According to recent research from McKinsey & Company, most B2B companies around the world have already reduced their marketing spend due to COVID-19. A survey of 3,700 B2B decision-makers in 11 countries revealed that 62% of them have lowered their marketing budget. Half of US B2B decision-makers are optimistic that the economy will rebound in 2-3 months.
The survey also showed that digital interactions are now more important than traditional interactions with vendors. B2B buyers said live chat is the most beneficial channel for researching suppliers. Furthermore, 97% of B2B enterprise companies and 96% of B2B SMBs have changed their go-to-market model due to COVID-19, with 65% saying the new model is as effective or more effective than the pre-pandemic sales model.
These findings demonstrate the significant impact of the pandemic on the B2B marketing landscape. Companies need to adjust their strategies and adapt to digital approaches in order to remain competitive.
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B2B Decision-Maker Survey: COVID-19's Impact on Marketing, Buying, and Sales
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