And let’s talk about tracking leads. It’s easy to do and is getting even easier again. Although third-party cookie data has largely gone away, tools for pinpointing lead attribution are still improving. And the more visibility you have into the entire sales process, the more accurately you can tie a given sale to a specific media or ad spend.
But we know B2B buying cycles are typically two years or more. If you’re only focusing on customers who are ready to buy, you’re trading easy wins today for an uphill battle tomorrow.
The other side of the coin is brand building because it’s a force multiplier for your limited budget. If prospects know and trust your brand, you don’t have to work nearly as hard to generate leads, conversions and sales. Approximately 90% of a buyer’s decision is made long before you have any direct contact with a prospect. Before that, your customers are identifying the need for your offering, conducting research online, asking colleagues for referrals, and more. The process can literally take years, yet the majority of B2B marketing campaigns remain focused on short-term operational initiatives.
There are signs that a growing number of B2B marketers are recognizing the importance of brand awareness. According to the LinkedIn 2024 B2B Marketing Benchmark Report, more than 2 in 3 (67%) of marketing organizations surveyed say they have increased their investments in brand building. In addition, the 2024 Gartner Tech Marketing Benchmarks Survey offers a cautionary tale to CMOs who ignore this critical work. More than one-third (38%) of B2B technology companies that reduced their investments in brand awareness reported a negative impact on their marketing program performance over a 12-month period in 2023–2024. Another 28% claimed they had no way to track the impact.