• by Ray Schultz , October 28, 2020

B2B tech companies have been hit hard by the COVID-19 pandemic, and 61% of them have slashed their marketing budgets, according to The COVID-19 Impact On Marketing Budgets & KPIs For B2B Tech, a study by 10Fold.

Fewer than 10% are increasing their marketing spend.

Perhaps worse from the human perspective, only 47% of the respondents expect to receive a bonus, and 27% say bonuses are off the table. Another 26% are uncertain about them.

Firms in the Southern region of the U.S. have suffered the most, with 78% expecting marketing budget cuts, versus 58% on the West Coast.   

Moreover, 57% of enterprise software firms face cuts, compared with 41% of security providers. And 71% of companies in the $26-$100 million revenue range have cut their budgets. 

Despite all this, 60% say key performance indicators (KPIs) have not changed. And only 26% report reduced marketing KPIs.  

What’s more, 82% expect to hit their original or revised KPIs. Almost all — 91% — reported they are measuring KPIs.

Firms are most likely to cut spending on conferences, digital ads, public relations and paid social. In contrast, spending increases are most likely be poured into digital marketing and content.  

Firms in the Southern region of the U.S. have suffered the most, with 78% expecting budget cuts versus 58% on the West Coast.  

Moreover, 57% of enterprise software vendors have reported cuts, compared with 41% of security providers. 

And 71% of companies in the $26-$100 million revenue range have cut their budgets. 

Of the firms polled, 56% are meeting their revised KPIs and 44% their original ones. Those not hitting them include 29% of security purveyors and 27% of companies with revenue from $101 million to $1 billion. 

With regard to bonuses, 53% of those who are achieving their original KPIs expect to get one, along with 61% of marketers in the East Coast and 68% in the enterprise software segment.

10Fold surveyed 150 marketing executives.