LinkedIn has released a new report on the rise of “Tech Challengers” in the B2B space, who are mid-market tech brands that are using emerging technologies to compete against much larger and better-resourced incumbents in their respective industries.
As LinkedIn explains:
“Bigger than start-ups, but smaller than enterprises, Tech Challengers face the same customer expectations as their larger siblings, but without the gargantuan budgets. To stand out, they must be agile as a startup, and make their marketing budget grow, thanks to innovative, creative and increasingly digital strategies.
Given these parameters, the Tech Challengers are a good segment to study for marketing examples and advice, which could help you in your strategy.
To find out more, LinkedIn interviewed more than 200 CMOs, directors, vice presidents, executives, and CMOs of these challenger brands to learn more about their digital advertising goals and challenges.which resulted in a new 21-page preview.
You can download the full Tech Challenger guide here, but in this article, we’ll take a look at some of the highlights.
First, LinkedIn examines the marketing budgets of Tech Challengers, to get a comparative idea of available ad spend.
LinkedIn says Tech Challengers spend between 31% and 60% of their marketing budget on digital marketing, with the average being 44%. This equates, on average, to $57,900 per month, with 67% of brands in the segment spending between $10,000 and $100,000.
The majority of this budget is spent on product launches and growth initiatives, with building company profile (brand awareness) not too far behind in the list of priorities.
In terms of key challenges, the majority still struggle to maximize conversion, with 70% of marketers selecting “converting engagement to sales” as their biggest issue.
Which is pretty universal. It’s one thing to get people to like and comment on your posts, but it’s a whole other level when you get them to actually take action on it and connect with your brand. This has long been a confusing element in the digital marketing industry, with some brands hiring people who are good at driving engagement, but not so good at maximizing sales.
It’s worth factoring this into your process and making sure your efforts are focused on the end goal, rather than just feeding platform metrics.
The report also examines the most popular CRM and marketing automation platforms used by Tech Challenger brands, as well as top sources of information on digital marketing approaches.
I’m going to assume that Social Media Today falls into the “Digital Marketing Influencers” category so I can feel good about our contribution in this regard.
LinkedIn finally provides some key action points, including writing the right message against each platform and tracking your results to measure marketing spend.
Which, honestly, is a little disappointing – I was hoping for more specific and practical action points based on this pool of marketers, but instead the action notes are pretty generic, improving collaboration between marketing and sales being another key point. in the summary.
Like, yeah, using the right messaging for each platform is pretty obvious, as is measuring performance. If you don’t do this, you’re unlikely to achieve much success – but if you work in marketing at all and don’t focus on those elements, what exactly are you doing?
Maybe I’ve just read too many of these reports (and I’ve read a lot), but again, I was hoping for more accurate information from these innovative brands, when it comes to rather a summary report of their challenges, rather than proposing solutions.
There are interesting data points in both cases, and if you work for a Tech Challenger brand, this provides additional industry perspective for your planning.
You can read LinkedIn’s full Tech Challenger guide here.