SINGAPORE — After a challenging year, B2B marketing leaders in Singapore are starting to see the tides turn as optimism returns to the sector. Around two-thirds (64%) of senior B2B marketing leaders in Singapore expect marketing budgets to grow over the next year, and 8 in 10 (82%) plan to increase the use of Generative AI so they can increase efficiency and focus on higher-value work (59%) and generate more content in less time (50%), according to new research from LinkedIn, the world’s largest professional network and leading B2B advertising platform.
LinkedIn’s “The B2B Marketing Benchmark,” a study of nearly 2,000 senior B2B marketing and finance leaders from organizations across the globe, conducted ahead of the 2023 Cannes Lions International Festival of Creativity, finds that B2B marketers have adapted to uncertainty and made the right investments to come out stronger.
“Financial fluency” investment pays off as brand building rises in importance
As B2B brands see some green shoots of recovery, more than half (62%) of senior B2B marketing leaders in Singapore say brand building has been elevated in importance by the C-suite as companies look to win share in the current climate. Becoming “financially fluent” has been key to this, with B2B Chief Marketing Officers (CMOs) saying they have learned the language of finance (90%) and strengthened their skills to prove the value of brand marketing to their CEO and CFO (83%). B2B marketers have the support of the business, 7 in 10 CFOs from B2B organizations in Singapore feel optimistic about marketing’s ability to drive revenue in the year ahead, above the global average of 60%.
One of the top priorities for local B2B marketing leaders this year is to champion bolder creativity in their campaigns to improve mental availability (48%), similar to most B2B marketing leaders globally. They are confident that they have the right creative skills on their team to support brand-building efforts (70%). LinkedIn data shows there has been a 46% increase in creative skills added to the LinkedIn profiles of marketers across the globe in the last year. In Singapore, problem-solving, innovative thinking, creative strategy, and execution, as well as marketing technology or data analytics mastery top the list of the most important skills B2B marketers need today.
Matt Tindale, Head of Enterprise at LinkedIn Marketing Solutions, Asia Pacific, said, “B2B marketers in Singapore have been navigating the current climate with agility. They have demonstrated the importance of winning mindshare through brand building to business leaders, and they are also now making strides to explore leveraging Generative AI to increase efficiency and boost creativity. As the business landscape continues to evolve, B2B marketers will lead the way in creating memorable, best-in-class brands, and contribute to their company’s growth in the months and years ahead.”
LinkedIn is piloting AI-generated Copy Suggestions and launching new tools to help measure brand marketing effectiveness
To help B2B companies bolster brand building, measure effectiveness, and connect with audiences in new ways, LinkedIn is launching new products and services:
- AI-generated Copy Suggestions: AI-generated Copy Suggestions uses generative AI to create high-performing intro text and headlines for ad creatives by leveraging data from an advertiser’s LinkedIn Page. LinkedIn is rolling out this feature in a pilot in North America, and plans to increase functionality, languages, and availability in the coming months.
- CMO Scorecard: To help B2B marketers benchmark creative impact and media performance against competitors, and demonstrate how current brand advertising investments improve recruiter, marketer, and seller efficiency, LinkedIn is introducing the CMO Scorecard, a new measurement program through its consultancy, B2B Edge.
- In-stream video ads: To support a full-funnel experience, customers can tap into In-Stream Video ads to scale their campaign reach and connect with professional audiences across LinkedIn’s network of publishers. These ads, which will appear on mobile or desktop apps and sites, will play at the beginning (pre-roll) and middle (mid-roll) of long-form video content on trusted publisher sites across the LinkedIn Audience Network.
- Thought Leader Ads: Thought Leader Ads allow brands to sponsor their thought leaders’ posts, helping them authentically communicate through a trusted voice to build brand equity and stay top-of-mind. Early performance indicators show that customers who participated in the Thought Leader Ad beta saw 1.7 higher clickthrough rate (CTR) and 1.6 higher engagement rate compared to other single-image ads.
- Conversation Ads: New and improved Conversation Ads allow advertisers to drive higher intent conversations with members in the Focused tab, helping them to increase their reach and maximize budgets with lower frequency caps and cost-per-click pricing.
- Pages Messaging: LinkedIn is introducing the ability for members to organically connect with organizations through Pages Messaging. This functionality will enable members and Pages on LinkedIn to directly communicate with each other about the topics that matter most to them, like products and services, job listings, and other business inquiries.
- Audience Insights API: The Audience Insights API enables agencies and marketing technology companies to build solutions that help marketers discover and understand their target audiences to create more effective, relevant campaigns.
LinkedIn has also unveiled a new campaign, “It’s a 2C world,” which highlights how the industry is built for B2C marketers and why LinkedIn is “the place to B2B.” The tongue-in-cheek ad spot, which features championship figure skater Nancy Kerrigan, uses humor to show what happens if you advertise B2B brands using classic B2C tactics.
LinkedIn will be participating in the 2023 Cannes Lions International Festival of Creativity. To view the full programming schedule, visit here.
