New data from LinkedIn has revealed that despite this period of economic uncertainty, four in five (81%) Aussie B2B marketers are positive about the next six months.
For those seeking to make an impact, creative thinking and building their B2B brands will continue to be essential, while looking forward, the industry will need to continue to focus on ROI to gain increased budgets from the wider business.
B2B Marketers are being asked to do more with less budget
During this period of change, Aussie B2B marketers will need to rise to the challenge and prove their worth, as two in five (42 per cent) of those that reduced their budgets claim marketing is not perceived as an important investment area for their business. As a result, one in five (23 per cent) feel their biggest challenge during this period of economic change will be doing more with a reduced budget.
The top areas where B2B marketers are experiencing budget changes currently are events, partnerships, and sponsorships (38 per cent), along with the retention and onboarding of agency partners and specialists (35 per cent). However, B2B marketers continue to invest in tactics like research and thought leadership, and below-the-line campaigns remain steady with just 29 per cent cutting these tactics. This further signals that the way marketers engage with customers and partners has changed, and will continue to do so.
B2B brand building continues to be a focus for marketers
The research shows the industry is in flux, as three in five (59 per cent) claim they will reduce B2B brand-building spending in the next six months. However, while budgets may be changing, over half of B2B marketers (53 per cent) plan on investing more than 50 per cent of their budget in brand-building activities, showing that brand activity continues to be important. In fact, almost half (49 per cent) believe this is the moment to rethink their brand story to stay relevant.
For the brands that are focused on brand marketing over this time, many (42 per cent) will aim to show how they are helping customers, while almost three in five (38 per cent) will cover how they will be driving new or existing customer relationships, or maintaining their share of voice. Over one in four (26 per cent) also see this time as an opportunity to invest in building relationships and trust with customers.
Prue Cox (lead image), director enterprise SEA & ANZ, marketing Solutions at LinkedIn, said: “While we are in a period of uncertainty, our research shows that marketers are positive about their future. To ensure long-term growth, particularly during times of economic upheaval, we know continued brand building and harnessing creativity is vital for B2B marketers. Savvy operators will use this moment to their advantage and harness the power of creativity during these challenging times and show how they are adding value to customers. By doing so, they can extend the reach of their limited budgets and reap the rewards. With resilience, efficiency, and innovation being the top three essential skills marketers believe are needed to navigate this moment, those who adapt and tap into their creative confidence will be able to make a little go a long way.”
