LinkedIn’s ‘2024 B2B Marketing Benchmark’ study has revealed that 90% of B2B marketing leaders in Australia are optimistic about their team’s ability to drive revenue in the coming year, with 72% expecting budgets to increase.

The study, which involved over 2,000 B2B marketing leaders globally, revealed that 71% of B2B Chief Marketing Officers (CMOs) in Australia find it challenging to focus on reaching buyers due to competing demands, but 93% agree that relationship building is key to success. This is particularly relevant as B2B buying cycles typically involve six to ten stakeholders and require an average of 17 meaningful interactions before a purchase is completed.

In an effort to stand out and engage potential buyers, 72% of Australian B2B marketing leaders have focused on developing bolder creative strategies. A majority of 57% agree that this approach improves brand engagement and conversions.

The study also highlights the growing importance of artificial intelligence (AI) in marketing activities. 58% of B2B marketing leaders in Australia are using generative AI applications in their marketing activities. These AI tools have helped improve productivity (40%), accelerate content creation (39%), and create cost efficiencies (30%).

LinkedIn data shows a 142x increase in members globally adding AI literacy skills to their profiles, with marketers topping this list. ‘Artificial Intelligence’ is the fastest-growing digital skill for CMOs globally.

Director, Marketing Solutions, LinkedIn, Amy Mills, said: “B2B decision-makers buy from brands they’ve heard of, which is why brand building is essential in B2B – it helps improve memorability. With so many people involved in B2B purchasing, building ‘collective confidence’ among all members of the buying group can be done effectively through bolder creative campaigns, which will be key to success in the year ahead.”

To further support B2B marketers, LinkedIn is introducing the Wire Program and expanding AI capabilities in Accelerate. The Wire Program allows brands to promote in-stream video ads alongside trusted publisher content on LinkedIn. Accelerate uses AI to help brands bring together their data with LinkedIn’s platform data to find people who are more likely to take action with their ad campaign. Accelerate campaigns are gradually ramping to customers globally and will be available to all customers in the coming months.

“After feeling the pressure to continuously prove ROI over the past year, B2B marketing leaders are now making the case for brand building and taking it to the next level. Doing so will enable them to uncover new audience segments and improve memorability and campaign performance,” said Mills.