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7 Essential Takeaways from LinkedIn’s 2024 B2B Marketing Benchmark
By Joshua Nite
The most successful marketers are lifelong learners who thrive by adapting to change. And the last decade has given us plenty of opportunity to practice flexibility and adaptability. As we get used to the idea that there will be no “new normal,” we can still learn from what other marketers are doing (or not doing, for that matter).
Our client LinkedIn just published their 2024 B2B Marketing Benchmark. It’s just the kind of data we marketers need to move our art and science further.
LinkedIn surveyed 2,000+ B2B marketers in management, leadership or executive positions to find out what teams are doing now and what they’re planning for the future.
Here are the key takeaways our team spotted.
Today, tomorrow and beyond: The future of B2B marketing
Despite the tumultuous economic times of the past few years, the 2024 Benchmark finds marketers adapting and preparing for what comes next. Let’s dig into the data and what it means for your team’s future success.
Strategic thinking is essential
Without a continuously-developed strategy, marketers are left to react instead of act. The data shows that most marketers got that message: Over two-thirds plan to reorganize their teams this year to be more effective.
Marketers are also carefully allocating resources across channels, with a strong focus on digital. In fact, of the top five most valuable channels, only one (trade shows/live events) is non-digital.
Strategic marketers are seeing the biggest returns from:
- Social media
- Events
However nearly half of marketers plan to increase investments in video, influencer content and case studies in the coming year. It’ll be intriguing to see how these investments paid off, when we’re looking at next year’s data.
All this strategizing is paying off: a whopping 90% said they feel good about their ability to drive revenue. This confidence is rubbing off on the finance department as well: 51% say their budget increased this year, and 54% expect an increase next year. Within that 54%, 18% say they expect a substantial increase.
Room for improvement: Acquisition vs. retention
CMOs report they’re spending 60% of resources on acquiring new customers, and only 40% on retention. That balance could shift in favor of retention with a focus on customer lifetime value for even better results.
Generative AI hits the mainstream
It’s hard to believe that just a few years ago, we were chuckling at AI’s awkwardness. Now it’s becoming an essential part of the marketing toolkit.
Over two-thirds of respondents said they’re using Gen AI for marketing. What’s more, over half have official guidelines for its use, and over half are actively training their teams on the technology.
It isn’t an unqualified embrace of the technology, however. Marketers report misgivings including:
- Lack of humanity …read more
Source:: Top Rank Blog
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