There is LinkedIn Has released a new report The rise of the ‘Tech Challengers’ in B2B space Mid-market tech brands that use emerging technologies to take on much larger, better resourced responsibilities in their respective sectors.
Explained by LinkedIn:
“Bigger than start-ups, but smaller than enterprise firms, tech challengers face the same customer expectations as their older siblings, but without a huge budget. To stand out, they need to be agile as a startup and expand their marketing budgets through innovative, creative and growing digital strategies. “
In light of these parameters, Tech Challengers is a good section to study for marketing examples and tips that can help your strategy.
To gather more insights, LinkedIn surveyed more than 200 marketing managers, managers, VPs, executives and CMOs from these Challenger brands to learn about their digital advertising goals and challenges.Which ended in a new way, 21-page overview.
You can download the complete Tech Challenger Guide HereBut in this post, we will look at some highlights.
First, LinkedIn Tech Challengers look at the marketing budgets to get some comparative advantage of the available advertising spending.
LinkedIn says Tech Challengers Between 31% and 60% of their marketing budget is spent on digital marketing, averaging 44%. That’s an average of $ 57,900 per month, with 67% of brands in the segment costing between $ 10k and $ 100k.
The lion’s share of that budget goes to product launches and growth initiatives, where creating company profiles (brand awareness) is not far behind on the priority list.
In terms of the main challenge, the majority still struggles to maximize conversions, with 70% of marketers choosing ‘conversion to sales engagement’ as their biggest problem.
Which is fairly universal. It’s one thing to let people like and comment on your posts, but it’s quite another to let them take action and interact with your brand. This has long been a misleading element in the digital marketing sector, with some brands hiring people who are great at creating engagement, but not so great at optimizing for sales.
It’s worth considering in your process, and making sure that your efforts are focused on the ultimate goal rather than just feeding on the on-platform metrics.
The report looks at the most popular CRMs used by Tech Challenger brands and marketing automation platforms, as well as top sources for insights into digital marketing methods.
I’m guessing that social media fits into the ‘digital marketing influencer’ section of Today so I can feel good about our input on this.
LinkedIn finally provides some key action points, including creating the right message for each platform and tracking your results to measure marketing costs.
Which, to be honest, is a bit disappointing – I was expecting some more specific, practical action points based on this pool of marketers, but instead, action notes are fairly generic, another key issue with improving collaboration between marketing and sales. In summary
For example, yes, using the right messaging for each platform is quite obvious, as performance is measured. You don’t see much success if you don’t – but what exactly are you doing if you work in marketing and you don’t focus on these elements?
Maybe I’ve read a lot of these reports (and I’ve read a lot), but again, I was expecting more specific information from these innovative brands, when instead, it’s a more concise report on their challenges, as opposed to providing solutions.
Either way there are some interesting data points and if you work for the Tech Challenger brand it provides some additional industry perspective for your plan.
You can read LinkedIn’s complete Tech Challenger Guide Here.