Ireland’s B2B marketing sector has positively benefited from the pandemic overall a new study by the Squaredot agency reports. The annual survey of B2B marketing, which is believed to worth over €100 million, has shown that there has been significant increased reliance on marketing services as a result of the need for companies to be digitally-led since last March.
Covid-19 increased the reliance on B2B marketing departments for more than half of respondents (52%). It mainly because the traditional channels for making connections such as pressing the flesh, the meet and greet, were all off-limits. Many had to get up to speed quickly using digital and were under pressure to get the transformation with sales and branding.
It found that Irish B2B marketers are being asked to do more with less, less resources and less budget as the ‘buyer journey’ is even more online now than pre-Covid and sales teams are putting pressure on the marketing function to create content. During the pandemic, 41 per cent said marketing budgets reduced while a further 47 per cent stayed the same.
It leaves just 12 per cent who have increased their budget to capitalise on any opportunities and stay ahead of the competition. A combined 22 per cent seek C-suite buy-in and feel the need to prove ROI and the pressure to perform with 37 per cent claiming to have sufficient internal resources. Only 46 per cent expect budgets to increase this year.
The top three challenges overall are delivering leads, building brand awareness and proving ROI. Referrals still provide B2B companies with the most and highest quality of leads. Ian Blake (pictued), CEO, Squaredot, warns this approach is a powerful tool but it is a limited one. Marketing and brand building will make the difference for sustainable growth.
The Squaredot study is produced in partnership with the Marketing Institute.
For more on the study, go to https://bit.ly/3xtyP4D