The report was based on data from a survey conducted between April 20 and 27, 2020, among more than 3,700 B2B decision-makers in 11 countries. The researchers included respondents who work for enterprises and SMBs in a wide range of industries.
Some 62% of B2B decision-makers said their firm reduced its marketing budget because of the COVID-19 pandemic (57% of US respondents).
Optimism About the US Economy
Half of US B2B decision-makers were optimistic about the economy and said it will rebound in 2-3 months; that was down from the 55% who said the same when McKinsey conducted a similar survey in early April.
Some 65% of B2B buyers who work for enterprise companies (ENT in the charts below) and 63% of buyers who work for SMBs said digital interactions are now more important than traditional interactions with vendors; that compares with 46% of enterprise buyers and 48% of SMB buyers who said the same before the COVID-19 pandemic.
Enterprise and SMB buyers alike said live chat is now the most beneficial channel for researching B2B suppliers.
Some 97% of B2B enterprise companies and 96% of B2B SMBs said they have changed their go-to-market model in response to the COVID-19 pandemic, with most firms saying they have shifted away from in-person meetings and toward digital approaches such as online support and e-commerce.
Nearly two-thirds or respondents (65%) said their new sales model is as effective or more effective than their pre-pandemic sales model.
About the research: The report was based on data from a survey conducted between April 20 and 27, 2020, among more than 3,700 B2B decision-makers in 11 countries.
Know someone who would enjoy it too? Share with your friends, free of charge, no sign up required! Simply share this link, and they will get instant access…
You may like these other MarketingProfs articles related to Marketing Strategy:
- Stop Trying to Measure Everything, Use an Outcome-Focused Lens Instead
- Strategic Alliances: Benefits and Risks
- Empathy in Marketing: A B2B Gamechanger
- Market Research for B2B Marketing Success | Marketing Smarts Live Show
- Your Evolving Value Proposition: How to Recognize It and Get Ahead of Agency Competitors
- How to Harness the Power of SMS Marketing: A Guide to Best-Practices