Has covid actually helped B2B marketing?

Short term no, mid-term yes, long term definitely

Let’s start with marketeers’ outlooks.

Everyone had their budgets cut in 2020.

The IPA’s Bellwether reported a record decline in marketing budgets due to Coronavirus

But in a Linkedin survey of 1,200 marketers, they found that while 3 out 4 in B2B had budgets cut, in comparison to two-thirds in B2C, those in B2B were more confident of defending budgets moving forward and optimistic about the next 12 months.

(https://business.linkedin.com/en-uk/marketing-solutions/blog/posts/B2B-Marketing/2020/How-the-pandemic-has-changed-B2B-marketing)

Why are the B2B gang more confident?

Quick bit of egg-sucking, but let’s recount the characteristics of Business-to-Business Marketing and see where Covid has impacted these.

1. There are fewer buyers in comparison to total number of consumers – you need to reach less people, but when you find them, they can place large orders.

2. Large orders – they really can be e.g. buying laptops for their global workforce!

3. A relationship (which can be quite personable), can be established between the buyer and the seller. And it’s possible, as remember, there are fewer buyers you need to concentrate on, but when you build the rapport, they’re buying big

4. Less of them, means it is easier to segment them, maybe by verticals, which helps deliver highly personalised messages answering the buyer’s needs

5.While there are less buyers to find, it’s also likely they are several people involved in making a purchase.

And what are these buyers preferred channels?

Mckinsey reported key insights:

(www.mckinsey.com/business-functions/marketing-and-sales/our-insights/these-eight-charts-show-how-covid-19-has-changed-b2b-sales-forever#)

-B2B buyers prefer remote human interactions or digital self-serve.

-These buyers are willing to spend large budgets using remote or self-serve

Here’s the Covid-impact = its accelerated and normalised daily Zooming and pushed clients to digitalise the path to purchase – both of which buyers want.

And with the return to office change this?

Probably not, as the same McKinsey report shows that remote engagement was successful for both selling and finding new prospects.

That’s why those B2B marketeers are confident, Covid has moved us quicker to our preferred ways of selling and buying. And why B2B agencies have (somewhat), never had it so good.