The COVID-19 pandemic has upended businesses globally, with small- to mid-sized enterprises among the worst hit. Several of these struggling companies have been turning to B2B agencies to help them stay afloat, resulting in a spike in business for these agencies.
B2B agencies offer a range of services, from designing marketing strategies and creating engaging content to developing customer engagement programs. According to recent reports, several agencies have seen unprecedented demand for their services in recent months, clearly indicating that businesses need digital marketing now more than ever.
The trend is supported by research from Bombora, which found that Marketing Tools is the top trending topic for Q1 of 2023, with an average of 114,500 companies searching for it each week. The term Marketing Resource Management grew by 1,035%, highlighting that businesses are actively looking for tools and technologies that can help them streamline their marketing efforts.
Separate research from B2B marketing agency, The Marketing Practice, suggests that marketing budgets are still on the rise. The research noted that 37% of marketers are increasing their marketing budgets, while 46% of marketers are focusing on growing their existing customer base or moving them towards more profitable services.
These findings seem to contradict the current economic instability caused by the pandemic that has affected most businesses, but marketing spend growth isn’t a new phenomenon. It’s based on a deep understanding of the customer, and strengthens business relationships, as the investment made in marketing drives leads and helps businesses grow their customer base.
Through these challenging times, B2B agencies are stepping in to assist businesses by developing creative marketing solutions backed by data analysis. For instance, Doremus–an integrated B2B communications agency–has utilized DNA (Doremus Network Analysis) technology to target C-suite executives with branded content for clients such as NI, which led to better-than-expected awareness results.
For large B2B marketers, they are taking a more traditional yet creative approach by targeting their audience through sponsorships of events such as golf and tennis. This type of ad spend can run high, and the return on investment can be challenging to measure. However, it makes a significant impact on brand exposure to key demographics.
In conclusion, as the COVID-19 pandemic continues to cause economic uncertainty, businesses have become more reliant on B2B agencies for solutions to their advertising and marketing needs. With marketing budgets still on the rise, B2B agencies are uniquely positioned to offer businesses the creative and data-driven marketing solutions and support required to navigate the current economic landscape.
These agencies are targeting key market trends to offer businesses marketing strategies that are custom-tailored for success, providing businesses with the rocket-fuel required to take their marketing game to the next level.