Member Article

Despite the economic climate, B2B marketers are continuing to invest in the long term, research from The Marketing Practice finds

B2B marketers are holding their nerve and investing in long-term marketing strategies despite the economic slowdown, research by The Marketing Practice finds. 76% of B2B marketing leaders are allocating between 40-60% of their resources to long-term goals. This compares with only a third (33%) of respondents that were thinking long term in 2020.

The findings come as The Marketing Practice releases its annual B2B marketing effectiveness barometer study which involved over 800 marketing decision makers from the US, UK, Australia and Germany. 68% of respondents also said that they were encouraged to take risks and experiment. It illustrates that the short-termism that dominated marketing strategies during the pandemic has now departed, and marketers are intent on protecting budget that aligns to future business performance.

The research identified the top three areas of strategic focus for B2B marketers in response to the economic downturn. Putting more emphasis on growing existing customers or moving them to more profitable products or services ranked first (46%), allocating more budget towards brand building as it’s a good time to capture share of voice was next (37%) and increasing marketing budgets to win market share was third (35%).

David van Schaick, CMO at The Marketing Practice comments, “The results of this year’s barometer research illustrate a brave and strategic response to the economic downturn. It’s our belief at The Marketing Practice that the ability to take risks, experiment, learn and adapt is a fundamental capability in modern growth marketing, so it’s encouraging to see that 68% of respondents are taking this approach to improve results overtime. The role of B2B marketing has evolved and respondents are clearly confident about the change they can affect within their organisations to navigate increasingly tough market conditions.”

Other key findings from the research include:

Marketing has a strong strategic function, with 78% having a CMO on the board and 42% of respondents described marketing’s perceived role in the organisation as a driver of growth. A further 15% said their perceived role is a source of competitive advantage and (13%) as the voice of the customer. Only 9% said that marketing is still seen as a necessary cost centre.

Its strategic role is evidenced again as the majority of B2B marketers said that they prioritise commercial impact ahead of marketing metrics. When asked what objectives marketing is directly responsible for within their organisation, 54% said revenue growth, 52% said customer retention and 51% said customer satisfaction. Only 15% viewed marketing qualified leads as a priority.

800 B2B marketers were surveyed in the US, UK, Germany and Australia to place under the microscope the role of marketing within organisations across Europe, APAC and US.

This was posted in Bdaily's Members' News section by The Marketing Practice .