So says this PRWeb report. It is understandable. Since most of the people are confined to their homes, whether they are freelancers or full-time employees of some company, one of the best ways of reaching out to these people is through high-quality marketing content.
In-person, face-to-face meetings have been stopped or even banned at many places. Conferences and workshops stand cancelled for the foreseeable future. The B2B marketplace depends a lot on these communication channels.
You may like to read The relevance of storytelling when you’re writing content for the B2B market.
Not all findings notice an increase in the spending on content marketing especially in the B2B arena. For example, this McKinsey survey found mixed reactions among its responders.
Sales leaders are already moving quickly to navigate the crisis, with the best ones focusing on how to make targeted changes that help their businesses weather the storm and start preparing for the recovery. As we update this survey in the coming weeks, we will also share perspectives on planning for the recovery as well as reimagining the new normal for sales.
Many B2B companies are reducing their marketing spend but on the other hand, there are many companies who have increased or maintained their current budgets thinking that there is more reason to keep in touch with their core customer base in whichever way possible.
Digital interactions are obviously increasing whether they are through targeted content or video events.
90% marketing among the B2B circles is happening through video conferencing, mobile phones and other digital platforms.
This LinkedIn study reveals that 42% of the respondents faced budget cuts in marketing (whether conventional marketing or content marketing), which is a big challenge. 47% marketers said that they have increased focus on emotional and human-centric content during Covid-19. Consequently 19% confessed that there has been a drastic reduction in the product-focused content.
You may like to read The importance of quality content during the Coronavirus outbreak.
The author of the above LinkedIn report rightly comments that marketers have no idea how to deal with the current situation. They have a precedents with other market conditions such as the recession or the bursting of the dot-com bubble, but the Covid-19 outbreak is a completely new, unexpected phenomena that engulfed the entire world within a matter of a couple of weeks.
This Forbes article says:
The pandemic has led to nations limiting business activities, which has added immense pressure on business owners. While some organizations have closed, the remaining are left to deal with the harrowing aftermath. They are facing unprecedented challenges, including supply chain disruptions, a slump in customer demand, regulatory changes and increased uncertainty about the future.
The reality is that you cannot ignore marketing. Ad hoc responses don’t pay dividends. You need to put a strategy in place. I personally believe that the Covid-19 situation is going to last for a long time, and we need to prepare accordingly.