Singapore – One of the challenges of marketing teams is defending a budget’s suitability to proposed marketing plans. A recent study by professional networking platform LinkedIn revealed that in order to weather this perennial predicament, B2B CMOs, particularly those from the Singapore market, are aiming to become more ‘financially fluent’ in order to prove the value of brand marketing to their CEO and CFO. Such is true for almost all of the chief marketing leaders, 83%, that were surveyed in the market.
The study showed that around two-thirds (64%) of senior B2B marketing leaders in Singapore expect marketing budgets to grow over the next year. Things have been looking up thus far for said leaders, where research shows they have the support of the business, with 7 in 10 CFOs from B2B organisations in the market feeling optimistic about marketing’s ability to drive revenue in the year ahead.
More notably, local B2B marketing leaders shared that one of the top priorities for this year is to champion bolder creativity in their campaigns with the aim to improve mental availability amongst consumers (48%).
“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,” said Matt Tindale, head of enterprise of LinkedIn Marketing Solutions for Asia Pacific.
“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,” added Tindale.
LinkedIn’s ‘The B2B Marketing Benchmark’ is a study of nearly 2,000 senior B2B marketing and finance leaders from organisations across the globe, which was conducted ahead of the 2023 Cannes Lions International Festival of Creativity.
Simultaneously with the release of the report, LinkedIn has also recently launched new B2B marketing solutions, which amongst others, will be leveraging the adoption of generative AI. The fresh roster of tools includes ‘AI-generated Copy Suggestions’ and advertising solutions such as In-stream video ads, thought leader ads, and conversation ads.
Said launch also introduced the ‘CMO Scorecard’, which is a new measurement program through its consultancy, B2B Edge. This aims to help B2B marketers on the platform benchmark their creative impact and media performance against competitors.
