B2B Technology: Growth and Evolution through the Last Decade
B2B market segmentation identifies distinct audience categories based on shared features. With B2B market segmentation, marketing is meant to be better connect with potential consumers by knowing comparable features, interests, and behaviors. As a result, teams may concentrate on the most crucial elements. You will be treating everyone the same if you do not segment your market.
The Past Decade for B2B
The last decade saw enormous commercial development and transformation. The symbiotic link between technology and sales is a beautiful illustration of causality of when new technologies emerge, the manner in which they are marketed and sold evolves as well. In other words, when technology progressed, such as social media, cloud computing, and sales interaction platforms, B2B selling methods profited and helped drive more innovation. Some of the technologies and platforms which have helped B2B businesses grow in the past decade are
- Social Media – Customer expectations for customization in marketing and communication have risen due to the development and rise of social media. B2B marketers have depended on channels like LinkedIn as a key source for prospecting and customization since it began as a distinct sales enablement platform. Data has always been crucial in B2B marketing and sales. Still, social media has made it simpler than ever to get customer data, and new automated systems have made it easier to analyze it, resulting in a greater focus on statistics and sales that depend on data.
- Cloud Computing – Cloud computing has also benefited B2B marketing and sales in the previous decade. In the recent decade, cloud computing has exploded in popularity, significantly impacting how B2B marketers pitch their products. In today’s time, more than 75% of enterprise companies have at least one cloud application, and ensuring that a platform, product, or service integrates with a company’s existing IT stack is generally one of the first considerations for any B2B business.
B2B Technologies Today
B2B businesses are continuing to improve on breakthrough technologies. According to market research companies, global spending on digital transformation technology and services would exceed $1.95 trillion in 2022. Many of the current B2B technologies, such as chatbots, messaging, multichannel marketing, and machine learning, are already well-integrated forward into selling techniques.
- Chatbots – Chatbots are becoming increasingly frequent and smart as the desire for customization and quick communication grows in today’s on-demand market. Chatbots were very widespread in B2C throughout the past decade, but many organizations are now seeking to introduce them to B2B in the modern-day.
- Text Messaging – Many B2B marketers in today’s time are increasingly messaging buyers, prospects, and customers, and for a good reason, as texting has an almost 100 percent open rate, compared to email’s 20% average open rate. Furthermore, the majority of SMS receive a response in under 5 minutes.
- Machine Learning & Automation – While machine learning and automation are not new ideas, its sales applications for B2B businesses are still being explored. It is predicted to have numerous more time-saving, revenue-boosting technologies released this year.
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B2B Tech Which has Established themselves The Last Decade
- MongoDB – MongoDB is a B2B business that deals with the application of a developer’s cloud-based document database that allows users to store data in JSON-like documents, greatly increasing productivity. MongoDB, which developers use at companies such as eBay, Google, and SEGA, offers a powerful and expressive query language and scripting, global cluster, storage, monitoring, and cloud platform triggering.
- Toast – Toast is another tech B2B company established in 2011. Toast works with restaurants of all sizes to help them establish excellent teams, increase revenue, and enhance operations so that customers have the best possible experience. The all-in-one platform contains both software and hardware solutions for cashless payments, online purchasing, email marketing, and order and payment processing. In addition, the B2B tech provides solutions to ensure that daily operations and visitor experiences run efficiently.
- BigCommerce – BigCommerce is a tech B2B platform that enables businesses to create outstanding shopping experiences, manage inventory, analyze sales data, and expand their businesses in the most efficient way possible. BigCommerce, which is used by firms such as Ben & Jerry’s, Woolrich, and others, combines user-friendly tools and construction with sophisticated technology and analytics reporting so customers can grow without fear of expanding their website.
- ChowNow – ChowNow is another major tech b2b business established last decade. The platform prioritizes the success of its partner restaurants, providing an ordering platform that enables them to grow and connect with new consumers on a long-term basis. Restaurants can run successful online programs without cutting into their margins thanks to the platform, which includes branded applications designed exclusively for their shop. These straightforward ordering services avoid grouping restaurants with competitors, an interactive dashboard, and customized marketing services.
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With new innovations being witnessed in the B2B Tech Industry at a rapid pace, the future promises to be exciting and interesting.