Monday, June 17, 2024

Most B2B execs in Asia optimistic in next 6 months: report

Despite a period of economic uncertainty, about 8 in 10 (85%) of business-to-business (B2B) marketing leaders in Asia Pacific (Asia Pacific) are optimistic that their marketing strategy will create impact over the next 6 months, a research report from LinkedIn said.

In particular, marketers in the region recognize this time as an opportunity to prove their relevancy and rethink their brand story (34%), as well as strengthen relationships and trust with customers (30%).

The LinkedIn report further said 6 in 10 (59%) of B2B marketers across Asia Pacific 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%), the report said.

About half of B2B marketing leaders across Asia Pacific 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 realized 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 Asia Pacific 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 Asia Pacific are keen on effectively unlocking the potential of new technologies, such as the metaverse and artificial intelligence.

When asked what are the priority campaign objectives they are thinking to deliver in the next 6 months, it is clear that the 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.

Asia Pacific 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 strategizing 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.

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