How are enterprise marketing professionals adjusting their 2020 plans in response to the spread of coronavirus? Just-released research shows that while live events are off the table for now, marketing teams (including event marketers) will remain active.
That’s one key high-level takeaway from the new report How COVID-19 is Impacting B2B Marketing from B2B Marketing Zone. Overall, per the report, 61% of respondents anticipate their overall marketing budgets are likely to be cut. 39% plan to reallocate event marketing budgets to other tactics, with additional content creation topping the list.
Those figures are based on the 456 total responses from B2B marketers in a variety of industry segments and companies of all sizes. But what about enterprise marketing professionals specifically? 86 respondents are in companies with 1,000 or more employees. Here’s how that group is changing plans in response to COVID-19.
Initial Live Events Outlook: Big Budgets, Busy Calendars
At the beginning of 2020, event planners were optimistic about the growth outlook for this year. Three-quarters planned to spend 20% or more of their total budget on events, and more than half (53%) planned to spend at least 30%.
Per the B2B Marketing Zone study, they also planned for busy event calendars. Nearly two-thirds (65%) planned at least one event per month; 41% planned 21 or more events this year; and a quarter were slated to host, sponsor, or have a presence at 50 or more events in 2020.