The latest survey of marketers in the UK reveals that B2B brands are taking a more optimistic approach towards marketing as compared to B2C during the COVID-19 pandemic
A recent survey by Marketing Week and Econsultancy of 850 brand marketers across the globe, says B2B brands are more optimistic than their B2C counterparts in the current COVID-19 pandemic. Around 14% of B2B marketers said they approach to ‘seize the opportunity’ as compared to 8% of B2C marketers.
When it comes to investing, 17% of finance teams at B2B companies are more likely to choose media. Only 5% said their finance teams would not be interested in media, while 40% would say that there is no money for such an approach. A majority of marketers are slashing and tweaking their marketing budgets. They say their finance teams understand the importance of investing in media during the pandemic; however, they simply do not have the budgets for it.
The same survey that also includes 477 UK brand marketers, analyzed that only 7% of the UK is taking a strategic approach to investing more in marketing during the COVID-19 pandemic. Nearly 30% of them are maintaining budgets, while 14% say it is too soon to know what their strategic response to marketing will be. According to the survey, 27% of marketers said their marketing strategy was based mostly on instinct while, 13% think it was primarily based on data, and 60% said it was a balance of the two.
Nearly 60% of marketers are cutting their budgets for offline media, and 41% maintaining it. In the case of digital media, nearly a quarter are increasing the spending while only32% are cutting budgets, and 44% are maintaining it.
Almost half of the marketers said they are struggling to increase the media budget as the leadership team is running out of cash. About 42% of marketers say they have seen innovation in customer communications, while 43% say they have made use of innovations in marketing messaging and branding that they might use post-outbreak.
The majority of B2B and B2C marketers are creating new marketing strategies and tweaking their budgets in line with the pandemic. They are also obligated to maintain or reduce spending due to business disruption. Marketers will need to innovate and focus on sustainable marketing techniques to help businesses scale.