In late 2020, B2B marketers in the United States were asked about the percentage of budgets they devoted to promotional activities. Some 13 percent of respondents stated that they allocated more than 15 percent of their budgets to marketing, while the same share said they reinvested less than one percent of their companies' budgets into marketing efforts.
Marketing usage among B2B companies
Marketing is an indispensable tool for (B2B) companies of all sizes and across various industries. Promoting their products and services to other businesses can help increase brand awareness, form long-term partnerships, generate leads, and ultimately boost sales. Survey findings showed that approximately 76 percent of B2B companies in the U.S. had a formal marketing plan in 2020. When asked about the specifics of their marketing plans and strategies, over half of surveyed industry professionals stated that their B2B businesses conducted marketing activities in-house, while six percent outsourced that task.
Digital marketing formats are taking the center stage
As B2B marketers are constantly adapting to industry trends and the fast-paced changes in consumer behavior, it comes as no surprise that they are devoting larger budgets to digital channels than ever. Looking at the most recent changes in B2B marketing spending, investments in digital formats increased by approximately 14 percent in early 2021, according to CMOs in the United States. On the other hand, spending on traditional channels declined as a result of the ongoing digitalization of business communications, purchasing behavior, and the marketing world as a whole. So which formats do marketers plan to spend their B2B ad dollars on in the future? In 2020, video was one of the most attractive B2B marketing channels according to companies in the U.S., followed by influencer marketing and artificial intelligence.
Share of budgets allocated to marketing according to B2B companies in the United States in 2020
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Sagefrog. (October 22, 2020). Share of budgets allocated to marketing according to B2B companies in the United States in 2020 [Graph]. In Statista. Retrieved December 05, 2022, from https://www.statista.com/statistics/780707/share-revenue-b2b-marketing/
Sagefrog. "Share of budgets allocated to marketing according to B2B companies in the United States in 2020." Chart. October 22, 2020. Statista. Accessed December 05, 2022. https://www.statista.com/statistics/780707/share-revenue-b2b-marketing/
Sagefrog. (2020). Share of budgets allocated to marketing according to B2B companies in the United States in 2020. Statista. Statista Inc.. Accessed: December 05, 2022. https://www.statista.com/statistics/780707/share-revenue-b2b-marketing/
Sagefrog. "Share of Budgets Allocated to Marketing According to B2b Companies in The United States in 2020." Statista, Statista Inc., 22 Oct 2020, https://www.statista.com/statistics/780707/share-revenue-b2b-marketing/
Sagefrog, Share of budgets allocated to marketing according to B2B companies in the United States in 2020 Statista, https://www.statista.com/statistics/780707/share-revenue-b2b-marketing/ (last visited December 05, 2022)