Most B2B companies around the world have already reduced their marketing spend because of the COVID-19 pandemic, according to recent research from McKinsey & Company.
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.
Buyer Behavior
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.
Sales Approaches
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.
