State of the World (But You Still Need to Deliver)
Let’s be honest: it looks rough out there. With unrest, political changes and stock market turmoil, there’s no surprise that markets are shaky, budgets are tightening and confidence is down. Many leadership teams may feel stuck in wait-and-see mode…
But your pipeline doesn’t care about these challenges; your sales and marketing targets haven’t changed, the board still wants to see profit and your sales team still needs leads. Overall, you still need to deliver!
Economic Chaos Isn’t New – But the Pressure Feels Different
There’s no shortage of headlines telling us how bad things are. With inflation still hovering uncomfortably high and budget freezes taking place across sectors, decision making cycles are dragging out and B2B buyers are becoming more cautious and less responsive.
But the real shift is that the margin for error has shrunk, and marketers are left feeling uneasy.
In the past, there was more room for trial and error – you could A/B test your way to success, try five things in the hope that maybe three would work. Now however, you’ve got one shot, maybe two. Every decision is under scrutiny, and yet you still have to make things happen.
But it’s not all doom and gloom…. at times like this, it’s also important to take a step back and look at the overall picture. Yes, there is disruption on a macro level, but there are many businesses out there with initiatives that still need to run. If other companies are investing in their longer term goals, this could be the time for your business to make an extra push to grab those opportunities and capitalise!
So, which way do you go…
In times of uncertainty, the way we see it is that there are three options…
- Cut back (wait and see)
- Carry on as normal
- Double down and sell your way through!
So let’s take a look at what each of these means…
1. Cutting Back – The Hidden Cost of ‘Wait-and-See’
When B2B companies choose to cut back, often they freeze – pausing outbound, delaying campaigns and tightening spending. But often they find themselves waiting for clarity that never comes.
While cutting back in this way may result in short term success, by reducing spend and boosting profitability here and now, the long term effect can be devastating. When you take your foot off the pedal and pull back, you allow your sales pipelines to shrink, your brand momentum stalls and maybe worst of all, your competitors who do stay active steal market share while you’re silent!
A key role of marketing is to ensure that you are at the front of people’s minds when your potential customers are in buying mode. If you aren’t, then your competitors will be. This is a key strategic goal and cutting back for short term gain almost always leads to longer term pain, as it can take a very long time to recover.
The harsh reality is that pulling back on marketing in times of uncertainty isn’t caution, it’s a risky move… it just may look sensible as a short-term option.
Remember that even when the economy stutters, decision-makers are still researching, and still spending on your solutions. But they’ll only find the businesses who stay visible, valuable, and vocal. If you are making cut-backs and remaining quiet, there will be no way for these decision-makers to find you… and with many sales cycles being measured in years, this could put your future pipeline at serious risk.
To read more on this topic, take a look at our blog ‘The Cost of Inaction in Sales and Marketing’.
2. As you were…
The second option of carrying on as normal may be a suitable scenario for your business. If your sales pipeline is full and you have enough customers to keep you bubbling along during times of uncertainty then you may not need to be proactive and use this as a time to capitalise on new business. However, be aware that you could be missing out on opportunities and may see a decline in growth further down the line.
3. Go for it – Sell Your Way Through!
This option will give you the best chance of success during turbulent economic times. If you have the capacity to knuckle down and put more effort into appointment setting and lead generation during uncertain times, then you may find that it not only gets you through the difficult patch, but may actually allow your business to thrive and grow! If you put extra effort into your lead generation activities, you safe guard yourself from missed opportunities and ensure that you will have a healthy pipeline going forward – not just here and now. You will find that if other businesses have gone for the ‘cut back’ option, there is less noise in the market and you can proactively grab market share that those competitors aren’t fighting for!
The New Marketing Mandate: Smarter, Sharper, More Accountable
Gone are the old days of leads falling into your lap in a buoyant marketplace. We’re in the evolved era, where technological advancements and AI (Artificial intelligence) must be embraced to move forward and remain ahead of the curve, whilst still ensuring that you do not lose the human touch and interaction.
The modern B2B marketing landscape demands:
– Precision targeting: using segmentation and personalisation rather that the old-fashioned ‘scattergun approach’ which relied on mass outreach with no personalisation.
– Faster insight loops: to assess what is working, what isn’t, and finding ways to fix issues quickly.
– Real pipeline contribution: to measure the actual number of opportunities generated by marketing campaigns and ultimately revenue – not vanity metrics.
– Sales alignment: If your Sales team aren’t excited about the leads you’re generating then something’s not right…
You may have heard it before, but all of this isn’t about working harder, it’s about working smarter! Having the right strategy, systems and support is crucial for business growth and success.
What Smart B2B Marketing Teams Are Doing Differently
Across the B2B marketing sector, it’s clear to see what successful businesses have in common when it comes to their strategies. These include:
- Intensifying focus on intent data and targeting indicators
- Refreshing contact data and cleaning CRMs
- Fixing leaky sales pipelines and ensuring that all contacts are handled appropriately so that they don’t get stuck in the funnel!
- Bridging the sales/marketing divide with warm lead follow-ups and nurture programs
- Launching ABM pilots, not just big brand pushes
- Outsourcing and using specialist partners to extend reach without increasing internal headcount
Remember, when the economy is uncertain, activity doesn’t stop, it just shifts. So don’t be the one left behind!
How Can We Help…
At GCL, we are a B2B sales & marketing services provider specialising in B2B Lead Generation through telemarketing, data and research.
We have 35 years of experience in providing intelligent, unscripted demand generation services and as practitioners for over 3 decades, we have grown and progressed with marketing developments because it is our business.
If you have any questions, or would like some more information on how we could help your business, feel free to contact us today on 0121 452 2020 or email us on info@gclb2b.com.
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