Buyer behavior has substantially changed the marketing landscape. Now, B2B customers have become more empowered; they spend most of their purchasing journey conducting independent online research and need not rely on a salesperson to share sufficient information, making it obligatory for B2B sellers to change their strategic priorities and provide relevant digital content along the purchasing journey, which is what most B2B firms have done to stay in the competitive markets. This shift has led to difficulties in differentiating with digital content, and B2B customers struggle to find the information needed for decision-making. However, academic research remains scarce by narrowly looking at different elements of digital content marketing (DCM), yet no systematic frameworks on how to implement DCM in practice exist. There is scant research on drivers for DCM implementation or the conditions impacting DCM and a firm’s performance relationship. Hence, B2B companies substantially struggle with implementing and developing DCM. This extensive qualitative research uses a theories-in-use (TIU) approach based on interviews with 58 managers from 36 B2B firms that have heavily invested in DCM, thus providing three major contributions. First, this study provides an in-depth understanding of the three conceptual underpinnings for DCM—customer journey, customer engagement, and marketing technologies—through extensive literature reviews. Second, the study presents an extensive activity-based conceptualization of customer-centric DCM with its three dimensions: generating the intelligence of the customer journey, creating a valuable content portfolio, and engaging customers through content sharing. Third, this study presents an empirically driven nomological network of 12 propositions that describe the obligatory drivers for DCM implementation, DCM performance outcomes, and marketing organization-related and organizational moderators that have a positive or negative relationship between DCM and firm performance.