📉 We’re facing an economic downturn…
Other industries across the world are in a state of panic – they’re quiet about it, but they’re in a panic nonetheless. They’re worried about the current economic climate and its inevitable slowing down, recession incoming at an unpredictable speed.Â
And yet, despite all of this, B2B remains standing with their head held high, determined and rather optimistic in the face of it all. In a June 2023 report by LinkedIn and Ipsos entitled The B2B Marketing Benchmark, they delve into the reasons behind this.
One of their key findings was that around half of B2B leaders say they are optimistic about being able to drive revenue in the coming year… but why? Well, it’s because their marketing budgets are increasing, and we’re not just saying that; across the board, CMOs and B2B leaders are confident that their budgets are only going to increase.Â
🤔 There Has to Be More to This
It’s not just the budgets that are changing, it’s the attitudes in the workplace, especially amongst the leaders. B2B leaders are using their creative skills to succeed; the report states: ‘Creative strategy and problem solving are among the top skills B2B marketing leaders identify as important for their current role and are skills they identified as strengths. Marketing leaders report these skills will continue to be needed in the future to succeed’.
But it’s not just that. The CMO’s role is expanding, developing an increased importance over the years, building relationships with other C-Suite members whilst also recognising the importance of brand (we’re constantly going on about it at SaaS Marketer).
Something that did surprise us, however, was what the report revealed about AI in the B2B world.
🤖 B2B is Biting Off More Than They Can Chew
The report states that B2B marketers see the incredible potential of generative AI, the only problem being that they’re a little too eager, resulting in an inefficient skill set. No one’s really taking the time to understand it, instead just jumping on the bandwagon and hoping for the best.Â
The report says: ‘3 in 4 B2B marketing leaders say they plan to start or continue using generative AI. However, less than 2 in 10 report they have an extremely good understanding of how to use AI.’
Granted, this report was back in June, but a lot of it is still prevalent today. B2B marketing is seeing a massive uptick in attitude, strategy, and budgets, whilst other industries struggle, and I think that speaks to the general atmosphere across the system. Some are doing great whilst others really aren’t. It’s strange, but it proves just how insulated and wrapped in their own bubble B2B really is.Â
What do you think?
Sam Hollis is a Writer for Fame, SaaS Marketer, as well as his own fictional short stories. He lives and works in Birmingham with his three cats and his dog (way too many pets, if you ask us)