This post is part of G2's 2024 technology trends series. Read more about G2’s perspective on digital transformation trends in an introduction from Chris Voce, VP, market research, and additional coverage on trends identified by G2’s analysts.
In 2024, we'll see more consolidation of marketing products in two forms—either the breakout of one-off solutions that can be individually purchased for efficiency's sake or single, more robust platforms that integrate with existing technology.
At first glance, one might ask, don’t these serve the same purpose, or is this not the same thing? For the budget-conscious buyer—absolutely not.
In the past, marketing tools have been very black and white when it comes to how they are packaged and their go-to-market approach. Either monstrous platforms with all the bells and whistles that cost a fortune (including tools you’ll never use or need), or one tool for social media management, one for tracking campaign metrics, and so on.
However, working across multiple products and vendors creates confusion and a less agile path to success. Consumers want a way to purchase a single solution or integrate a product with an existing offering.
A recent example from the G2 universe comes to mind that illustrates this change perfectly. Earlier this year, Brevo (formally Sendinblue) updated their offering from a single platform to a suite of products that can be individually purchased to meet buyer’s personalized marketing needs.
The evolving nature of marketing needs was recognized, and as their Founder & CEO Armand Thiberge stated:
“Businesses rely on modern technology to deliver great experiences at scale. We set out to do exactly that: to create a simple and affordable platform with marketing and CRM tools across multiple channels. We’ve grown from an email marketing platform to a full CRM suite."
Based on the 2023 G2 Software Buyer Behavior Report, buyers prefer to work with fewer vendors (78%) and use a single solution instead of multiple tools (84%). When multiple solutions are required, 77% of buyers prefer to buy complementary products from the vendors they already work with.
It’s clear that efficiency and effectiveness are more valuable to existing customers because that trust has already been established. This is why the “suite” approach of individual products tailored to the consumer's needs is trending.
And yes, while we haven’t completely crossed the threshold of a singular product that touches every point of marketing—it’s safe to say that the mega tools of tomorrow will have a much different approach than in past years.
When push comes to shove, the ideal scenario for providers is the one that continues to have the trust of the buyer top of mind.
“Relationships are the most important currency in business, and buyers will choose to work with brands that they trust. As software budgets tighten up, expect to see buyers turn to existing vendors or migrate to multi-product platforms to address their needs.”
Anthony Kennada
CEO at AudiencePlus
By listening to buyer wants and needs, it's clear that a transition towards simple solutions is a priority for the coming year. To meet this demand, vendors must offer solutions that accomplish marketing needs without their customers shelling out thousands.
Learn about the important considerations for creating a rebranding strategy.
Edited by Jigmee Bhutia
Understand the efficiency of marketing tools through consolidation of their functionalities based on your needs.
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