In 2024, a sunset has fallen over the technology landscape.
The tech boom of two years ago has faded, whilst disruptive technologies like AI are still in their infancy. The 2024 technology landscape is one of many casualties, with ongoing layoffs (over 240,000 tech jobs lost to cuts in 2023), budget tightening, and a shift in B2B tech buyer priorities. This is very much a transitional period.
After every sunset, there follows a period of darkness. Technology has more to prove, and business leaders are fumbling in the dark. The good news is that light is up ahead. The narrative might have shifted a little – from the hype of new technologies to a practical, considered approach – but B2B tech buyers are still buying. And Fifty-Five and Five can help marketers navigate the 2024 technology landscape.
Here’s our top tech predictions in 2024 (and why they matter for marketers).
1. Vendor consolidation
In 2024, there is a continuing shift towards vendor consolidation. B2B tech buyers are cutting down on spend, and this means looking at ways to streamline operations. A recent survey in 2023 revealed that 95% of Senior IT Executives were planning to consolidate vendors over the next 12 months.
Whilst this isn’t good news for smaller, “breadcrumb” vendors, it does present an opportunity for the heavyweights. Our work with many brands – as far back as 2022 – has been around “consolidation” messaging. Nintex, for example, speaks about a common “fabric” through which all their automation products run.
Key takeaway: Showcase your comprehensive suite as a simple solution.
Messaging ideas: Talk about “harmony”, “simplicity”, and “ease”. With your vendor, clients are in safe hands, and you can handle their varied needs.
2024 is about streamlining processes.
2. More-for-less mindset
In 2024, there are concerns around money. B2B tech buyers are working with slimline budgets, and these impact buying decisions as a result.
When cost is everything, your company-wide messaging needs to reflect this. In the 2024 technology landscape there is an appetite to modernise, but this is only if digitisation saves money. Focus your messaging around:
- Quality: If you price yourselves high
- Cost-reduction: If you sit at the lower end of your market
- ROI: Make it clear to B2B tech buyers what the ROI is, and how fast a customer can expect to see it.
Key takeaway: Make both the cost of your product, and what a customer expects in return, clear and available through your messaging. Back these up with recent case study/testimonial content.
Messaging ideas: Your USP underpins your pricing. Are your customers buying into quality, long-term operational efficiency, great customer service? Back up your price list with a strong USP.
3. AI experimentation
Generative AI hasn’t yet matured. It has realised its commercial potential – and business leaders have clocked this. However, the tools are in their infancy, and most leaders have not yet worked out how AI best works for them.
There is a question, also, around credibility. Participants in a recent study (2022) judged AI to be more capable than humans, but less moral. Already, in 2023, leaders in technology and related fields have called to halt development on AI.
Many technology product and services providers are adding AI functionality to their tech stacks. This might bounce off the AI trend, but B2B tech buyers must also feel they can trust AI-powered tools.
Key takeaway: If you’re advertising AI functionalities, make sure to position your AI tool as trustworthy, and alleviate buyer concerns.
Messaging ideas: Show don't tell. Give transparent communication about the data, training and development behind your tool. Show B2B tech buyers the “ingredients” and not just the menu.
4. Growth in digital run
The “sprint” era of modernisation is over. Organisations are – in the face of market uncertainty and economic hardship – doubling down in already successful areas. In the 2024 technology landscape, B2B tech buyers are looking to “lean into” products that have already achieved tangible results.
A good example of this is process automation. Customers that use process automation (for, say, an administrative business process) realise a quick ROI, and clear benefits, and are likely double down on automation efforts from thereon.
For technology vendors and service providers, this presents an opportunity. It’s important for business leaders to recognise historic areas of customer success, and to help those customers expand or upgrade their product stacks. In 2024, it will be easier for business leaders to sell to “happy” customers, rather than pick up fresh leads.
Key takeaway: Generate a list of “happy” customers, or products that have performed well. Push for customer expansion in these areas. Focus more on customer retention than fresh leads.
Messaging ideas: Highlight success stories from existing customers. Showcase upgrades, enhancements, or related areas of opportunity. Remind your customers why they loved working with you.
5. 2024 BPM growth
2024 is about streamlining processes. Business process management (BPM) is helping organisations to scale, without additional staff. It’s been an obvious investment amidst technology layoffs, as companies seek ways to maintain efficiency and productivity with reduced resources.
2024 BPM growth is the result of businesses tackling:
- A tough economic climate
- Layoffs
- A hybrid workforce
It ties into the “more-for-less mindset” and gives organisations the opportunity to operate as they would, with a slimmer (smaller) organisation. BPM vendors might be happy to know that 2024 is their time to shine – but still must target customers in the right way, to land results.
Key takeaway: Punch to the gut (pain point) of your customer. Address the economic climate, and its repercussions (layoffs, budget constraints). Show how BPS directly alleviates this pain.
Messaging ideas: 2024 BPM growth requires a bit of storytelling. Explain to your audience why BPM growth is happening, and why customers need to get on board. A list of benefits (cost, productivity, efficiency) won’t reach your audience in the same way that a “day in the life” blog/ video/ webinar might.
The sun will rise on tech
Our tech predictions in 2024 present lots of opportunity within the market. This is a technology “dark age” in many ways, with slow economic growth and employment uncertainty. Budgets are small, layoffs are ongoing, and the priorities of B2B tech buyers have shifted.
In other ways, this year presents big opportunities for businesses. The sun on the 2024 technology landscape will rise, and the pullback on technology spending will loosen. AI tools, along with automation, are looking to have a strong trajectory upwards. Business leaders must adapt to 2024 tech trends and lean into this very different market.
Navigate the 2024 technology landscape with Fifty Five and Five
Getting ahead of competitors means getting ahead of trends. You've read our 2024 predictions for the technology industry, so what's next? Let's discuss how we can adapt your marketing strategy with these predictions in mind, combining our tech marketing expertise with your passion.