Despite this period of economic uncertainty, about 8 in 10 (85%) B2B marketing leaders in Asia Pacific (APAC) are optimistic that their marketing strategy will create impact over the next 6 months. In particular, marketers in this region recognise this time as an opportunity to prove their relevancy and rethink their brand story (34%), as well as strengthening relationships and trust with customers (30%).
This is according to a new global research studying B2B marketer sentiment by LinkedIn, the world’s largest professional network and leading B2B advertising platform.
In fact, 6 in 10 (59%) of B2B marketers across APAC do not plan to reduce spend on brand-building in the next 6 months, with 20% planning to increase investment in this area. Having a strong brand as a foundation of supporting sales was the most common reason behind marketers’ decision to maintain or increase their spend (62%), followed by the need to stay top of mind during times of economic uncertainty (55%), and cushioning themselves against potential price fluctuations (45%).
B2B marketers are being asked to do more with less
In these fast-evolving times, APAC B2B marketers will need to rise to the challenge and prove their worth.
About half of B2B marketing leaders across APAC who had budget adjustments claimed that the marketing function is not perceived as a priority investment in uncertain times.
With buying decisions in the B2B world often relationship-heavy, group-based, and realised over a long sales cycle, marketing effectiveness is set to be even more important for many B2B marketers in 2023. In the months to come, the key challenges that marketers face involve balancing prudence with innovation.
In particular, doing more with less budget (23%) is cited by APAC B2B marketers as their biggest challenge in the next 6 months, followed by proving return on investment (ROI) of their marketing spend (20%). Interestingly, marketers are also looking at new technologies to drive those results but have not figured out a good way to do it. Specifically, 1 in 5 (20%) across APAC are keen on effectively unlocking the potential of new technologies, such as the metaverse and artificial intelligence.
Showcasing brand care and sustainability are most important campaign objectives over next 6 months
When asked what are the priority campaign objectives they are thinking to deliver in the next 6 months, it is clear that this region’s marketers are looking at purpose-led creative campaigns to drive effective results in B2B marketing. To do this and to successfully navigate the uncertain business landscape, they identified creativity (54%), efficiency (50%) and innovation (47%) as the top skills needed.
APAC B2B marketers said they are focused on showcasing how they are helping their customers in this uncertain macroeconomic and business landscape. In fact, close to half (48%) in the region cited this, the highest figure globally in LinkedIn’s survey.
Sustainability is also a key focus area in APAC. Half of APAC marketers said that demonstrating how their brand is serious about sustainability is top of their mind when they look at strategising and focusing their efforts and spending in the next 6 to 12 months. And B2B marketers in the region are ready – over three-quarters said their marketing team is equipped with green skills to deliver effective campaigns about sustainability messaging.
“Given the interconnectedness of the global economy, it is inevitable that B2B marketers will feel the pinch from today’s uncertain macroeconomic conditions. However, it is refreshing to see that marketers are positive about their future and making intelligent investments. 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 continue to drive growth and a strong return on investment for their organisations in the long-run,” said Prue Cox, Director Enterprise SEA & ANZ, Marketing Solutions at LinkedIn.
“With creativity, efficiency and innovation being the top essential skills that APAC marketers believe are needed to navigate this moment, marketers who adapt and tap into their creative confidence will gain a competitive advantage. We will continue to work with our customers to ensure they are smartly driving their business objectives in evolving business cycles. ”
LinkedIn’s advice for B2B marketers navigating uncertainty
● In times of uncertainty, B2B brands can optimise on recency, not frequency – by building a strategy that steadily maintains brand presence. Advertising consistently helps to avoid memory corrosion and keeps your brand front of mind when buyers are back in market and the need for your product or service eventually arises.
● With B2B brands looking to do more with less, creativity is the most sought-after skill currently which can help marketers unlock new opportunities. LinkedIn’s Creativity Playbook offers best practices, expert advice, and top tips to empower brands and agencies to do their best work.
● With proving marketing effectiveness a top priority for B2B marketers, mastering the language of ROI and translating it to business stakeholders is key. Marketers need to hone the ability to express the long-term value of their activity in financial terms and demonstrate business impact.
