Trends 4 Friends: B2B Strategies for 2023

For Context

Marketers in the B2B space are forever pulled in two directions – do we focus on generating sales now, or on brand building that promotes long-term growth? While the short answer from experts is to do both equally, short-term sales goals often get top billing. They are easier to measure and offer that all-important instant gratification. But a strong brand presence can drive short-term AND long-term sales while attracting top talent. It is brand power or creation of the "want" that increases market share over the long haul because only about 5% of prospects are ready to buy at any given time.

What's it all for?

Nearly all marketers (90%) acknowledge that brand building is as important for B2B brands as B2C, and LinkedIn is also nodding its head. The platform is rolling out new brand-building tools including the Brand Safety Hub, using LinkedIn's audience network to increase ad placements and offer custom controls to ensure adherence to brand guidelines. Another tool, LinkedIn Newsletters, is used to publish recurring articles to gain more followers/subscribers. These tools are a good first step in exploring ways to foster brand engagement in 2023 and cultivate a brand voice rather than solely pushing product.

To Simplify

• 4%: ROI on marketing spend may be the biggest challenge and most important metric for CEOs, but only 4% of B2B marketers measure a brand past the six-month average sales cycle.
• 67%: More marketers (67%) are planning to maintain or increase spending on brand-building efforts over the next six months, even though half say budgets are impacted by the current economic climate.

To Ponder: What is one things you can do to prioritize long-term brand goals in 2023?

(LinkedIn 2020, LinkedIn and Marketing Week 2022)