While the COVID-19 pandemic has had an effect on the marketing industry as a whole, new research shows that B2B tech marketers, in particular, are now realizing its impact on their budgets and key performance indicators (KPIs).
10Fold Communications recently published “The COVID-19 Impact on Marketing Budgets and KPIs for B2B Tech” report, and statistics showed that 61% of marketing budgets were reduced as a result of the pandemic. Less than 10% of marketers surveyed reported budget increases, while 71% of companies reporting revenue between $26 million and $100 million reduced their budgets.
The impact on KPIs was less dramatic, however. The majority of B2B tech marketing executives reported measuring KPIs, and 60% of them confirmed that their KPIs have remained the same throughout the pandemic. Just 26% of respondents measuring KPIs reported lower KPIs during 2020.
B2B Tech Spend, Marketing, and COVID-19
With the impact of COVID-19 on budgets, it might not come as a surprise that, according to previous research, B2B buyers decreased their technology spend in 2020.
TrustRadius conducted its “2021 B2B Buying Disconnect” report, and statistics showed that 49% of B2B buyers report decreasing their technology spending over the course of 2020, primarily due to the impact of COVID-19.
That being said, 56% of buyers who said their overall tech spending changed as a result of the pandemic believe that it will return to previous levels or increase in 2021. Just 16% think that it will continue to decrease.