As marketers look ahead to the remainder of the year, those in both the B2B services and B2B product sectors expect their budgets to grow in the coming months.
“The CMO Survey” from Deloitte, The Fuqua School of Business at Duke, and the American Marketing Association discovered that B2B product marketers expect a 9.3 percent increase in their marketing budget in the next 12 months. B2B services marketers foresee an 8.5 percent increase.
Furthermore, B2B marketers see themselves spending more on digital advertising than traditional advertising over the next 12 months. B2B product marketers envision their traditional ad spending to drop 1 percent, while they expect their digital marketing spend to increase 15.1 percent. It’s a similar story for B2B services marketers; they predict that they will spend 12.5 percent more on digital advertising in the coming months, while decreasing their traditional ad spend by 2 percent.
Marketers Dedicate Budgets to Video Content
When it comes to how marketers are spending their budget, previous research indicates that they are showing a preference toward video.
Trusted Media Brands recently conducted the “Digital Video Outlook: Is Branded Video the New Pre-Roll?” survey to gauge how much marketers are investing in this form of content. The results found that over one-quarter of advertising budgets are now going toward video. Over the next year, about 35 percent of marketers said they intend to increase their creation and distribution spending on branded video content.
“Despite the expense of producing content and the complex distribution landscape, there is more optimism around branded video spending versus pre/mid/post roll,” said the authors of the report.