B2B online marketing was worth $3 billion in 2009 and should grow at an annual compound rate of 12% to 2013, according to a new report from strategy consulting firm AMR International.
Social media spending is forecast to rise the most dramatically during the next three years, with a 21% compound annual growth rate. Other individual B2B marketing sectors with predicted growth rates higher than the overall rate of 12% include lead generation websites (17%) and online marketing services (15%). One sector, online directories, is expected to undergo negative compound annual growth of 2%.
Key findings of the report include:
* Annual growth in US B2B online marketing spending is forecast at 8% in 2010 and is set to reach 14% by 2012.
* Online accounted for 7% of the B2B marketing mix in 2008. This is set to reach 12% by 2013.
* Two-thirds of B2B marketers believe that online must be complemented by traditional marketing activities.
* Only 50% of B2B marketers formally analyze metrics to judge ROI, but those that do find online marketing more effective.
B2B Marketing Hiring May Improve
The projected growth in US online B2B marketing spending is good news for online B2B marketing professionals. The hiring market for these professionals is currently in a freeze, according to the latest Quarterly Digital and Direct Marketing Employment Report from Bernhart Associates Executive Search, LLC. Only 46% of digital and direct B2B marketing firms polled plan to hire new employees in Q1 2010. This is partly attributable to the relatively light impact of the recession on digital and direct B2B marketing.