B2B Marketing Stats 2024: Spend, Market Size, Growth Rate

Establishing your position in the crowded B2B world can be easier said than done. With the help of digital marketing, though, you could connect more easily with your target audience and become a market leader.

B2B marketing requires a data-driven approach and a long-term strategy, alongside advanced SEO tools like SerpWatch. To paint a clearer picture of the current state of B2B advertising, we collected the most relevant stats and facts to keep you in the know.

Top B2B Marketing Stats | Editor’s Choice

• The global B2B ecommerce market size is around $6.64 trillion.
• B2B spending on advertising in the US exceeded $6 billion in 2019.
• 56% of B2Bs conduct marketing activities in-house.
• 76% of B2B marketers use a formal marketing plan.
• 75% of B2Bs use social media advertising.
• 99% of Fortune 500 companies use LinkedIn.
• The average email open rate for B2B marketing is 15.1%.
• Nine out of ten Fortune 500 companies have a YouTube account.
• The average B2B buyer reads 13 pieces of content before making a purchase.

Global B2B Market Size Statistics

Learning more about the overall size of the B2B market gives us insights into the importance of B2B marketing. As expected, market growth drives the need for advertising and marketing, providing B2B marketers with business opportunities.

1. In 2020, the global B2B ecommerce market was estimated at $6.64 trillion.

The global business-to-business ecommerce market size continues to grow at a compound annual growth rate of 18.7%, according to the latest B2B ecommerce stats.

Studies also show that the Asia-Pacific region was the dominant market in 2020, capturing more than 60% of business-to-business revenue. Conversely, the North American market accounted for around 14% of the global B2B revenue.

2. The overall B2B gross merchandise volume in 2019 amounted to $12.2 trillion.

GMV, or gross merchandise volume, is another metric used to demonstrate the size of the global B2B market. It showcases the staggering growth of the market because GMV in 2013 amounted to $5.83 trillion.

B2B ecommerce statistics reveal that the market has doubled in size in the last seven years, creating a massive number of opportunities for marketers and advertisers.

3. B2B ecommerce in the US could reach $1.8 trillion by 2023.

Accelerated digitization and switching to online interactions also affect the B2B world. Forrester’s study shows that ecommerce transactions could account for 17% of overall B2B sales in the US by 2023.

In 2021, B2B marketing spend trends are predicted to continue, which is good news for digital marketing agencies looking for new B2B and B2C clients.

4. By 2028, the global B2B ecommerce market could reach $25.6 trillion.

According to ecommerce statistics, online channels should drive the growth of the B2B ecommerce market after the pandemic. More precisely, the expected CAGR for the period between 2021 and 2028 is 18.7%.

The COVID-19 pandemic created an online shopping trend that doesn’t seem to be fading, meaning that the market could exceed expectations in upcoming years.

B2B Marketing Spend: Stats and Growth Rate

Learning how to measure ROI on SEO is essential for B2B marketers looking to create reports on their advertising spending. Since most corporations use a multi-channel approach, determining the overall expenditure can be tricky.

5. Business-to-business ad spending in the United States surpassed the estimated $6 billion in 2019.

Over the last few years, the adoption of B2B marketing solutions in the US has increased significantly. Namely, B2B statistics show that ad spending exceeded $6 billion, with content marketing as the most effective B2B digital marketing tool. As for distribution methods, social media, PPC, and organic search are among the primary channels.

6. B2B marketers expect a 12.55% increase in digital marketing spending in 2021 compared to 2020.

According to a survey conducted in January 2021, business-to-business marketers agree that changes in their spending plans are likely.

More precisely, the US spending on traditional B2B advertising is expected to decline by 0.61%. On the other hand, B2B marketing stats show that spending on digital marketing in 2021 could grow more than 12% compared to the turbulent 2020.

7. The global B2B marketing spending could decline by 62% because of the pandemic.

It’s no secret that the COVID-19 outbreak changed the world, and B2B marketing also suffered. That’s why almost two-thirds of respondents in a study conducted in April 2020 said they expected a decrease in marketing spending.

For example, B2B digital marketing statistics revealed that 71% of marketers in the UK and Korea planned to cut B2B advertising budgets.

8. Because of the pandemic, 58% of B2B professionals were worried about revenue in 2020.

COVID-19 caused a substantial disturbance in many sectors, affecting B2B marketers and advertisers along the way.

In other words, advertising spending declined because 56% of B2B executives were concerned about liquidity and cash flow. Likewise, 52% were worried about the disruptions to their business strategies.

9. 56% of B2B companies have in-house marketing teams.

According to the latest statistics about B2B marketing, more than half of B2B businesses have dedicated marketing teams.

On the other hand, 38% of respondents admit to using a combination of in-house and outsourced advertising. Only 6% of B2Bs in 2020 outsourced their marketing tasks entirely.

10. 84% of B2B companies outsource content creation.

Undoubtedly, content creation is the primary reason B2B organizations hire outside agencies or freelancers. Moreover, according to B2B marketing statistics, 31% of B2Bs outsource content distribution.

Therefore, savvy marketers should grab this opportunity and show B2Bs how to increase conversion rates or awareness.

11. 71% of companies focus on delivering content when and where prospects are most likely to see it.

Creating compelling content is one thing, but delivering it to the audience is a whole new game. That’s why most B2B companies invest a lot of effort in choosing the right timing and method to display the content.

As a result, 42% of B2B companies believe their content marketing is sophisticated and mature.

B2B Marketing Trends for 2021 and Beyond

The outbreak of COVID-19 reminded us how unpredictable life can get and how trends can shift within days. In 2020, lockdown measures turned the B2B world towards online interactions, causing changes in B2B marketing strategy and implementation.

12. 76% of B2B professionals have a formal marketing plan.

Marketing plans are the foundation on which B2B advertisers base their campaigns and strategies. In other words, these documents act as blueprints and guidelines for B2B marketing teams.

Yet, B2B marketing stats reveal that 24% of advertisers don’t have a formal plan. The most implemented marketing strategy is email marketing, while telemarketing is the least implemented. Still, studies show that social media is becoming the most effective advertising strategy for B2B marketers.

13. 89% of B2B marketers use account-based marketing (ABM) programs.

As the name suggests, account-based marketing is a strategy that focuses resources on a set of specific accounts. According to B2B personalization statistics, high-performing B2B professionals allocate 17% of advertising budgets for ABM.

14. 41% of B2B buyers consume three to five pieces of content before interacting with a sales rep.

B2B marketers must continuously produce new and engaging content because buyers consume more and more content for business purchases.

Additionally, 68% say they want B2B vendors to organize the content by pain points or by issued themes. Notably, B2B digital marketing trends indicate that vendors must create informative content, back it with data, and target prospects accurately.

15. 90% of decision-makers expect the remote B2B model to stick around long after the pandemic.

Recovering from the pandemic is a priority for most B2B marketers, but decision-makers also predict that digital interaction and online sales will become mainstream in the upcoming years.

Studies reveal that only 20–30% of B2B buyers prefer in-person interaction to video conferencing or some other form of online contact.

B2B Social Media Statistics

Not being active on social media in 2021 is a significant risk for any B2B organization. After all, everyone’s already there, including customers, other companies, and corporations. B2B marketers must adapt to the social media environment in order to be where the customers are.

16. 75% of B2B marketers use social media advertising.

Social media plays a massive role in B2B marketing, and more than two-thirds of marketers incorporate social media advertising into their strategies.

Nowadays, various social media platforms are suitable for B2B professionals, but B2B digital marketing trends show that LinkedIn remains the top-performing social media channel.

17. 99% of Fortune 500 companies use LinkedIn.

LinkedIn has kept a number one spot as the most used social media used by Fortune 500 companies for six years in a row. B2B professionals worldwide use this platform for business networking, recruiting, and advertising.

In the upcoming years, B2B marketers will continue to leverage the power of this business-oriented networking site. Overall, social media usage is growing, and LinkedIn tops the popularity charts in the B2B market.

18. 96% of Fortune 500 companies use Twitter.

According to Twitter B2B marketing statistics, the popularity of this social media platform grew by 5% in 2019 compared to 2018. As a result, Twitter’s popularity in the corporate world will likely increase in years to come.

By interacting with prospects and creating engaging content, marketers use Twitter to reach marketing goals, such as higher email subscription rates or increased conversions.

19. 95% of Fortune 500 companies use Facebook.

B2B marketers worldwide know they need to leverage the power of Facebook, currently the biggest social media site.

Facebook has more than 2.85 billion active users, and B2B Facebook marketing statistics reveal that its usage increased by 6% from 2018. Thanks to its marketing features, Facebook offers concentrated targeting and lots of options for campaign customizations.

20. Only 7% of B2B marketers worldwide use TikTok.

Launched in 2016, TikTok has conquered the world in a flash, and it now has 100 million monthly active users in the US alone. Yet, B2B marketers still don’t reap all benefits of TikTok’s electrifying content formats. Similarly, only 10% of B2C marketers advertise on TikTok.

B2B Email Marketing Statistics

Email might be one of the oldest digital marketing methods, but it’s still relevant. Since almost every company and person on the planet uses email, B2B marketers can’t afford to ignore this channel of communication.

21. 84% of B2Bs use email marketing campaigns.

When done right, email marketing is by far the most effective B2B marketing strategy. Essentially, email advertising can generate more sales by improving customer experience and brand loyalty. It’s almost impossible to imagine B2B marketing in 2021 without emails and newsletters.

22. 45% of B2B marketers agree that email is the most effective marketing channel.

Despite the rise of social media, email marketing still dominates the corporate world. Studies reveal that B2Bs send out around one email campaign every 25 days.

Email marketing is cost-effective and easy to use, and if done right, it can be extremely profitable. As a result, almost half of marketers consider email marketing the most potent strategy in their advertising arsenal.

23. The average B2B email open rates are 15.1% compared to 19.7% for B2C emails.

Email marketing is still relevant, but most corporations struggle with click and open rates. While delivery rates are at ultimate highs, most B2B emails miss their target. Marketers face the issue of oversaturation. In a sea of emails from every company that wants to sell something, what does it take to get the client to click ‘open.’

Overall, the click-to-open ratio (CTO) for business-to-business emails in 2017 was 10.7%, staying roughly the same since 2015.

24. According to B2B email marketing segmentation statistics, the average email delivery rate in 2019 was 98.8%.

During 2016 and 2017, B2B email delivery rates remained steady at around 95%, but the performance has improved in recent years. Studies reveal that the publishing industry had the highest delivery rate, while travel scored the lowest B2B delivery rate.

25. 85% of B2Bs use email marketing software to assist their content marketing teams.

According to B2B content marketing statistics, 86% of organizations use analytics tools. Likewise, almost the same percentage of B2Bs use software solutions to improve email marketing delivery. In the age of automation, B2B marketing professionals look for options to deliver content efficiently and with low or no cost.

26. 81% of B2B marketers send out newsletters.

For most B2B marketers, newsletters are integral elements of content marketing plans. Companies use newsletters to build rapport with customers, advertise new and upcoming products and deals, and encourage customer retention.

B2B Video Marketing Statistics

Lately, more and more corporations have started using video content in their advertising strategies. Either via YouTube or by embedding videos on their websites, B2B organizations reap the benefits of video marketing and provide buyers with engaging product reviews and other viewing material.

27. 90% of Fortune 500 companies have a YouTube account.

Big corporations understand the importance of video marketing, and they have massive budgets to invest in video content creation. For instance, B2B multi-channel marketing statistics show that nine out of ten F500 companies promote their products and services on YouTube.

28. 73% of B2B marketers admit that video positively affects marketing ROI.

Video is a powerful tool, and most B2B professionals harness the powers of video content for the better. Since consumers enjoy learning about products through videos, companies no longer use video content only for customer service training. A comprehensive study from 2015 revealed that 96% of B2B advertisers engaged in video content marketing.

29. 53% of buyers say that video is the most helpful for purchase.

B2B advertising sales are the primary goal for B2B marketers, and any method that increases sales is good news for the organization. As studies reveal, more than half of B2B buyers agree that video content positively affects sales.

Likewise, 53% of respondents say they consult 3-5 pieces of content before reaching out to the supplier, and 66% aim to learn about technologies and products, making video content an ideal medium.

B2B Blogging Stats

Even though many argue that blogging is dead, this form of content creation is still relevant in 2021. Blogging can help in lead generation and increasing awareness, making it a valuable tool for B2B marketers worldwide.

30. 54% of companies have a public-facing blog.

In recent years, blogs have become prevalent on corporate websites. Both B2B and B2C organizations use blogging to grab the attention of prospects and increase awareness. B2B marketing stats show that more than half of B2B companies have a blog on their website, and engagement has increased two-and-a-half-fold since 2015.

31. On average, B2B buyers read 13 pieces of content before making a purchase.

The buyer’s journey in the corporate world is a multi-stage process, and it typically requires more time than purchases in the B2C market. Namely, B2B buyers, on average, go through 13 pieces of content—eight directly from the vendor and five from third-party sources before reaching out to make a purchase.

32. 65% of B2B buyers find the actual content on vendor websites the most influential.

Content marketing statistics for 2021 show that blog posts on a website heavily affect buyer purchasing decisions. For instance, 52% of buyers are more likely to buy after reading a vendor’s website content.

It seems true that content is key to a successful B2B marketing approach. Writing informative blog posts, learning what outreach is, and optimizing the website are all ways to increase engagement from potential buyers.

33. 76% of B2B tech buyers say they keep up with corporate blogs.

Staying informed about the latest trends is vital in the tech community, and buyers are acutely aware. When B2B and B2C organizations use blogs to write about news and the latest releases, it creates an engaged relationship with potential customers, providing them with what they need without looking elsewhere. On average, 26% of buyers will keep on reading if the content is of high quality.

B2B Marketing in 2021 | The Takeaway

Nowadays, companies that don’t invest in marketing have little chance of staying afloat. In the age of online shopping and increased connectivity, marketing is key to staying competitive in the global business world.

Marketers must use various tools for advertising products and services. For instance, SerpWatch offers a selection of features that make B2B marketing efficient and easy to perform. From rank tracking to seamless integrations with other services, SerpWatch provides everything business-to-business marketers need.

B2B marketing is exciting and profitable, with lots of learning opportunities for companies and advertisers to make the best of the ever-changing B2B stratosphere.

Frequently Asked Questions

How big is the B2B market?

According to the latest data, the global B2B ecommerce market was estimated at $6.64 trillion in 2020. Also, its expected compound annual growth rate is 18.7% for the 2021-2028 period.

The B2B market is massive, and it continues to grow. It could reach $20.9 trillion by 2027, despite the disruption caused by the pandemic.

How is B2B different from B2C?

As separate business models, B2B and B2C dominate the modern corporate culture. Namely, B2B companies sell their products and services to other businesses and organizations.

B2C companies, alternatively, sell directly to consumers. The names of these models are self-explanatory, and it all depends on the company’s culture and business strategy. Of course, the marketing aspects differ because business-to-business advertising focuses on data-driven purchasing decisions. Conversely, B2C marketing relies on emotion-driven purchasing.

How do you promote B2B?

Since business-to-business companies focus on relationships between organizations instead of individual consumers, B2B, and B2C promotional activities are different. Nonetheless, most B2B marketers also use a multi-channel approach to target customer engagement.

Besides trade shows, business expos, and fairs, B2B professionals promote their companies via digital marketing channels. Primarily, they use inbound or outbound marketing techniques, such as blogging, email marketing, social media advertising, or pay-per-click campaigns.

What factors affect the B2B buying process?

B2B and B2C also differ regarding the elements included in the buying process. For example, with most business-to-business companies, multiple decision-makers often follow a formal purchasing process.

When it comes to the actual factors, they can be internal or external. For example, interior elements are business objectives and the company’s financial situation. Conversely, external factors affecting the buying process are overall economic conditions, social and political environment, and competition in the market.

What do B2B buyers want?

The global B2B market comprises various companies with different buyers and consumers. That’s why marketers must analyze the market and use data to personalize advertising campaigns for maximum ROI.

For instance, 60% of B2B buyers want access to ideas and advice from thought leaders. Likewise, studies reveal that 65% want less sales-focused content and more problem solution-based content. Data-driven content that provides concrete solutions to consumer problems is a surefire way to maintain customer engagement and purchase.

What are the characteristics of B2B marketing?

The goal of B2B marketing is to let other companies know of your business by promoting products and services and increasing brand awareness. Yet, unlike B2C marketing, business-to-business advertising focuses on data-driven decision-making. For that reason, B2B marketers must show a high level of expertise when interacting with the target audience.

By using B2B marketing strategies, companies can showcase their products or services and explain how prospects can benefit from purchasing them. According to B2B marketing stats, more than two-thirds of marketers have a formal plan, and almost all of them use social media and email marketing to engage with potential buyers.

Sources

Content Marketing Institute, Data & Marketing Association, Demand Gen Report, DMA, eMarketer, Forrester, Grandview Research, Isoline Comms, Marketing Charts, McKinsey, Research and Markets, Sagefrog Marketing Group, SalesForce, Statista, Statista, Statista, Statista, Statista, Statista, SuperOffice, Tubular Insights, UMass Dartmouth