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19 October 2022
B2B marketers target brand building
Marketing to B2B audiencesLong-term vs short-term effectiveness
Two-thirds (67%) of senior B2B marketers plan to maintain or increase their spend on brand building over the next six months, despite current economic conditions impacting budgets, according to a new study from LinkedIn.
The professional network’s global B2B Marketer Sentiment study* surveyed over 1,700 B2B marketing leaders from across the world and found that around half have seen budgets affected in some way, but three-quarters (76%) remain optimistic about their marketing strategy over the next six months.
Why it matters
Brand building is a long-term activity that can suffer during a downturn as short-term measures are prioritised. A majority of B2B marketers, however, understand the importance of continuing to invest in building their brands.
Alongside the expected reasons – a strong brand supports long-term sales (cited by 52% of respondents) and helps it stay top of mind for buyers (42%) – more than a third (38%) also said that it helps them to attract talent, an important consideration in times of uncertainty.
B2B marketers in India are most optimistic about their strategies (94%), followed by Saudi Arabia (92%) and the US (91%); only 56% of marketers in the UK and 50% of marketers in Germany felt positive about their plans.
As B2B marketers look to do more with less, proving marketing effectiveness to influential stakeholders in the organisation is critical. Of the companies that have seen budgets impacted, 30% say the business does not understand B2B marketing ROI.
Some B2B marketers see this time as an opportunity to invest in building relationships and trust with customers (28%), and a chance to stay relevant and rethink their brand story (22%).
Marketing leaders say creativity tops the list of skills needed for marketers to navigate uncertainty (56%).
“One of the critical keys is to optimise investment in creating future demand while at the same time harvesting existing demand. It takes a strong brand to do this, and a smart interlock of brand and demand activities and investment” – Tom Stein, Chairman and Chief Growth Officer, Stein IAS.
*An online survey of 1,703 senior B2B marketing decision makers in the US, UK, France, Germany, Netherlands, Italy, Spain, UAE, KSA, Brazil, Australia, India and Singapore was conducted in mid-September 2022.