U.S. B2B digital advertising grew a whopping 32.5% in 2020 year-over-year…

By Matt Sonnhalter, Vision Architect Digital channels play an important role when it comes to advertising. I’m sure this is no surprise to most marketers given the pandemic the world has been facing the past 18 months. According to Emarketer, the forecast for this year is expected to grow almost 25% and by 2023, the total B2B digital spend is forecasted to almost double to be close to the 15 billion mark. Another stat that surprised me was that LinkedIn is forecasted to account for nearly one-third of the total B2B display ad spending in 2021. And I’m sure a majority of these ads are for job openings, but there are still plenty of promoted posts I’m seeing on LinkedIn. On the other hand, digital ad investment accounts for 32% of total B2B digital ad spend. This is mostly due to Technology Products and Service companies. With digital channels being vital when marketing to your customers, B2B marketers are investing more in digital ads than display. How has your company's digital advertising grown over the past year?read more >

Marketing Budget’s Share of Company Revenues Almost Cut in Half From 2020

By: Matt Sonnhalter, Vision Architect  Entering 2021, companies anticipated to have budget growth of more than 5% as they expected to have a swift recovery. A recent report from Gartner reveals that the share of company revenues allocated to marketing expense budgets has fallen drastically this year. The survey of 400 marketing leaders across 5 global markets found that marketing budgets as a portion of revenue have fallen to 6.4% this year. The previous lowest year was 10.2% back in 2014. From the results we can see five trends happening. Trend Number One: The first trend that reflects this decrease is from the downward pressure on marketing spend induced by the pandemic. When budgets are getting cut, marketing budgets are usually the first ones to be on the chopping block. Trend Number Two: All nine industries analyzed had cuts in budget as a portion of revenue. Manufacturing experienced the biggest percentage-point drop in revenue allocated to marketing…12.7% in 2020, but only 5.8% for 2021! With the digital enterprise accelerating investments, spending priorities began to shift. Trend Number Three: With digital commerce dominating, marketing budgets started to spread across all different channels. 72.2% of investments were split between marketing channels like websites, digital ads and social channels. Trend Number Four: A lot of external agency capabilities are now moving to in-house strategic tactics. The three that have moved focus are brand strategy, innovation and technology and marketing strategy development. Trend Number Five: Lastly, with the shift to digital commerce that meant companies needed to change their spending on analytics. With having to invest in online programs to fuel digital success, this ended up taking 12.3% of the total budget. I know manufacturers across the board are struggling with supply chain, labor shortages and other issues, but hard to believe marketing spending…read more >

Six Ways to Make Your Marketing to Tradesmen More Effective

The economic downturn can actually be a blessing in disguise. Marketing departments now have a chance to shine by showing how to work more effectively as well as to measure and account for their marketing decisions. You don’t need a rocket scientist to tell you business is soft. The question is, given your resources and budget, how are you going to make your marketing work more effectively? If we’re all truthful with ourselves, we’d have to admit that over the past 5 to 7 years, marketing budgets haven’t been scrutinized as much as they should have been. In today’s economy, those marketing budgets are in the crosshairs. Moving forward with the same-old, same-old is not an option. Below are six ways you can make your marketing to tradesmen more effective: 1. Focus On What You Can Control You can’t control what’s going on in Washington, the economy or most other market factors. However, you do have control over your marketing. Recognize where the demand is and go after it. Don’t be afraid to try something new. 2. Re-Evaluate Your Marketing Goals Based on what’s happening with the economy, are your company’s marketing goals achievable? It may be time to re-state and re-prioritize your goals. 3. You Can’t Manage What You Can’t Measure Take a hard look at the performance of your marketing plan. I know something like ad awareness is costly and hard to measure. But things like trade show leads, direct mail and online programs are measurable. Look hard and, if needed, reallocate and optimize your budget. You can’t afford underperforming programs. 4. Fish Where The Fish Are You know who your customers and potential customers are. Make the most of your marketing investment and increase your visibility through targeted vehicles where your prospects will see your message and…read more >