Why it matters: The Linkedin report reveals that despite the current economic headwinds, company CFOs are more optimistic than CMOs in the marketing team's ability to drive revenue, with 60% reporting so compared to 49% of CMOs. Part of this is owed to the fact that marketing tactics have improved in recent years due to technological innovation resulting in increased mediums for marketing and advertising. According to the report, 80% of B2B CMOS say they have learned "the language of finance." Moreover, nearly one in two B2B CMOs and CFOs surveyed said, "The CMO role has evolved to have a more direct role in driving revenue and growth." Where to see the impact: The report indicates that CMOs are turning to technologies like generative AI, modernized Martech, and Blockchain to boost their marketing strategies and grow their influence. A survey from eMarketer and Marketing Charts shows that B2B spending on martech in the U.S. has jumped from $4.75B in 2020 to $6.59B in 2022 and is projected to reach $8.51B in 2024. |
What happened: Linkedin's June 2023 report on the global state of B2B marketing has found that six in 10 B2B leaders surveyed say that B2B budgets have increased YoY, and over two in three expect budgets to increase next year. Budget increases may come as a surprise amid the global economic downturn and rising inflation.