eMarketer forecasts that U.S. B2Bs will spend $8.14 billion on digital ads by the end of 2020. That is an increase of 22.6% from 2019. Although growth in B2B digital ad spend was estimated to have peaked in 2018 at 27.5%, when COVID-19 broke out earlier this year, it created a unique environment for the B2B market, who have been able to quickly shift their spend from in-person events to digital.
3 Ways B2B marketers are driving the surge in paid digital amid the COVID-19 pandemic:
- 43% of U.S. B2B marketers said they would reallocate live event budgets to content creation with digital ads becoming the main driver to new this content.
- B2Bs are best reached via digital ads. B2Bs are spending more time than ever at home and in front of their laptops, tablets and phones.
- Substantial growth is happening on paid channels since the loss of in-person events, like sales meetings.