B2B Articles - November 10, 2022
CEO and Founder of Ironpaper, Jonathan Franchell, discusses what’s to come for B2B companies in 2023. His predictions center around a changing economic climate and other market forces that are forcing buyer behaviors to change. Jonathan explores what B2B businesses can do to work smarter, support employees, and address buyer needs.
With an uncertain economy, there will be a lot of challenges for businesses in the coming year, but for smart companies, this will present more opportunities. Less adaptive companies, ones that struggle to understand what motivates their buyers, will experience a profound struggle.
A lot of people are operating in a fear mode right now. If we’re not in a recession yet, we’ve been anticipating one for a long time. Politics, the economy, pandemics, war — all of these concerns are at the forefront of peoples’ minds, and at the same time, many shifts are happening in the marketplace. Change is more volatile, and it’s happening at a faster rate, and because of that, there’s fear in the air.
Buyers’ needs are evolving quickly, and that’s changing how buyers make purchases. It’s a prime market for smarter, more adaptive companies that understand their buyer’s goals, needs, and motivations. Our research has found that 43% of B2B companies said that buyers' needs are evolving, forcing them to change how they communicate and their path to new revenue; it’s not just that the competitive landscape is changing but also the buyer landscape.
Our research has found that 43% of B2B companies said that buyers' needs are evolving, forcing them to change how they communicate and their path to new revenue.
-Jonathan Franchell, CEO & Founder of Ironpaper
I predict that many businesses — especially smaller and midsize companies — will struggle with capital investments, issues around staffing and recruiting, increased buyer scrutiny, and cost pressures. Many smaller and mid-sized businesses will spend more time considering ROI as they make fewer investments. They must be more rigorous about spending their time, capital, and energy. Buyers will be taking a fine-tooth comb through their decisions as cost pressures force companies to be leaner and marketplaces become more crowded.
Staffing strategies will need to be smarter, and companies will need to innovate around engaging their teams and new employees. Remote work is hard, connecting is hard, and companies have to confront the sense of isolation their team members feel.
Because of the economy, individuals are looking at work differently. They want to find more purpose in the work they do. After so much anxiety over the last few years, people want “work homes” that are more than just a monetary solution. They want a workplace that supports them and allows them to be supportive of others.
Employers will have to look at staffing in a new light. Staffing goals will affect companies' missions, how they engage buyers and their portfolios. They must ask themselves, is there a match between what our employees, investors, and customers seek? They will have to be adaptive — we can’t sit on strategy for years, we must continuously re-think it, and it will be a constant question moving forward.
Marketing has become more complex, and it will continue in that direction. It’s increasingly becoming wrapped around technology, which changes constantly. Tech is not a strategy, but some companies mistake it for one and get overwhelmed by the complexity of the market.
Companies are looking for some measure of simplicity. Sometimes it works when it guides smart decision-making. In the end, companies have to find a way to be better in touch with customers and have their finger on the pulse to find a strategy that makes sense to all stakeholders.
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