Fewer than 1 in 5 (16% of) US B2B technology company marketing executives think they will not meet their key performance indicators (KPIs) this year. This is encouraging news after a year in which the COVID-19 pandemic caused some marketers to re-evaluate and change their original KPIs. Here’s a look at what a report [download page] from 10Fold reveals about how the pandemic has impacted KPIs and marketing budgets this year.
Early on in the pandemic, many marketers were already seeing their budgets either cut or shifted. Indeed, the majority of the 150 US B2B tech marketing executives surveyed were not spared the negative impact of the pandemic. Only 3 in 10 (29%) say their budgets have remained the same, while 6 in 10 (61%) saw their budgets reduced due to the pandemic.
One in 10 respondents report that their budgets have increased since the pandemic — perhaps in response to their clients’ increased need to invest more in technologies that make it easier to do business across digital formats.
A full 91% of the marketing executives surveyed report that they are measuring KPIs. And, despite the disruption to marketing initiatives caused by the pandemic, 10Fold reports that 60% say their KPIs did not change as a result of the pandemic. Only one-quarter say their KPIs were reduced.
Some 14% ended up seeing their KPIs increase during COVID-19. What’s more, the report points out that 1 in 10 respondents not only saw their KPIs increase, but were also expected to meet these KPIs with the same or lower budgets.
So, will B2B marketers be able to meet their KPIs this year? Overall, it appears that they will. One-third of respondents overall (and 36% of those measuring KPIs) are confident they will be able to meet their original KPIs, while a 42% share (46% of those measuring KPIs) expect to meet their revised KPIs. Only 16% overall (or 18% of those measuring KPIs) do not believe their KPIs will be met this year.
It’s a bit of a mixed bag when it comes to whether B2B tech marketers expect to be rewarded for their hard work in this very challenging year. Even though the majority of respondents fully expect to meet their KPIs (whether original or revised) this year, only half (47%) are confident they will earn a bonus. The remaining respondents are either uncertain about the prospect of bonuses (26%) or say that bonuses are ‘off the table’ this year (27%).
Looking a bit closer, for those marketing executives who believe they will be able to meet their original KPIs, 53% say they will earn a bonus. However, of the marketing executives who expect to achieve revised KPIs brought about by the pandemic, fewer than half (47%) are expecting to earn a bonus for their efforts.
The full report can be downloaded here.
About the Data: Findings are based on a survey of 150 US B2B marketing executives representing technology companies.