If you think the recession is killing B2B marketing budgets…

…you’re right! American Business Media’s (ABM) Business Information Network reported that ad pages for B2B magazines fell almost 30% in the first quarter of 2009. “It is clear that the industry is facing the toughest period since the Depression,” said Gordon Hughes, ABM’s president.

Forrester’s Global CMO Recession Online Survey echoed this sentiment, revealing that marketing executives are enduring overall budget cuts of over 20% in 2009. The Forrester survey reports that marketing leaders are cutting back on traditional tactics and investing in digital channels such as Web sites, social media, and outbound e-mail campaigns.

But B2B publishers are beginning to take notice. “Penton will never again be overwhelmingly dependent on print advertising as it is unlikely to return to its historical highs,” said Sharon Rowlands, CEO of Penton Media. “Advertisers have so many more choices for their marketing campaigns today, ranging from live to online events, a variety of electronic products, sophisticated direct marketing, etc. Offering the full array of such media will be what will distinguish the B2B winners from the losers in the future.”

One bright spot is in the performance marketing category, where marketers only pay when a desired action is delivered. The Vertical Search Report 2009, published by Econsultancy and Convera, predicts that 78% of advertisers are planning to increase their spending on cost-per-action/acquisition programs this year. Two-thirds said they would increase budgets for cost-per-lead campaigns. Interest in these Internet-based programs is growing rapidly, since they offer little waste and deliver greater efficiency than traditional marketing campaigns.