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B2B Marketing Trends in 2023: Analysis of Linkedin’s Benchmark Report Marketing

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Josh B.
August 2, 2023
4
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B2B Marketing Trends  in 2023: Analysis of Linkedin’s Benchmark Report Marketing

In a shockingly abrupt shift, the realm of B2B commercialism is encountering an upswing in financial allotments. As the CMO of B2B Rocket, I found this trend surprising. Despite facing the current economic downturn and looming inflation threat, six out of ten business-to-business company leaders have stated that their marketing budgets have expanded year-over-year. Even more surprising, over two-thirds anticipate further budget increases in the coming year. Despite intuitive expectations, this pattern indicates a transformation in the commercial landscape, driven by the necessity to broaden, even confronting difficulties.

This intriguing development sets the stage for the LinkedIn 2023 B2B Marketing Report. The report provides an extensive examination of the current state of B2B marketing worldwide. It dives deep into the tactics, difficulties, and victories of B2B leaders operating within a progressively more digital and interwoven commercial setting. From the role of the CMO which is evolving to the increasing significance of technology in marketing strategies, the report supplies an abundance of understandings that enlighten the future of B2B marketing.

In the following sections, we will unpack the key findings of the report, exploring the reasons behind the surprising budget increases, including the growing optimism among CFOs (who knew!? and the transformative impact of technology on B2B marketing. Whether you have spent years marketing or lead an organization trying to traverse the complicated issues involved in marketing to other businesses, these perspectives will offer useful direction for your ongoing promotional efforts.

B2B Marketing Trends in 2023: Analysis of Linkedin’s Benchmark Report Marketing

The Optimism of CFOs

In an unexpected development that even took me aback as a veteran CMO, CFOs are exhibiting optimism that surpasses the buoyancy of their marketing counterparts. The LinkedIn 2023 B2B Marketing Report revealed that only 3 out of 5 CFOs trusted marketing to aid in revenue generation. This figure stands out sharply when compared to only 49% of CMOs who express the same view. It comes across as a thoroughly unexpected sequence of developments, to put the matter mildly. I must admit, I never thought I'd see the day when CFOs would be more bullish about marketing's revenue-driving potential than us CMOs.

So, what's behind this newfound optimism among finance leaders? Technological innovations over recent years, specifically in the realm of marketing, have substantially impacted and potentially account for a considerable portion of it. The advent of advanced marketing technologies has not only expanded the mediums for marketing and advertising but also improved their effectiveness. As an outcome, promoting approaches have become more successful and impactful, resulting in elevated certainty in their probable capacity to produce income.

This mimics the B2B Rocket product release schedule. This is because B2B Rocket GO Expert AI and B2B Rocket GO Campaign AI are proving to be marketing tools that benefit marketing teams using them. While much progress remains yet to be made, these are nonetheless still early stages.

Finance

The report also reveals that 80% of B2B CMOs have learned "the language of finance." This development is crucial as it bridges the gap between the marketing and finance departments, fostering better understanding and collaboration. It's a trend that I've observed in my own interactions with our finance team at B2B Rocket. As marketers become more fluent in financial terms and concepts, we're better equipped to demonstrate the value of our initiatives in terms that resonate with our CFO counterparts.

This shift in perspective is not just about numbers and data. Marketing's role in propelling business expansion undergoes fundamental transformation regarding how we perceive and prize it. As the report indicates, nearly one in two B2B CMOs and CFOs surveyed said, "The CMO role has evolved to have a more direct role in driving revenue and growth." It's a sentiment that I wholeheartedly share and one that underscores the evolving dynamics in the boardroom.

The Evolving Role of the CMO

The function filled by the highest-ranking marketing executive has forever been mutable, but modern trends suggest a transformation that is much more crucial than in the past. As the LinkedIn 2023 B2B Marketing Report suggests, the role of the CMO has evolved to have a more direct role in driving revenue and growth. This evolution is not just about a change in responsibilities or an expansion of the marketing function. The sentence has been rewritten as follows while keeping the same number of words and meaning: At the core lies a pivotal alteration in how the position of the CMO is seen and regarded within the institution.

In my own experience as a CMO, I've noticed that our roles are expanding beyond the traditional boundaries of marketing. We're no longer just the custodians of the brand or the orchestrators of campaigns. We're now expected to be growth drivers, strategic advisors, customer advocates, and data analysts. Our work encompasses all spheres of the company, spanning everything from product design and fabrication to customer assistance initiatives and commercial tactics and techniques. The purview has widened beyond past precedent, reshaping completely how we approach our work.

This expanded role comes with its challenges, of course. We're being asked to do more, often with the same resources. Facing the challenges inherent with emerging technologies, coping with a data deluge, and endeavoring to adapt swiftly as client demands shift rapidly, organizations work eagerly to keep pace. However, it presents an interesting opportunity to be a CMO as well. Opportunities now abound for impacting business strategy, spurring innovation, and meaningfully improving business results.

The evolution of the CMO role reflects a broader shift in the business landscape. As businesses become more customer-centric, it grows increasingly evident how important marketing has become to value creation and driving growth. Here is my attempt at a rewritten sentence of similar length while avoiding an AI-monotonous tone and using a more complex sentence structure: For CMOs, embracing their expanding responsibilities and the latent potential within represents a pragmatic response to a trend certain to persist for the foreseeable future.

The Evolving Role of the CMO

The Challenge of Customer Acquisition and How B2B Rocket Can Help

One of the key findings from the LinkedIn 2023 B2B Marketing Report is that finding and acquiring new customers remains the top challenge for B2B CMOs globally. In an increasingly competitive and dynamic business landscape, attracting the right customers and convincing them to choose your offerings over others is no small feat. A deep comprehension of your intended customer base, a value proposition that persuades, and a tactical approach to connecting with and grabbing them necessitate.

This is where B2B Rocket comes in. As an enterprise that assists other corporations in detecting and buying new clients, we understand the intricacies and difficulties encompassing client procurement. With clients numbering over 2,500 and ranging from tiny businesses to Fortune 500 corporations, we boast an extensive history of assisting companies in capturing additional emerging revenue.

At B2B Rocket, we solve the problem of not enough leads. We fill sales pipelines with new appointments, enabling companies to sell more and hit their sales forecasts. Our multi-channel outbound approach and comprehensive software platform, B2B Rocket GO, allow us to better target leads that will turn into opportunities and be more effective at starting sales conversations.

Our value proposition is simple yet powerful: The B2B Rocket team of experts and purpose-built software can help you identify and engage with your ideal prospects, ultimately driving growth for your business. By deploying our mastery of cutting-edge lead generation technology and hard-won customer acquisition know-how, we furnish you with the crucial instruments and crucial knowledge required to pursue and transform high-caliber prospects into fruitful clients, sidestepping the need for uncertain experimentation.

While sourcing and retaining new clients represents the greatest difficulty confronting business-to-business chief marketing officers nowadays, participating in a collaboration with a company such as B2B Rocket can furnish the advantage required to surmount this difficulty and accomplish your growth aims.

The Power of Combining Customer Acquisition and Emerging Technology

In the hectic business world of today, having both the competence to efficiently find and secure new clients while integrating arising technologies into the marketing blend offers a strong pairing. The LinkedIn 2023 B2B Marketing Report indicates that these two areas stand out as the most important aims for B2B CMOs. These are 46% seeking to focus efforts on acquiring new customers while 40% aim to integrate technologies such as AI.

As a CMO myself, I understand the immense potential that lies in the intersection of these two priorities. Leveraging advanced technologies like AI can significantly enhance our customer acquisition efforts. This will enable us to pinpoint the right prospects, customize our outreach, and maximize our marketing strategies grounded in insight gleaned from data.

At B2B Rocket, we've made this powerful combination a reality. Our comprehensive software platform, B2B Rocket GO, incorporates generative AI to enhance our customer acquisition services. Our AI tool, GO Campaign AI, is designed to analyze and learn from campaign data, helping us to better target leads and start sales conversations. The value delivered in enabling our clients to both discover and gain new customers while doing so in a more streamlined and impactful manner cannot be overstated.

By combining customer acquisition and emerging technology, we're not just helping businesses sell more and hit their sales forecasts. Working to keep them at the cutting edge, we're utilizing recent technological advances to assist in achieving progress and prosperity within a progressively demanding commercial environment. It's a double-play that every forward-thinking CMO should consider, and it's what we deliver at B2B Rocket.

The Power of Combining Customer Acquisition and Emerging Technology

The Impact of Technology on B2B Marketing

The digital revolution has impacted every industry, including business-to-business marketing which it has utterly transformed. The LinkedIn 2023 B2B Marketing Report highlights the increasing reliance of CMOs on emerging technologies like generative AI, modernized Martech, and Blockchain. This will boost their marketing strategies and expand their influence.

Generative AI, with its potential for spontaneously crafting content, designing layouts, and formulating marketing strategies, has demonstrated itself to be a field capable of drastically transforming prior norms. It enables marketers to automate routine tasks, freeing up time for more strategic initiatives. What matters most however is that, by aiding us to tailor our marketing endeavors extensively, it allows for personalizing our messages to send the correct promotion to the accurate person at the optimal moment.

Modernised Martech, on the other hand, gives us instruments that empower us to streamline our marketing processes, analyze our performance, and take data-driven conclusions. From CRM systems to marketing automation platforms to analytics tools, Martech is transforming the way we plan, execute, and measure our marketing campaigns.

It’s interesting to see the list — Linkedin data from across 922M registered users — of Top Engaged Hashtags… As tech trends dominate the list:

The Rise of Martech Spending

During periods of economic unpredictability, one might anticipate corporations would take budget-tightening measures and curtail expenditures. However, the LinkedIn 2023 B2B Marketing Report reveals a counterintuitive trend in the realm of B2B marketing. Despite the economic headwinds, businesses are not just maintaining their marketing budgets; they're increasing them.

Data from eMarketer and Marketing Charts shows that B2B spending on martech in the U.S. Revenue projections for the enterprise have jumped from an anticipated $4.75 billion in 2020 to a forecasted $6.59 billion for 2022, exhibiting dramatic growth over the next two fiscal years. Expectedly, projections indicate total market size will jump to $8.51B by 2024, an outsized gain over prior estimates. This significant increase in martech spending is testament to the growing recognition of the value of marketing technology in driving business growth.

This trend is not just about investing more money into marketing. It's about investing smarter. Businesses are recognizing that the right martech can enhance their marketing effectiveness, streamline their processes, and provide valuable insights to inform their strategies. It's about leveraging technology to get more bang for their marketing buck.

The rise in martech spending is a clear indication of the direction in which B2B marketing is heading. As businesses continue to navigate the intricacies of the digital era, the part technology will play in commercializing is slated only to amplify. As CMOs, we need to stay ahead of this trend, understanding the potential of martech and making strategic investments that will drive our marketing success in the future.

Employ B2B Marketing Trends for Enhanced Business Growth

Here is the rewritten sentence: The findings compiled in the LinkedIn 2023 B2B Marketing Report furnish a wealth of perspectives on the prevailing circumstances and approaching bearing of B2B marketing, unveiling insights into its present-day state and approaching path. Despite the economic hurdles, the allocation of funds for B2B advertising campaigns continues to increase, indicating a growing belief in marketing's power to propel profits and expansion. CFOs are showing surprising optimism, often outpacing their CMO counterparts, thanks to the transformative impact of technological innovation on marketing effectiveness.

The role of CMO is evolving, expanding beyond traditional boundaries to encompass a broader range of business functions. Today's CMOs are expected to be growth drivers, strategic advisors, customer advocates, and data analysts, involved in every aspect of the business.

Emerging technologies like generative AI, modernized Martech, and Blockchain are becoming integral to B2B marketing strategies. These technologies, in not simply heightening the effectiveness and proficiency of marketing campaigns, are fundamentally reshaping the marketing scene in thorough ways. This is so because efficiency and outcomes are both envisioned and accomplished.

The rise in martech spending, despite economic headwinds, underscores the growing recognition of the value of marketing technology in driving business growth. Businesses, in addition to investing more money in marketing endeavors, have started investing more wisely, leveraging technological advances to maximize the impact created by each marketing dollar spent.

At B2B Rocket, we're at the forefront of these trends, leveraging advanced technologies like AI to enhance our customer acquisition services and deliver better results for our clients. While traversing the intricacies of the B2B sector, we remain devoted to aiding our clientele stay ahead of the bend and accomplish their growth targets.

The future of B2B marketing has arrived, propelling the domain into an exhilarating new phase. As we embrace our expanding roles, leverage emerging technologies, and make strategic investments in martech, we're not just adapting to change; we're driving it. By taking such action, we are able to mold the destiny of business to business advertising.

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Josh B.

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