B2B Marketing Budget Benchmarks: what should you be spending in 2024?
When you ask ‘what should we be spending on B2B marketing?’, you'll straightaway find yourself in ‘how long is a piece of string’ territory.
Because, the truth is, there’s no one-size-fits-all answer. But with 2024 well underway, it’s clear that the financial pressures of the last few years have reshaped how businesses approach their marketing budgets. So, let’s see what today’s benchmarks are telling us.
What’s the magic number?
If you’re looking for a starting point, here’s a number: 7.7% of revenue. That’s the average marketing budget allocation for B2B businesses in 2024, down from 9.1% in 2023.
It’s a drop that echoes the economic realities many of us are facing – less room for extravagant spending, more focus on what delivers. The days of throwing cash at every shiny new tool or platform are over. It’s time to be selective.
Where Is the Money Going?
With tighter budgets, smart allocation is everything. The typical recommendation remains to put 10% of your revenue into marketing.
But it’s not just about the size of the budget; it’s about where you put it. Here’s the breakdown: around 50% of your total marketing budget should go to digital efforts.
Within that, content creation—blog posts, videos, strategic planning—eats up 40-50% of the digital pie. Think of this as the engine that keeps your strategy moving forward.
As for ad spend, it’s still a critical part of the plan, with 30-40% of digital budgets directed to platforms like LinkedIn and Google Ads. LinkedIn continues to be a favourite for B2B, offering precision targeting for those all-important decision-makers.
But it’s not just about the tried-and-true: TikTok is becoming a serious contender, with 45% of marketers increasing their budgets on the platform. Who knew that dancing could be so good for business?
Which channels are hot this year?
Social media remains a strong contender, with short-form videos on platforms like TikTok and Instagram leading the pack.
This trend makes sense – short, snappy content fits perfectly with today’s shrinking attention spans. But it’s not all about video. SEO and email marketing are still pulling their weight, offering reliable ways to build relationships and maintain visibility.
Content marketers are doubling down on thought leadership, with 69% planning to increase investment in this area. Why? Because in a crowded market, showing off your smarts can be just as effective as flashy visuals. It’s about getting prospects to think, “These folks know their stuff.”
Doing more with less
With all this, it’s easy to get swept up in the excitement of new channels and tactics. But the reality is that only 24% of CMOs feel they have enough budget to execute their strategies in 2024.
It’s a tough climate out there, and the name of the game is efficiency. Those who can deliver results with less are the ones who’ll come out on top. Think of it as a game of marketing chess – every move needs to count.
Tips for making your budget work harder
So, how do you ensure you’re squeezing the most out of every marketing pound? Here’s what the experts suggest:
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Align your budget with your business goals
A budget is more than just numbers on a spreadsheet—it’s a reflection of your priorities. As HubSpot’s 2024 survey notes, brands that focus their spend on channels that align with their customers’ preferences see better results.
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Leverage video and content to build trust
With 71% of marketers increasing their investment in video, it’s clear that audiences want more visual storytelling. But remember to repurpose and recycle your content – making old content work in new ways is a trick that top performers swear by.
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Focus on ROI-driven channels
LinkedIn and Google Ads may not be glamorous, but they’re still delivering solid returns. And for those willing to think outside the box, TikTok is proving that even B2B can have a little fun while driving results.
As 2024 rolls on, it’s clear that B2B marketing budgets are under pressure, but that doesn’t mean they’re powerless.
The brands that thrive will be those that adapt quickly, invest strategically, and keep a keen eye on ROI. If your marketing budget feels tight this year, you’re not alone—but with the right approach, you can still turn it into a powerful tool for growth.
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(Header photo: Caitlyn de Wild on Unsplash)
