More than eight in 10 B2B buying groups already knew about the product they eventually bought from day one, according to a new survey launched by LinkedIn at this year's Cannes Festival of Creativity 2024.

LinkedIn took the wrappers off the 2024 B2B Marketing Benchmark plus a new B2B documentary titled 'Everybody’s Business' at the international event this week.

According to the study of over 500 senior B2B buyers, 81% said the product they eventually bought was known by everyone in the buying group on day one. Only 4% said a purchase was made when the product was known by only a few decision-makers in the buyer group.

In partnership with Bain & Company, LinkedIn's B2B Institute also has further insights on what's driving $18 trillion of B2B purchases globally. The research on 'Buyer Group Marketing' explores the emotional drivers shaping B2B purchasing decisions and highlights brand familiarity as the most important factor. B2B buying cycles typically involve 6 to 10 stakeholders and are long and emotion-driven.

The research was conducted by LinkedIn's The B2B Institute, in partnership with Bain & Company and NewtonX, and included senior B2B buyers across the US, UK, and Western Europe.

The new LinkedIn documentary meanwhile, called 'Everybody’s Business', was created in partnership with two-time Oscar-winning director, Ben Proudfoot, and Breakwater Studios Ltd. The documentary features leading B2B voices and explores the transformation of the industry, including the creative opportunity ahead.

It's all part of a big show for LinkedIn at this year's Cannes event.

"This year at Cannes Lions, LinkedIn will offer a glimpse into the future of B2B and show how far we’ve come as a category," VP of Marketing at LinkedIn, Minjae Ormes, said. "We’re excited to unveil new research that will help marketers make better and more strategic decisions by unlocking the black box of B2B buying."

Senior Partner at Bain & Company and global head of the firm’s B2B Commercial Excellence group, Jamie Cleghorn, ssaid B2B markets are a multi-trillion dollar frontier of high-value opportunity that’s yet to be fully exploited.

"B2B buying is much more complex than many sales and marketing organisations have appreciated. We’re hugely excited that Bain’s research with LinkedIn cracks the code of how marketers can tap this potential," he said.