Redefining the B2B Marketing Strategy in The Face of a Looming Recession

    Redefining-the-B2B-Marketing-Strategy-in-The-Face-of-a-Looming
    Redefining-the-B2B-Marketing-Strategy-in-The-Face-of-a-Looming

    B2B marketing, sales, and other customer-facing teams have to identify what they can do better to boost market share and brand growth while retaining their current customers in the face of a global recession and a decline in customer demand and sentiment.

    B2B marketing in the dynamic era is meant to be more ROI and performance-driven. For businesses that still attribute multiple vanity processes and vanity metrics to their marketing initiatives, now is a good time to start tightening overall measurement strategies and B2B marketing processes.

    Rather than succumbing to how a downturn might severely affect a brand’s growth or team, being more discerning about the strategies to follow can help brands avoid many of the difficulties that come with constant news and fear of an economic recession.

    Here are a few factors that can help:

    Improve Measurement Processes

    Companies that are expanding typically allocate extra money in their budgets for hiring goals and team growth strategies. If done incorrectly, this can usually result in over-hiring and cases where fewer tasks are allocated to each employee.

    Understanding how jobs are allocated to assess whether a team has to be made to work in a somewhat lean manner is crucial to future success in a time when measuring every approach to ensure there is progress and ROI for all that is done is essential.

    B2B marketing leaders must now decide whether it’s time to reorient marketing operations while also delving deeper into what processes have to be evaluated better to ensure there is ROI from the majority of them.

    Also Read: Leverage Data-Driven Insights Align Marketing Strategy Goals in 2023

    Determine if SalesTech-MarTech Requires a Rethink

    Too many SalesTech-MarTech systems might result in fragmented workflows and decreased productivity. A full-fledged sales and marketing team can truly drive growth without a large number of SalesTech and MarTech solutions.

    The key is to use common processes to optimize how B2B marketing outreach corresponds with sales outreach while consolidating the best-fit platforms across the two teams—for example, a shared CRM/CDP—so that better handoff processes can be implemented.

    Deeply integrated marketing-sales processes and systems can ensure that customer-facing sales teams take a more rigorous approach to capturing or maintaining leads. This can eventually result in healthier lead pipelines for the company and lessen the instances in which sales teams believe that leads are mostly just MQLs but not essentially SQLs.

    Considering the present state of business goals and expected goals, each brand will require a different combination of SalesTech-MarTech tools at a given time to drive growth and output. Optimizing actual growth and revenue, especially during downtime, requires an understanding of how to optimize both processes and technology to improve marketing-sales alignment.

    Also Read: How to Successfully Build a B2B Marketing Budget

    Redefining Future Strategy

    Marketers and sales leaders must have a better strategy at a time when market difficulties are endangering stability and business growth opportunities.

    To prevent layoffs while simultaneously attempting to ensure substantial revenue/ROI, marketers and advertising teams must decide if a more targeted ABM strategy can be helpful at this moment or understand more about which marketing operations need to be discarded.

    For marketers, reaching out exclusively to prospects who have recently demonstrated a desire to purchase the product can help reduce the costs and resources needed to conduct several brand campaigns. For advertisers, retargeting or targeting interested prospects can be beneficial.

    Now is the time to re-evaluate what needs to be done in order to pursue the best strategies for lowering current customer churn and attempting to increase market share.

    The Way Forward

    Both individual goals and brand growth can be hampered by a recession. The right direction and agenda can assist B2B sales, and marketing leaders steer their organizations and teams through various cycles and phases. The key to driving brand success during this time is being more focused yet innovative with future campaigns, understanding industry trends and recognizing what can trigger a sale depending on the product match and value, determining how businesses can stay afloat and, more importantly, ahead the competition

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    Prangya Pandab
    Prangya Pandab is an Associate Editor with OnDot Media. She is a seasoned journalist with almost seven years of experience in the business news sector. Before joining ODM, she was a journalist with CNBC-TV18 for four years. She also had a brief stint with an infrastructure finance company working for their communications and branding vertical.