The Pulse360: Industrial Marketers Adapt to the Coronavirus [Part 2]
Last week, we posted part one of our recent research on how industrial marketers are adapting to the coronavirus. Now, we have more information about how marketing budgets have been impacted by the coronavirus, and how industrial marketers are working in today’s “new normal” business climate.
55 percent of marketers are expecting their marketing budget for 2020 to decrease. 83 percent of those in the instrumentation industry are expecting their budget to decrease, signaling that this industry has been particularly affected. Only 40 percent of professionals in engineering and tech design service predict that their budget will decrease.
39 percent don’t anticipate any changes to their overall budget. 38 percent have postponed some of their marketing spend, and 23 percent have canceled some of their spend already. 35 percent are looking for cost-effective ways to reach their marketing goals, and the same percentage are looking for more ways to reach their marketing goals via digital means.
When it comes to those digital means, 34 percent are expecting to increase their digital budget, and 44 percent plan to keep it the same. Just 21 percent are expecting their digital budget to decrease.
Aside from their trying to reach their original 2020 goals, industrial marketers are also facing changes to their working situation. 69 percent have canceled work-related travel plans, and a further 39 percent have postponed travel plans. 52 percent are working remotely, and another 25 percent have the option to do so.