A recent report from Marketing Week reveals that when it comes to redundancy, B2C marketers are more vulnerable than B2B
The report from Marketing Week, which is based on a survey of 1,990 global marketers, found that marketers from both the verticals are witnessing a 69% slump in demand for their brands’ products and services during the coronavirus (COVID-19) crisis.
About 5% of B2B marketers have witnessed a shift in job status since the coronavirus outbreak. Of them, 25% have been made redundant, while 64% have seen a retraction in jobs, and 11% have seen their roles expanded.
B2C marketers are more likely to have delayed spending on marketing activities. Nearly 90% of them have delayed marketing campaigns. Meanwhile, 81% of their B2B marketers have done the same to put them under review. According to the report, 19% of B2B marketers said marketing campaigns are continuing as planned. In comparison, only 11% of B2C marketers are continuing with their campaigns. Giving insights about recruitments, the report found that marketers from both the industry sectors agree that recruitment is not a priority at the moment.
More than 90% of B2C marketers are delaying or reviewing their budget commitments, compared to 86% in B2B. Nearly 50% of B2B marketers have created a team specifically to deal with the impact of the outbreak on their business. The report also found that only one-third of B2B marketers have changed their customer policies due to the coronavirus crisis, including updating cancellation terms and waiving fees. Around 30% of B2B marketers have changed their vendor policies, such as extending timelines and payment terms. As the coronavirus crisis continues to take a toll on brand health, 38% of B2B marketers report a decline in team morale.
The coronavirus crisis is expected to take a toll on everybody’s brand health. To stay afloat, marketers must take measures to lift the team morale and focus on efficiency in the time of crisis. It is important to create new teams and tweak business strategies as per the current market conditions.