The b2b sales and marketing reasearch conducted by McKinsey & Compan between April 20 and 27, 2020 among more than 3,700 B2B decision-makers in 11 countries showed that 62% of B2B decision-makers have reduced their marketing budget because of the COVID-19 pandemic (57% were of US respondents).
Before this global health crisis, US B2B buyers were concerned about the possibility of a recession. In a November 2019 survey from digital commerce solution provider Avionos, more than 80% of US B2B buyers said they were concerned about a recession in 2020.
Now that a recession is looking more likely, companies are going to cut spending in order to mitigate losses, prevent layoffs and in a worst-case scenario, avert going out of business.
However, there is still some good news; some experts believe that businesses will find a way to keep operational because no one wants to go hungry. Therefore, most companies are trying to find safe solutions to remain functional, and Digital platforms have emerged as a viable solution.
Given the shift towards digital platforms, B2B businesses must develop or update their digital marketing strategy. We have compiled a few top tips and tactics with relevant examples for your inspiration.
As we ended May, the ongoing economic stress that is caused by the COVID-19 still has every company in the world questioning themselves: so it’s really the high time to think that, “What can you do to be victorious in the upcoming quarter?
As a B2B and Technology marketer, we are in a unique position. We have products and solutions that the world may need right now think data center, supply chain solutions, collaboration software, and the tools likely to be highly effective in delivering those solutions.
We are aware of the fact that b2b sales and marketing teams, specifically, have abandoned chasing (demand gen) waterfalls or examining funnels. Instead, go-to-market teams are tirelessly doing anything and everything they can to hit their numbers today.
We even are aware of the fact that sales leaders are already moving quickly to navigate the crisis, with the best ones focusing on how to make targeted changes that help their businesses weather the storm and start preparing for the recovery. As we update this survey in the coming weeks, we will also share perspectives on planning for the recovery as well as reimagining the new normal for sales.
Here is what your marketing and sales teams can do to ensure that your company’s ongoing success.
1.Check your context and messaging format
2.Monitor your brand’s feedback
3.Embrace the long sales cycle
4.Tune your media and channel performance
5.Take your events virtual
6.Review your web activity and rethink offer strategies
7.Work on your Intent Data
8.Spend time in resources building
9.Keep your management positive
11.Educate your customers
12.Expand your reach.
Digital Marketing is the key to business survival during the Coronavirus pandemic. B2B marketers need to focus on building a robust online presence, using account-based management, utilizing optimized content and video marketing, and delivering superior customer experience to survive during the pandemic.
You can additionally schedule a box-checking meeting and it’s just a matter of moments before the cameras turn off, the audio goes on mute and the meeting falls apart. Schedule a truly progressive, thought-provoking meeting and the cameras turn on, the custom backgrounds get creative, everyone starts talking over each other and hours pass as if we were all in the same room.
Also, you can take the positive impact of the lockdown by staying home as it’s actually easier to connect now with people than it ever was before. Think about it.
People are using their cell phones for business, and if your sales team has access to those numbers, they don’t have to deal with voicemails that are never checked or gatekeepers that won’t pass along their messages. They are getting through.
Chris Hayes, the Chief Revenue Officer at ZoomInfo, states that they experience a 20% increase in connect rates in the first week of lockdown.
You being the stakeholder can get a tool that helps your team manage their prospects by time zones to ensure they are calling at appropriate times. If your team needs to have boundaries respected between work and home life, so do your prospects.
According to Harvard Business Review, work from home burnout is very real and you need to create an environment that gives your employees the tools to combat and overcome it.
We understand that the employees who suffer from burnout are not working strategically or methodically, and they certainly will not help your team hit their pipeline and revenue goals. Also, it’s important to build a pipeline, close deals, and ultimately hit our numbers — that much hasn’t changed.
Therefore, if as a marketer you are able to solve a real consumer issue and generate awareness, then you are in the preferred choice set. For instance, nutrition and convenience in food are hyper-relevant today as people are at home and worried about health. Brands and foods that genuinely solve some of these issues and are top of mind will gain trials and subsequently repeats.
It’s never too late to act. Make sure you are focusing your efforts where they can make the biggest impact on your short and long-term goals. We as b2b sales and marketing professionals are on the front lines for helping to jump-start our economy on the path back to financial prosperity.
Ensuring your availability is a key priority during and after the lockdown. In parallel, all the other marketing initiatives for the balance part of the year you can re-evaluate and sharpen your strategies. Also if you want a predictable, repeatable, and scalable sales engine. Outsourcing your b2b sales and marketing research & development teams can be a great way to augment and grow your organization.