5 Key Takeaways from the 2024 LinkedIn B2B Benchmark Report

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Welcome to this week's edition of The Build Up, where I share fresh ideas and strategies for B2B executives and marketing leaders. My goal is to provide you with actionable insights to stay ahead in the ever-evolving business landscape. - Tobias

Inside this edition:

• 5 key takeaways from the 2024 LinkedIn B2B Benchmark report

• The chase for new business is on, but don't neglect your existing customers

• Here come the AI agents

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THE DEEP DIVE

5 Key Takeaways from the 2024 LinkedIn B2B Benchmark Report

I dove into the hefty 99-page 2024 LinkedIn B2B Benchmark Report so you don't have to. Here are my top 5 takeaways that I think you'll find intriguing—and maybe even a bit surprising.

B2B Marketing Budgets Are All About New Business

According to the survey, a whopping 60% of respondents say their marketing budgets are weighted toward generating new business over retaining or growing existing customers. On top of that, 7 in 10 are increasing their budget for lead generation.

What does this mean? Well, competitors are likely gunning for your clients. With everyone focusing on new customer acquisition, it might be worth considering the benefits of customer defense strategies instead of jumping into the fray of customer swap wars. Sometimes, keeping what you have is smarter (and cheaper) than chasing what you don't.

AI Adoption Is a Priority—but Underutilized

No surprise here: AI is a big deal. It's listed at or near the top of the fastest-growing skills in both digital and non-digital realms. But here's the kicker—only 26% of survey takers are using AI for data analysis and insights.

That's a massive missed opportunity. Given the mountains of data we all collect, leveraging AI could unlock some remarkable insights. If you're not already using AI to sift through your data, now might be the time to start. It's like having a gold mine and forgetting to bring a shovel.

AR/VR Is Touted as the Next Big Thing

About 34% of respondents say they plan on adopting AR/VR tech in the next 12 months, while 35% claim to be using it now.

But let's be real—AR/VR has been "the next big thing" for several years. So far, with a few notable exceptions, it’s been a solution in search of a problem. Unless you have a ready-made challenge that AR/VR solves in a novel way, this might be one shiny object to ignore for the next year or so. Focus your resources where they can make a real impact.

Content Marketing Remains King

The report highlights that 72% of B2B marketers are increasing their content marketing efforts. Quality content continues to be a key driver for attracting and retaining customers.

If content isn't a big part of your strategy yet, it might be time to ramp it up. Thought leadership pieces, case studies, and informative blogs can position you as an authority and keep your audience engaged.

Account-Based Marketing (ABM) Keeps Growing

Interestingly, 54% of respondents are investing more in Account-Based Marketing strategies. ABM allows for a more personalized approach to target high-value accounts, leading to better conversion rates and stronger customer relationships.

If you're looking to maximize your marketing spend and personalize your outreach, ABM might be worth exploring.

Looking Deeper

These trends paint a picture of a B2B landscape that's both competitive and ripe with opportunity. Here's how they intertwine and what they could mean for your strategy:

• Intense Focus on New Business: With most companies chasing new clients, the market is more crowded than ever. This amplifies the importance of differentiation. While others are fixated outward, there's a strategic advantage in looking inward—strengthening relationships with existing customers can lead to upsells, referrals, and long-term loyalty.

• Underutilized AI Presents a Competitive Edge: The fact that only a quarter of businesses are using AI for data insights suggests there's untapped potential. Early adopters who leverage AI can gain deeper customer understanding, optimize campaigns, and make data-driven decisions that outpace competitors.

• AR/VR Hype vs. Practicality: While AR/VR technologies are exciting, they may not offer immediate benefits for every business. It's crucial to assess whether these tools align with your objectives or if they're distractions. Investing wisely ensures resources are allocated to strategies with tangible returns.

• Content and Personalization Are Key: The simultaneous rise in content marketing and ABM highlights a shift toward personalized, value-driven engagement. Customers are looking for meaningful interactions. By providing high-quality content tailored to specific accounts, you can build stronger connections and stand out in a saturated market.

Strategic Implications

• Balance Acquisition with Retention: Don't get caught in the new business frenzy at the expense of your current customers. A balanced approach can lead to sustainable growth.

• Embrace AI Thoughtfully: Start exploring AI tools that can enhance your data analysis. Even small steps can lead to significant insights.

• Prioritize Proven Strategies Over Trends: Before jumping on the AR/VR bandwagon, ensure it serves a clear purpose for your business.

• Invest in Quality Content and Personalization: Elevate your content marketing efforts and consider ABM to deliver personalized experiences that resonate with your audience.

The Bottom Line

Navigating the ever-evolving B2B landscape requires not just awareness of emerging trends but also a strategic approach to applying them. By focusing on what truly adds value—both to your business and your customers—you can make informed decisions that drive success.

Remember, it's not about chasing every new opportunity, but about choosing the right ones.

P.S. Did any of these trends surprise you? I'd love to hear your thoughts!

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