B2B Manufacturing Marketing Budget Allocation

[dot_recommends] January 26, 2022 Manufacturing Trends, Manufacturing Business Strategy

Digital Marketing Spending Dominates Post-Pandemic

B2B manufacturing marketing budget allocation seems to be more and more going to LinkedIn advertising as US B2B LinkedIn Display Ad Spending doubled from 2018 to 2021. In 2018 firms spent $0.65 billion on LinkedIn ads. By 2021, that rose to $1.64 billion. By 2023, it's project to be $2.33 billion

Prior to 2020, most manufacturers and B2B companies could grow while spending more of their marketing budget on print materials and events. Then the pandemic hit. B2B manufacturing marketing budget allocation had to adjust to the new reality.

B2B companies started attracting more customers through online channels. What allocation strategy can we expect to yield the best results in 2022 and beyond?

Invest According to Your Targeted Business Outcomes

The first step to allocating your marketing budget needs to be setting overall business goals for the year. What makes the most sense for your company right now?

What outcomes do you want marketing spending to support?

Below are some common goals for B2B and manufacturing companies right now.

  • Increased revenue
  • Sales volume growth
  • Profit expansion
  • Better customer experiences
  • Greater efficiency in marketing and sales

 

Dealing With Limited Capacity

If you’re not in a position to handle a bunch of new leads, shift your spending away from lead generation tactics. Instead, invest in prospect and customer relationship nurturing.

All companies, regardless of capacity, need to allocate budget to build and expand awareness. This includes social presence and SEO.

How B2B Businesses Are Spending Their Digital Marketing Budget

The marketing disruptions over the past two years have had at least one positive outcome. Forced to adapt quickly, manufacturers and other B2B companies learned how effective online marketing can be.

Top areas for digital marketing investment in August 2021 were the following:

  • SEO – 77.4% of all firms

  • Digital media and search – 69.0% of firms

SEO, digital media, and search include tactics like fresh website content, Google and social media ad campaigns, analytics reporting and analysis, email marketing, and more.

 

Make the Most of Traditional Marketing Spending

Even with the current uncertainties worldwide, it may be time to take a fresh approach to your traditional marketing. Depending on your goals, consider updating marketing materials and booking booths at trade shows.

That’s our view on B2B manufacturing marketing budget allocation in uncertain times. What are your thoughts? Connect with us on LinkedIn or Tweet us. We’re always happy to talk.

–parin

Managing Partner

Image credit: eMarketer

Stay in-tune with the latest trends and best practices

    let's talk Let’s Talk