The B2B marketing budget is projected to increase or remain the same, and the least to be affected this year amid Coronavirus crisis
The fundamentals of B2B content marketing are majorly about trying out new marketing strategies, and with the on-going COVID-19 pandemic – this has only become more evident. Lately, most market leaders are facing difficulties with their existing business plans. The uncertainties are driving all B2B organizations to pivot strategies and postponement of offline, physical events.
However, the latest research study from B2B Marketing Zone and Webbiquity LLC shows a silver lining! The report titled, “How COVID-19 is Impacting B2B Marketing” published in association with Aggregage found that – only a part of marketing budgets will be affected. Precisely, about 72% of B2B brands’ project budget this year will increase or may not incur any change. In worse cases, the marketing budget will be cut moderately – nearly by 20%. A global survey was conducted where over 450 B2B marketers were surveyed to understand how Coronavirus has impacted their marketing strategies (for the rest of 2020).
Robert Flynn, CEO at Aggregage, as reported to have mentioned in a statement, “The impact of COVID-19 on the world and on B2B marketing will be felt throughout 2020…Many B2B marketers expect online events and other digital programs to replace the lead generation they were counting on from live events.”
The principal findings from the report include:
- Nearly 58% of the B2B marketers reported they have and will be canceling all live events – scheduled in the next two months.
- About 80% of marketers are planning to cancel some events and brand seminars over the next six months.
- Almost 39% of the respondent are planning to reallocate the event marketing dollars to other needful areas of digital marketing – content creation (43%), online events and webinars (40%), and search marketing or social media marketing (33%).
- The bigger organizations (in the study) are somewhat likely to see some decline in their overall marketing budget for 2020. The smaller companies are expecting to witness steep budget cuts, and the midsized companies (employees between 500 and 5,000) are likely to continue with their 2020 marketing budget at the originally planned levels.
- In the industry-wise segment, many software, media, internet, and healthcare organizations are anticipating stable or even some sort of increased marketing budgets. They are planning to reallocate the unused live event budgets in other marketing tactics and channels.
The study says at least one out of six marketers planned to spend about 50% or more on the live event marketing. Thus, as stated in the report, “The COVID-19 pandemic is causing significant disruption to plans for B2B marketers this year, though most expect their overall marketing budgets to remain stable or decrease only moderately.”
Clearly, in an uncertain world experiencing an all-time low and surrounded by uncertainty, B2B brands are managing to differentiate themselves – with a focus on the right marketing mix and proper content creation.