B2B Marketing Budgets are Growing in 2014—Is Yours?
AdAge recently reported that B2B companies will spend 6 percent more in 2014 as part of their marketing budgets. In today’s still slightly shaky economy, that’s a pretty significant jump in spending. In fact, AdAge also reported that 61 percent expect to see technology, specifically social media, play more of a role in the marketing process than traditional, more old-school marketing methods, because they can monitor results easier in real time. All this data helps to prove that web marketing is here to stay. What does this mean for your company’s marketing plan, though?
Seeing a Return
In the past, when marketing budgets were down, companies wouldn’t invest more money unless it was for a worthy cause. If anything, this increase in budgets just proves how important web marketing efforts are for B2B companies. In the past, companies that invested in B2B social media marketing campaigns have seen a 69 percent average increase in marketplace insights from social media and a 60 percent average increase in their search rankings. These numbers suggest that while it may cost more initially to start a social media marketing campaign for your company, the results will pay off.
Options for Internet Marketing
If you’re feeling overwhelmed or don’t know where to start with digital marketing, an Internet marketing firm can help. Using web and social media marketing, a firm could have better ways of approaching potential clients, like ad retargeting or promoted posts— instead of reaching an unfocused cross section of readers, you’ll have a better chance at reaching your coveted target market.
You can also develop a better social media strategy to help drive traffic—with a bigger budget, your company could have greater benefits, too. As mentioned, these methods can help you both reach the specific audience you want, all while providing an easier tracking method.
An Internet marketing firm might also suggest you start a B2B blog, which can be free if you do it yourself—though it’s only effective if you post consistently. All of these approaches can be easily worked into your marketing plan and your budget. No matter what, though, these studies are showing that increased budgets are leading to increased results, so don’t be afraid to try adding new approaches for your company this year.
Solomon Thimothy is the Co-founder of Clickx, a Chicago-based white label digital marketing platform. He has been in the agency space for over a decade and has helped 100s of entrepreneurs build 7 and 8 figure agencies. He helps agency owners on a 1:1 basis to scale sales and fulfillment. Follow him on twitter @sthimothy