This pandemic seems to go on and on and on. And many B2B industries are still feeling the impact. Between supply chain issues, employee shortages and pandemic fatigue, COVID has led to a slowdown of business.
But not all sectors are down. With this brief overview of the B2B landscape, ad sales reps can identify the best opportunities and decide where to focus their efforts.
We encourage you to subscribe to our blog for the latest data surrounding the advertising industry. We will provide daily updates as COVID-19 continues to make its mark on the US economy.
Overall, the B2B market has been a mixed bag. Between March and July, spend was up 15% year-over-year. However, it’s still down 8% when compared to 2019. July was the first month in which 2021 spending surpassed that of 2019.
*Formats included: Print, Display, Native, Video, Mobile, Snapchat, TV
When we look at which sectors are still struggling to make a comeback, we find that B2B Travel is one of the categories facing the most challenges. Events and meetings are still taking place remotely, and though professionals may be eager to get back to pre-pandemic engagements, that’s just not the reality right now.
Navigating the return to the office is forcing businesses to answer many questions about hybrid work schedules and office set-ups. Many businesses might not know exactly what type of space they need quite yet and the spread of the Delta variant is keeping the mood very uncertain. Only 1 in 5 businesses plan to have their full workforce back to the office this fall.
Other industries are faring better than travel and real estate. The auto industry, for example, has made strides in recovery, but isn’t fully back in motion yet.
While these three previous industries might not be where you want to focus most of your efforts, there are a couple sectors that are thriving.
The Medical and Pharma category is up 33% year-over-year. If you’re looking to find new opportunities, pay special attention to dental products, pharma companies and medical devices. These subcategories are increasing their spend rapidly.
Throughout the pandemic, the Financial Services category has spent an increasing amount on advertising. And the most recent data supports that this isn’t changing any time soon.
Financial Service companies are still spending more than they were in 2019 and the first three-quarters of 2020. Major opportunities can be found amid investment firms, stock brokers, ETF’s and Trading Platforms.
As the pandemic carries on, we’ll continue to identify the best opportunities for you and your team.
For more updates like this, stay tuned. Subscribe to our blog for more updates on coronavirus and its mark on the economy.