73% of respondents are willing to pay more for a product or service from, businesses they trust – and other marketing statistics summarizing 2021
Every year this blog breaks down the results and covers dozens of marketing surveys and studies. As the earth completes one more trip around the sun, we go back through all the data we’ve compiled and pick one statistic for a year-end roundup piece like this one.
It’s a good reflection to see how far we’ve come in the last 12 months. More importantly, perhaps, it’s a glimpse too of where we are headed.
While in years past, we’ve combined marketing and PR statistics into a single post, this year we’re going to split them into separate pieces.
And now on to the statistics summarizing marketing in 2021…
1. Thought leadership that doesn’t sell – sells.
Content that helps decision-makers stay current, understand trends and stimulate thinking isn’t designed to sell – but it clearly influences sales.
Respondents to the survey took several sales-oriented actions after consuming quality thought leadership:
- 42% “invited the organization to bid on a project (when that firm was not in their original consideration set).”
- 48% “awarded business to the organization responsible for the thought leadership.”
- 53% “decided to increase the amount of business they did with the organization.”
- 54% “purchased a new product or service from the organization that they had not previously considered buying.”
Read the whole post: The Powerful Sales Element of Social Proof in Thought Leadership Done Well
2. High-performing marketers more sensitive to customer experience.
A study by salesforce found high performing marketers are more likely to lead customer experience (CX). Some 86% of high performers say their “organization leads customer experience initiatives across the business” [vs. 81% of moderates and 72% of underperformers].
High-performers are also more sensitive to customer expectations. 92% of high performers say “customer expectations are changing our digital strategies” [vs. 85% of moderates and 74% of underperformers].
Read the whole post: High-Performing Marketers Do these 9 Subtle Details Differently according to a Salesforce Survey
3. B2B sales cycles are getting longer.
B2B sales cycles are getting longer but incumbents have an advantage. More than half of respondents (52%) “said the buying cycle has gotten longer for new vendors – but just one in three (32%) “said it’s longer for existing vendors.”
This finding is reflected in previous surveys too, which points to a continued trend. For example, a 2020 study by the Demand Gen Report 68% of respondents said the B2B sales cycle has increased compared to a year ago.
Read the whole post: B2B Sales Cycles Get Longer and Involve More Decision Makers
4. Two-thirds of B2B copywriters have no direct contact with customers.
Most B2B marketing writers are making it up. That’s my take on a survey by Typeset and Mantis Research. The survey found:
- just 33% of business marketing writers make calls to customers;
- just 35% conduct surveys; and
- less-than half (48%) participate in online communities with their audience.
To put it another way, just one-third of writers are in direct contact with customers – which suggests about two-thirds have no direct contact.
Read the whole post: Survey: Most B2B Marketing Writers Aren’t in Direct Contact with Customers
5. Rosy outlook for B2B tech marketers.
The next year or so is looking rosy in terms of tech spending. That’s according to The 2022 State of IT report by SpiceWorks ZiffDavis.
Technology is a priority business investment for 2022; 53% of IT buyers expect tech spending to grow – and budgets will grow on average by 26%
Read the whole post: Tech Spending to Grow, Signals [Mostly] Good Times for B2B Tech Ahead
6. Solid cybersecurity helps sell marketing software.
More than half (58%) of marketers say martech cybersecurity is the top consideration in procuring marketing software tools.
Read the whole post: Buying or Selling Martech: Cybersecurity Emerges as a Key Point of Differentiation
7. Trust grows business revenue
Trust in business is a currency that brands can’t live without. That’s the overarching conclusion stemming from a global survey carried out by Morning Consult. According to the study:
- 90% are more likely to recommend that company to friends and family.
- 88% will buy more from a business.
- 82% are more willing to forgive if things go wrong.
- 73% are willing to pay more for the product or service.
- 66% are more willing to share their data with a company they trust.
Read the whole post: Trust in Business: 10 Ways to Build the Currency Brands Can’t Live Without
8. Companies with digitally savvy leadership outperform.
Companies with leaders that are digitally savvy, outperform “comparable companies without.” The study found these companies “have 48% higher revenue growth and higher valuations (share price to sales ratio) and 15% higher net margins than the rest of the companies we studied.”
Read the whole post: MIT Sloan Study: Just 7% of Companies Have Digitally Savvy Executive Team
9. Complimenting competitors in marketing can improve sales.
Research out the Fuqua School of Business involving 4,000 people finds complimenting competitors likely to tip buyers in your favor:
“In one experiment, the researchers showed a group of consumers a fictitious Tweet from Kit Kat praising Twix: ‘Competitor or not, congrats on your 54 years in business! Even we can admit – Twix are delicious.’”
And the results?
“After 11 days, the researchers asked the consumers who saw the fake Tweet to report any candy purchases. People who saw the public message from Kit Kat praising Twix were 34% more likely to buy a Kit Kat compared to a control group that saw a Tweet from Kit Kat about its own product.”
What about the competition?
“Importantly, the authors noted, Twix sales didn’t increase, even after Kit Kat praised the candy as delectable.”
Read the whole post: Good Job! Complimenting Competitors in Marketing can Tip Sales in Your Favor [Research]
10. Click-less searches makes branding cool again.
Last year, 65% of Google searches did not result in a click, according to an analysis of data more than five trillion searches. It’s 100% bad news for digital marketing. In sharing the analysis on Twitter, one digital marketing consultant noted, the study scared him until he “started thinking about branding again.”
Read the whole post: Is Brand Building Becoming Cool in Marketing Again?
11. Marketing was effective during the pandemic.
Most leaders give their new strategies high marks for marketing effectiveness during the pandemic. About three-quarters (74%) ranked their efforts as a 5 or above, on a 7-point scale.
Read the whole post: Optimism Back to Pre-Pandemic Levels Among Marketing Leaders: 5 Statistics from a Survey of CMOs
12. Business is trusted more than government and media.
Businesses are increasingly viewed as more ethical and competent than government, media and non-governmental organizations (NGOs). When asked “How much you trust that institution to do what is right?” survey respondents said the following:
- 61% trust business
- 57% are neutral about trust in NGOs
- 53% are neutral about trust in trust government; and
- 51% are neutral about trust in trust media.
Read the whole post: Trust: Business Tops Media and Government in Ethics and Competence, Finds Survey
13. Your business may be judged based on how it responds to reviews.
Respond to reviews with diplomacy because 40% of consumers read the responses to reviews. While you may not change the reviewer’s mind, it will have an impact on other customers that read it.
Read the whole post: Your Response to Business Reviews Might Count as Much as the Review Itself
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The piece with statistics summarizing the year in PR for 2021 will be published on Thursday.
If you enjoyed this post, you might also like:
Why “Disruption” is a Terrible Message for Prospects in B2B Marketing
Image credit: Unsplash