What a find – the 2023 Global B2B Marketing Benchmark Highlights: LinkedIn and Ipsos Take Look at the State of Global B2B Marketing!
A few highlights that jumped out here at CoryWest Media:
- Skillsets are changing rapidly – to be competitive, you need to shift NOW. How are your marketing and technology skills?
- Live events are the number one way to market now, and the most effective. As a speaker, corporate trainer, and event marketing consultant, I couldn’t agree more. We are finally returning to business meetings. YAY!!!
- LinkedIn is launching a new brand metric, called the B2B Index, which measures brand heat in B2B.
“Our composite score takes into account the most important features of a strong B2B brand: creative quality, investment, and audience intent. We’re using this index to analyze best-in-class B2B work, and, very soon, we’ll be launching a leaderboard to celebrate the organizations that stand out for their brand work.” Jim Habig, VP of Marketing, LinkedIn
We’ll be on the lookout.
B2B Marketing Organizations
- Evolution of the CMO
- Key B2B Marketing Skills
B2B Marketing Strategies
- Building & Measuring Brand
- Marketing Channels & Tools
- Generative AI
2023 B2B Global Marketing Statistics
60% increased the importance of brand building
Top areas of budget allocation: lead generation and generating new business
60% plan to market via in-person events as the most effective B2B marketing channel
75% use or plan to start using AI
< 20% have an extremely good understanding of how to use AI
Why DEI is important
85% say DEI is important to their company; 63% have an official capacity that focuses on DEI
58% companies need to strive for equity in an increasingly diverse workforce
58% provides more perspectives for better decision-making
56% helps attract talent
53% improves brand reputation
51% improves the quality of our work/products
51% helps us retain talent
B2B Marketing Budgets
60% increased in the past year
65% will increase in the next year
26% of tech sector budgets decreased
Allocation: 36% lead generation, 30% brand building, 20% demand generation
B2B Marketing Challenges in the Next 1-2 Years
46% Finding and Acquiring new customers
40% Incorporating emerging technology, like AI, into the marketing mix
35% Boosting customer engagement/experience
Most Important Future Skills for CMOs
49% Marketing Technology / Data Analytics Mastery
43% Innovative Thinking
41% Creative Strategy & Execution
Top Engaged Hashtags for B2B Marketing
How to Improve B2B Marketing: 2023 B2B Global Marketing Report for CMOs and B2B Marketers
Budgets are up!!
The B2B marketing landscape is undergoing a renaissance as business models, innovation drivers, and buyers evolve dramatically from previous decades. Today, some of the most profitable companies worldwide are B2B organizations. Despite economic turmoil and rising global uncertainty, this report shows B2B leaders stay optimistic about the future and are investing in the role of marketing in driving growth.
The B2B Marketing Benchmark provides valuable insights into the trends and practices fueling this optimism, including the rise of marketing budgets, excitement about emerging technologies like Generative AI, and the growing adoption of creative and technical skills. In this blog post, we will explore key highlights for B2B marketers based on the latest information available from LinkedIn and Ipsos in June 2023.
The Power of B2B Marketing Technology Mastery
More than half of B2B marketing leaders emphasize marketing technology mastery as the most important skill for their team members in the next two years. As the digital landscape continues to evolve rapidly, it is crucial for B2B marketers to stay up-to-date with the latest marketing technologies and data analytics practices. This skill will enable them to make informed decisions, deliver personalized campaigns, and drive business growth.
Essential Skills for B2B Chief Marketing Officers CMOs
The role of the Chief Marketing Officer (CMO) is evolving, and several essential skills have emerged as priorities. Alongside creative strategy and execution, marketing technology/data analytics mastery, problem-solving, and innovative thinking are deemed crucial. Furthermore, self-sufficiency, an entrepreneurial mindset, diplomacy, consensus-building, sales, and modeling/forecasting skills are considered valuable for the CMO role in the current business landscape.
Growing Skills in B2B Marketing
While digital marketing, marketing strategy, and B2B knowledge remain important skills in the B2B marketing arena, several new skills are on the must-have list. Customer acquisition, digital strategy, sales operations, change management, team management, branding & identity, software as a service (SaaS), cross-functional team leadership, brand development, and more are becoming increasingly relevant. B2B marketers should focus on acquiring these skills to stay ahead of the curve.
The Power of Creativity in B2B Marketing
Creative skills play a vital role in B2B marketing success. In 2023, marketing strategy, Adobe Photoshop, graphic design, Adobe Illustrator, and branding remain the top creative skills. These skills enable B2B marketers to craft engaging campaigns, visually appealing content, and consistent brand messaging, leading to better customer engagement and brand loyalty.
The Importance of Marketing Technology and B2B Storytelling
Looking ahead, marketing technology and B2B storytelling are expected to be key skills for B2B marketers. As technology continues to shape the marketing landscape, mastering marketing automation, AI, data analytics, and personalization will become essential. Additionally, the ability to tell compelling stories that resonate with target audiences will help B2B marketers cut through the noise and connect with authenticity to build trust with their customers.
Sustainability, Equity, and Brand Trust
In today’s socially conscious world, sustainability and equity have a significant impact on brand trust. B2B marketers should align their marketing efforts with sustainability goals and ensure fairness, diversity, and inclusivity in their messaging and campaigns. By doing so, they can build trust with their target audience and establish long-term brand loyalty.
Product Promotion vs. Brand Building
While B2B marketing campaigns often focus on product promotion, it is essential not to neglect brand building. The B2B Marketing Benchmark reveals that 62% of campaigns are still product-focused, while only 37% prioritize brand building. B2B marketers should strive for a balanced approach that highlights their products’ value while also building a strong brand identity and reputation.
Top Channels for 2023 Global B2B Marketing
When it comes to B2B marketing channels, in-person events, video content, thought leadership, digital events, and influencer marketing are among the top choices. While the COVID-19 pandemic accelerated the adoption of digital channels, in-person events remain highly effective for B2B marketers, with 21% reporting them as the most successful channel. Thought leadership also holds significant potential, with 20% of marketers finding it highly effective.
The Rise of Generative AI in 2023 Global B2B Marketing
Generative AI is gaining popularity among B2B marketers as they recognize its potential to deliver impactful and personalized campaigns. Despite its immense potential, much of the marketing power of AI remains untapped. LinkedIn data indicates a significant increase (+142%) in “AI”-related posts by top B2B marketers, highlighting the growing interest in this technology within the industry. B2B marketers should explore the possibilities of generative AI to enhance their marketing efforts and drive better results.
The B2B Marketing Benchmark provides valuable insights into the current state of B2B marketing and offers guidance for B2B marketers to thrive in a rapidly changing environment. By prioritizing marketing technology mastery, embracing emerging trends and technologies like Generative AI, and acquiring the necessary creative and technical skills, B2B marketers can position themselves for success.
Emphasizing sustainability, equity, and brand trust, along with a balanced approach to product promotion and brand building, will enable B2B marketers to connect with their target audience on a deeper level. By leveraging the right channels and staying ahead of industry trends, B2B marketers can drive growth and lead their organizations to long-term success in the ever-evolving B2B landscape. Need help navigating the best route for your company? Set up a time to plot your future B2B marketing plan strategy.