B2B Marketers are facing challenges with reduced marketing budgets
Many B2B marketers are facing a budget crunch and hence it is important to find a perfect balance between quality and quantity in terms of marketing activities.
Here are few ways in which marketers can adapt to limited marketing budgets in the time of the current crisis.
- Limit the number of marketing activities
A Content Marketing Institute survey of 2014 revealed that most B2B marketers used an average of 13 marketing strategies. Even though it is beneficial to have a good mix of marketing activities, it can lead to a burnout for marketers. It is important to carefully remove the non-essential approaches from the mix and focus on the most relevant ones, improving their performance.
Marketers can become selective and pursue projects more diligently, without distracting over other initiatives.
- Effective ROI Measuring
The pandemic has pushed marketers harder than ever to prove the ROI of their efforts. Typically, brand awareness is the key to their success, and hence measuring the efforts and understanding their true worth is important. At the same time, B2B marketers should dig deep into the marketing ROI as well.
Very often marketers rush to measure ROI thereby often selling their own efforts short. This should be avoided as there is no need to receive a gative view of campaigns and that have the potential to be highly effective in the long-term.
Marketers should also know that measuring success in uncertain times may be different as the ROI calculation can vary from that of the previous months. It is important to not panic, instead it is better to use the data that can include newer or contextual industry trends, which is at their disposal. That can be used to work on realistic objectives and quantitative targets.
Moreover, they can also focus more on allocation of future spending and ensure the marketing team gets credit for all the sales. Once marketers go back to their original budgets, they can realign their marketing initiatives and prioritize organic marketing tactics.
- ABM program expansion
Talking about a selective approach, it is necessary for B2B marketers to focus more on account-based marketing. Along with selecting and limiting marketing initiatives, companies can parallel look after their ABM expansion plans.
While it may not be easy to navigate in the time of crisis with limited resources, the aforementioned ways help marketers in the long-term. As companies will eventually return to their budgets, it will be easier for them to assert that they are investing their time and money, securing quality outcomes.