B2B marketers are somewhat upbeat about the economy, and are adjusting their budgets accordingly. Most are also hopeful about AI, judging by State Of B2B Digital Marketing, a study released Tuesday by Wpromote and Ascend2.
Of the companies polled, 70% plan to increase their marketing budgets this year, 19% significantly and 51% moderately. Another 14% will maintain their current level, and 11% foresee decreases, but only 2% expect significant cuts.
The significant growth outpaces that of 2022, but is behind 2021.
As for the economy, 24% are extremely positive and 43% are somewhat positive, while 28% are somewhat negative and 4% are extremely negative. A full 80% of the most positive marketers are focused on growth, while 62% of those with a negative view are prioritizing profitability.
Social seems to dominate in terms of spending growth. Here are the channels receiving the increases:
Companies with excellent CX are most likely to invest:
Social also seems to be most effective at driving revenue:
Of course, there are hurdles. Here are the top five marketing challenges in 2023:
That said, 38% rate their digital marketing strategy as best in class. In addition, 22% reported a revenue increase of 20% or more in the last year. And 34% say they are delivering an excellent customer experience.
Which tactics contribute most to achieving top-of-funnel goals? They are:
And in the bottom of the funnel? These tactics contribute most:
How do B2B marketers feel about AI? They are:
Moreover, they would consider investing in these AI areas over the next two years:
Ascend2 and Wpromote surveyed 348 B2B marketers in U.S. businesses with 50 or more employees in April 2023.