For brands that still attribute too many vanity metrics or vanity processes to their marketing efforts, now is as good a time as any to begin tightening overall marketing processes as well as measurement tactics.
The marketing and sales teams, as well as every other member of the customer-facing team, need to understand what they can do better to drive brand growth and market share while retaining their existing customers in the midst of the global big tech layoffs that have been a consistent feature in the tech market, something that is in part being attributed to a global recession and a drop in customer sentiment and demand.
For brands that still attribute too many vanity metrics or vanity processes to their marketing efforts, now is as good a time as any to start tightening overall marketing processes as well as measurement tactics.
Marketing in the modern world is meant to be more performance and ROI driven.
Also Read: Strategies for Marketing Teams to Create More Contextual Conversations
Being more critical about the strategies to pursue (and why) can help brands avoid many of the difficulties that come with constant fear and news of an economic recession. Rather than succumbing to how a downturn can negatively impact a brand’s growth or team.
Here are a few factors that can Help:
Examine who is responsible for what in marketing and marketing operations, and develop better measurement procedures
Companies that are expanding typically allocate more money in their budgets for hiring goals and team expansion plans. If done improperly, this can frequently result in over-hiring and cases where fewer tasks are given to each employee.
Understanding how tasks are allocated to assess whether a team needs to be made to work in a slightly leaner manner is crucial to future success in a time when measuring every tactic to ensure there is growth and ROI for everything that is done is essential.
Here, marketing leaders—particularly those who have been informed about budget cuts—need to decide whether it’s time to realign marketing operations and sales operations executives while also delving further into what processes need to be measured more effectively to guarantee there is ROI from the majority of them.
Also Read: Strategies to Offer Better Customer Experience Interaction
According to information about potential customers who are interested in the product or service, for example, if a team has been tasked with running a brand email marketing blast once a week: Driving more output at a time when market conditions are already more challenging than usual requires understanding whether fewer people can complete the task, evaluating whether the email blast is giving the brand ROI or replies that can be forwarded to customer-facing sales reps, and determining whether the same team can lead other marketing campaigns through other online mediums and channels.
Find out if MarTech-SalesTech requires a Rethink
Too many martech-salestech systems can result in fragmented workflows and decreased productivity. A full-fledged marketing-sales team can actually drive growth without a large number of MarTech or salestech systems.
The secret is to integrate the platforms that work best for both teams (such as a shared CRM/CDP) and use shared processes to more closely align marketing outreach with sales outreach so that better handoff processes can be implemented.
Deeply integrated marketing-sales processes and systems can make sure 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 just MQLs but not necessarily SQLs.
Based on the current state of business goals and projected plans, each brand will require a different set of martech-salestech tools at a given time to drive growth and output. Optimizing actual revenue and growth, especially during a downtime, requires an understanding of how to improve both processes and systems to foster better alignment between these two teams (marketing-sales).
Being More Targeted in the Future Approach
In a time when market difficulties threaten brand stability and growth prospects, marketers and salespeople must be more strategic in their actions.
To prevent layoffs while also attempting to ensure actual revenue/ROI, marketers and advertising teams must decide whether a more targeted ABM approach can be helpful at this time or learn more about which marketing processes need to be dropped.
For marketers, reaching out only to prospects who have recently demonstrated a desire to purchase a product can help reduce the costs and resources needed to run numerous brand campaigns. For advertisers, targeting or retargeting interested prospects can help.
Now is the time to reevaluate what needs to be done (and why), so that the appropriate strategies can be used to try to increase market share and decrease existing customer churn.
Ride the Wave of Recession
Both individual goals and brand growth can be hampered by a recession. The right focus and agenda can help marketing and sales leaders steer their organizations and teams through these cycles and times. The key to trying to drive brand success during this time is being more focused yet innovative with future campaigns, understanding market changes and identifying what can trigger a sale based on the product-service fit and value, and defining how an organization can stay above water and, more importantly, above competitors.
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