B2B CMOs' expected change in digital vs. traditional marketing spend in the U.S. 2024

During a September 2024 survey among business-to-business (B2B) chief marketing officers (CMOs) from for-profit companies in the United States, respondents from firms selling B2B products said they expected that their digital marketing budget would increase by an average of 14.05 percent in the following 12 months. Among interviewees from companies providing B2B services, the average stood at 13.98 percent. Meanwhile, B2B product CMOs expected their traditional advertising spending to grow by 2.26 percent, whereas B2B service participants anticipated a decrease of 1.64 percent in their traditional ad expenditure.

Has traditional B2B marketing outlived its glory days?

B2B companies have long considered traditional advertising formats their golden ticket. But as businesses from various industries restructure their processes and services to match the digital demands of the time, marketing strategies must follow suit. In 2022, traditional B2B advertising spending in the U.S. stood at 17.5 billion U.S. dollars and based on the latest projections, investments would continue growing to surpass 19 billion by 2024. 

The future of B2B marketing is digital

The U.S. B2B marketing landscape has experienced a digital overhaul for many years, though the shift from traditional to digital advertising was undoubtedly accelerated by the pandemic. Data showed that B2B digital advertising spending in the U.S. will surpass an estimated 18.3 billion dollars in 2024. Forecasts further suggest that this figure will catch up with traditional ad investments within a few years, highlighting the shift in marketers’ priorities. When asked about the leading marketing tactics that B2B companies planned to explore in 2023, many U.S. respondents listed artificial intelligence, video, and influencer marketing.