New data from LinkedIn has revealed that despite economic uncertainty, four in five (81%) Australian B2B marketers are positive about the next six months.
LinkedIn commissioned YouGov to conduct 100 interviews with senior B2B marketing decision makers in Australia to understand the effect of the current economic uncertainty on their role.
They found that two in five (42%) of those that reduced their budgets claim marketing is not perceived as an important investment area for their business, with one in five (23%) feeling 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%), along with the retention and onboarding of agency partners and specialists (35%). However, B2B marketers continue to invest in tactics like research and thought leadership, and below-the-line campaigns remain steady with just 29% cutting these tactics.
The research shows the industry is in flux, as nearly three in five (59%) claim they will reduce B2B brand-building spending in the next six months. While budgets may be changing, over half of B2B marketers (53%) plan on investing more than 50% of their budget in brand-building activities, showing that brand activity continues to be important.
Almost half (49%) believe this is the moment to rethink their brand story to stay relevant, while for the brands that are focused on brand marketing over this time, many (42%) will aim to show how they are helping customers and almost three in five (38%) will cover how they will be driving new or existing customer relationships, or maintaining their share of voice.
Prue Cox, director of enterprise SEA & ANZ for 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.
“To help support brands dealing with this dilemma, LinkedIn recently launched a creativity playbook, which empowers brand marketers and creative agencies to explore what creative best practice for their campaigns looks like on the platform.”
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