B2B Marketers Forecast Spending Increases In 2023

B2B Marketers Forecast Spending Increases In 2023

by , November 10, 2022

B2B Marketers Forecast Spending Increases In 2023

B2B brands plan to increase their marketing budgets in 2023, according to the 2023 B2B Marketing Mix Report, a study by Sagefrog Marketing Group. 

Of the firms polled, 62% will increase their marketing budgets, while 25% will keep them at current levels. Only 13% forecast a decrease. 

The top areas of their marketing spend will be: 

  • In-Person Trade shows & Events — 33% 
  • Search Engine Marketing & Optimization — 31%
  • Sales & Marketing Materials — 30%
  • Website Development — 28%
  • Branding — 25% 
  • Direct Marketing — 23% 
  • Marketing Automation & CRM Software — 23% 
  • Content Marketing — 19% 
  • Social Media — 18%
  • Planning & Strategy — 17%
  • Public Relations — 15% 
  • Email Marketing — 14% 
  • Video Marketing — 14% 
  • Print Advertisements — 8%
  • Virtual Events & Webinars — 4%

Budgets aside, SEO is the top marketing tactic for B2B brands, while email remains a priority, although a declining one. The respondents list these are their most implemented marketing tactics in 2022: 

  • Search Engine Optimization — 49%
  • Content Marketing — 43% 
  • Organic Social Media — 43% 
  • Email Marketing — 36%
  • Paid Social Media — 35%
  • In-Person Trade shows & Events — 35%
  • Virtual Events & Webinars — 28%
  • Search Engine Marketing (SEM) — 27% 
  • Public Relations—27%
  • Video Marketing—21%
  • Direct Marketing—20%
  • Telemarketing—20% 
  • Print advertisements—12%

The list is a little different for the top sources of sales & marketing leads: 

  • Search Engine Optimization (SEO) — 34% 
  • Search Engine Marketing (SEM) — 30% 
  • Paid Social Media — 29%
  • In-Person Tradeshows & Events — 27% 
  • Content Marketing — 22% 
  • Email Marketing — 22%
  • Networking — 19% 
  • Direct Marketing — 16% 
  • Directories & Sponsorships — 14% 
  • Telemarketing — 14%
  • Virtual Events & Webinars — 14% 
  • Organic Social Media — 10%
  • Print Advertisements — 8%
  • Account-Based Marketing — 4%

Meanwhile, 97% of B2B companies have social media pages, and 85% claim they get results from paid social efforts.  

The most utilized social media tactics are:

  • Facebook Ads — 55%
  • Organic Social Posts — 46% 
  • Boosted Social Posts — 44%
  • LinkedIn Ads — 42%
  • Twitter Ads — 34% 
  • Instagram Ads — 30%
  • LinkedIn Sales Navigator — 21%

The top marketing objectives for 2023? They are: 

  1. Revenue & Conversions 
  2. Client Retention 
  3. Website Traffic
  4. Brand Awareness 
  5. Lead Generation

These are the new sales and marketing strategies being deployed in 2023:  

  • Artificial Intelligence (AI) & Automation — 42% 
  • Video Marketing — 32% 
  • Influencer Marketing — 30% 
  • Mobile-First Strategy — 26% 
  • Personalization — 26% 
  • Inbound Marketing — 25%
  • Brand Storytelling — 24% 
  • Account-Based Marketing — 24%
  • Virtual Events & Webinars — 23%
  • Podcasts & Livestreaming  — 21% 
  • Social Media Advertising — 20%
  • CRM Software — 20%
  • Retargeting —19%
  • Organic Social Media — 18%
  • Conversational Marketing (chatbots) — 12%
  • LinkedIn Sales Navigator — 10% 
  • Co-marketing — 5% 

Sagefrog surveyed 900 B2B marketing professionals. 

Email — while a widely implemented strategy — is not getting much of an increase, Sagefrog Marketing Group reports.
 
 

(14)