How to expand your B2B audiences (and why it’s a good idea)

Are you ready to expand or find new B2B audiences? If so, you’re in good company. In our recent report The 2024 B2B Marketing Outlook: The Data Confidence Divide, we found that 58% of your peers are expanding their audience into new demographics and market segments. This shift is not just a trend but a strategic move to drive growth and stay competitive in an evolving marketplace. 

Expanding to new B2B audiences is on many marketers’ minds in 2024, but younger marketers feel more confident in their targeting abilities.

Gen Z and Millennials are more likely to be extremely confident in targeting the right personas and ICP compared to their older counterparts. This confidence in targeting is key and sets younger marketers up for success in expanding to additional audience segments. 

Why expand your audience? 

1. Drive revenue growth 
   Expanding your audience can significantly impact your revenue. Our research indicates that 72% of marketers who focus on audience expansion report a significant increase in revenue compared to 52% of those who do not. By targeting new demographics, you open the door to a broader range of potential customers, increasing your opportunities for conversion. 
2. Get ahead of changing buying journeys
   The buying journey is constantly evolving. Not just in regard to how decisions are made, but also concerning who is part of the purchase process. Your buyers likely now operate in a buying group often spread across different job functions and departments. If you aren’t reaching all the influential members, you could be missing out on a valuable piece of your audience pool. Expanding your targeting to reach other job titles in your buying groups that you may have not been covering before can help you move potential deals through the pipeline. 
3. Stay competitive 
   The landscape of B2B marketing is highly competitive. Marketers who innovate and adapt their tactics to reach new B2B audiences are more likely to see significant revenue increases. Conversely, those who fail to adjust risk falling behind their competitors. Expanding your audience ensures you remain relevant and competitive in your industry. 

Challenges in expanding your B2B audience 

Expanding your audience is not without its challenges. According to our findings: 

• Reaching the right audience: 63% of marketers report that reaching the right audience is a top challenge. Ensuring that your marketing efforts are targeted and effective requires a deep understanding of your potential new segments. 
• Sourcing the right data: About half of marketers find it challenging to source the right data needed to build and target new B2B audiences. 
• Determining the right channel mix: Finding the optimal mix of marketing channels to reach new demographics is another significant challenge. 

Effective tactics for B2B audience expansion

Despite these challenges, there are proven tactics that can help you effectively expand your audience: 

1. Leverage data-driven insights
   A strong data strategy is critical. Marketers who are extremely confident in their data strategy are more likely to report successful audience expansion. Use data to build custom B2B audiences, target the right customers, and deliver the most engaging messages. Ensure your data is accurate and complete to inform your marketing decisions. The best way to do this is to partner with a data provider who is known for high-quality data, transparency and data security practices. Look for a data provider who is recognized by third-party organizations like Neutronian. 
2. Add content syndication to diversify your channel mix 
   Content syndication is a great tool for expanding B2B audiences. Whether you’re looking for additional members of your buying group or to expand your audience to new accounts, content syndication can get your brand in front of more buyers than you would typically be able to do on your own channels. Content syndication allows you to publish your content on other properties to expand your reach.  
   
   While the majority of B2B marketers are already using social advertising, search engine marketing, video marketing, and account-based marketing, it's beneficial to diversify your channel mix further. Consider adding content syndication and programmatic advertising to your strategy. Our research shows that marketers using four or more channels are more often expanding their audience compared to those using fewer channels. 
3. Turn to intent data insights
   Set up an intent monitoring campaign to help identify in-market buyers you may not have been targeting in the past. Start by determining the intent topics you want watch then once you’ve been able to collect some information on the users showing intent for those topics use that data to target similar individuals at other companies. This can help you find people in job titles you may have missed or in industries that you haven’t targeted in the past. If a person is showing intent for the topics you’re monitoring they’re likely a good match for your products or services.  
   
   Depending on how different they are from your typical audience, you may need to tailor your campaign messaging to focus on their specific needs or priorities. This is a best practice anyway and personalization is becoming more and more expected in the B2B space. Make sure you take the time to personalize your campaign to your new audience too for best results. 

Your B2B audience evolution 

Expanding your audience is not just about reaching more people; it's about strategically targeting new segments to drive growth and stay competitive. By leveraging data, diversifying your marketing channels, and prioritizing authenticity, you can effectively expand your audience and capitalize on new opportunities in 2024.