and 67% say they are concentrating on making existing customers happy rather than attracting new ones.
Customer data takes precedence in this climate — 49% say it is one of the most important ingredients for growth, although excellent company leadership and having the best product rank higher.
On a positive note, 71% have improved their capture and use of first-party data. And 82% believe that brands with access to excellent customer data grow faster than those that lack it.
A third of companies using a customer data platform say this has driven faster growth. And their customer satisfaction levels are twice as high, they claim.
Twilio Segment surveyed 1,300 employees in marketing and customer companies with 75+ employees from August 3-17. Of these, 1,000 were in the U.S. and 300 were located in the UK.