At Octane11, we power ABM Reporting & Analytics across a wide range of B2B enterprises. Today we’re excited to officially roll out Octane11’s Multi-Channel B2B Industry Trends Report to help you stay ahead of the curve and make data-driven decisions across your paid, owned, and earned B2B campaigns.
Octane11’s B2B trend insights are based on over $100 million of anonymized, account-based campaign data from around the world across all major platforms. The data for these insights is unique because it includes the widest range of data inputs – Walled Garden Ads, Social Platforms, Open Web Ads, CTV Ads, Paid Search, Website Traffic, Content Syndication, Webinars, IRL Events, Sales CRM Data, and more – all tied to company accounts, mapped to multi-channel campaigns, and overlaid with firmographics like industry, company size, geography, and more.
Octane11 clients get to see even more of these anonymized benchmarks and insights right within the Octane11 console, alongside their own campaign data for easy comparisons to their own KPIs and to get ideas on new tools and tactics to test.
This is the first time we’re sharing a taste of those insights to the world…and kicking off a regular cadence of B2B industry insight sharing in the quarters to come. If you’re interested in learning more about our benchmarks and seeing your own performance data alongside these KPIs, head to www.octane11.com to sign up for a quick consultation.
Here are the insights:
Channel Mix:
Paid Social & Search are taking share…but multi-channel provides the biggest boost:
Paid Social for B2B is on the rise, accounting for 37% of total spend in 2024 (up from 23% in 2023).
B2B Search also continues to be a vital component of B2B media plans, holding a consistent budget share year over year.
Meanwhile, Open Web B2B Ads have seen a decline, now making up 30% of total B2B spend (down from 40% in 2023).
Actionable Insight: Moving from 1 to 2+ channels can boost engagement by 2.5x, with 4 channels being the sweet spot on a cost-per-lead (CPL) basis.
KPI Trends:
B2B CPMs are decreasing and so are engagement rates…but one channel is still outperforming:
Overall paid media B2B CPMs are 10% lower YoY, but paid social is surging at more than 2x more expensive than open web.
Cost per B2B engagement has surged 40% YoY, with Instagram being the priciest at $4.23 CPE.
Engagement rates have been trending downward throughout 2024, though we expect a bounce back toward the end of the year.
Actionable Insight: Google Demand Gen Ads (fka Discovery Ads) have been delivering the best ROI with an outstanding Cost per Engagement (CPE) of $0.10.
Funnel Trends:
Funnel Efficiency has declined…but ABM targeting MORE than makes up for it
Funnel Optimization: Conversion rates from website visit to close and and from form fill to close have declined year over year. The web visit-to-form fill rate now averages 1.26% in 2024 (from 1.93% in 2023) with the form fill-to-close rate sitting at 2.15%.
Days to Close: Sales cycles have also continued to elongate. The average days-to-close has risen to 114 days in 2024, up from 97 days last year.
Actionable Insight: ABM-style campaigns that explicitly target accounts (ie. Account-Based Marketing) delivers 2.5x better CPL and 4x higher engagement rates compared to non-ABM tactics.
This is just a taste of the B2B Marketing Industry Trends that are available across the Octane11 platform. We look forward to releasing richer insights and trends across more platforms in the quarters ahead…and introducing a wave of exciting new benchmarks features to help B2B marketers continuously improve performance, drive efficiency, and deliver breakthrough results for their teams!!
