Certain public health events are forcing innovation in the B2B sphere, causing firms to find alternatives to the typical B2B channels, such as TV, print, and live occasions. Digital ad spend is predicted to rise, as the calendar approaches 2021. The biggest spenders are tech products and services at a margin of 29.6% of all digital ad spend for B2B. Healthcare, 10.4%. Financial services, 27%. Travel is the only sector that decreased in digital ad spend. Mobile ad spend has also decreased. Tactics that work well right now include search, LinkedIn, B2B Publishers and podcasts. Account-Based Marketing (ABM) is currently not working.
B2B marketers are breaking the assumption that they’re slow to react by taking the lead in digital ad spend.
According to The Drum, “B2B digital ad spend will hit $8.14bn, up 22.6% from 2019.”
This is because of current events in the public health’s consciousness—it is forcing innovation by replacing traditional channels, such as TV, print, and live events, with virtual events or podcasts.
While overall B2B digital ad spend is down by 9.6%, it’s expected to rise within the coming year.
The categories of business driving the rise in digital ad spend are:
° Tech products and services
° Financial Services
° B2B Publishers
It’s not all rosy—the travel industry, for instance, isn’t doing so well. It turns out that businesses aren’t having their people travel so there’s less of an incentive to advertise.
Speaking of advertising, mobile isn’t performing as well as the laptop or desktop, as less people are spending time on mobile devices than they are laptops and desktops.
And ABM is also on the list of things that aren’t as effective as they once were. According to Jillian Ryan, the principal analyst at eMarketer that’s handling B2B and marketing transformation at Insider Intelligence:
How do you target those people when reverse IP address detection doesn’t work as well as it did when we were all in office? And as you know, cookies are going away. To prepare for this, B2B advertisers should be focused on growing their first-party data set.
What this means is that companies will have to shift the way they do business out of necessity. Ryan said that firms that tend to spend more will end up learning more, as public health emergencies make firms get familiar with digital.
That way, says Ryan, companies will be better prepared to handle any channel.
Original article from The Drum on 10 August 2020.