In the ever-evolving landscape of 2023, business-to-business (B2B) enterprises found themselves navigating a complex and challenging economic terrain. The global downturn cast a pervasive shadow over businesses, demanding resilience and adaptability from marketers. In this report, we delve into the intriguing world of how marketing leaders responded to the sweeping global trends of 2023 and their strategic outlook for 2024. 10Fold Marketing Survey Report December 2023info@10Fold.com | Austin, TX | Boston, MA | San Diego, CA | San Francisco, CA | Walnut Creek, CA 10Fold Helps Innovators Change the World | 10Fold.com OVERVIEWTo take a deeper dive, 10Fold surveyed 466 executives from B2B technology companies with annual revenues of $5 million+ across five geographies (USA, Canada, UK, France, Germany). Our survey studied three primary areas: The Impact the Economy Had on Revenue: Our survey begins by analyzing the influence the 2023 global economic downturn had on B2B technology companies’ revenue.Business Response to Economic Changes: Next, we identify how these businesses reacted and adapted to these economic shifts, including challenges such as high interest rates. We also asked for feedback about which strategies were effective.Budgeting for 2024: Finally, we explore how businesses are planning budgets for 2024, analyzing their priorities for spend.The report provides valuable insights into how businesses navigated the challenges brought about by global economic changes. It not only sheds light on these businesses’ remarkable resilience but also offers a glimpse into their forward-looking strategies and their aspirations for the future.The following are report highlights:Global Economic Shifts Create Downward Revenue Motion in 2023: • 79% of businesses reported a moderate to severe impact on revenue due to global economic conditions.Funding Unexpectedly High: • 75% of businesses received outside funding in 2023, and of these an even higher 78% expecting to secure external funding in 2024. • Most companies received both PE and VC funding (29%), followed by PE (21%), VC (20%), and other (5%) types of funding.SUMMARY OF: Marketing in the Face of Uncertainty: Practical Budget Strategies for B2B Tech Companies in 2024©2023 10Fold | Helping Innovators Change the World | 10Fold.com PAGE 2(Company) Size Matters: • Small businesses (1-50 employees) reported the lowest rates of outside funding (32%) and displayed comparatively lower expectations for funding in 2024 (45%). • Conversely, large businesses (501-1000 employees) most often received outside funding in 2023 (90%), and most also expect to secure funding at an equally impressive rate in 2024 (88%).Growing Marketing Budgets and Dynamic Shifts in Lead Generation Channels Unveiled:• 55% of businesses increased their marketing budgets in 2023, with a substantial 92% planning further budget increases...
