Several organizations, including established brands have been having budget cuts in the recent months, in a recent study by email management software company Exclaimer, marketers too were reported to have been facing mid-year budget cuts. In a price conscious marketplace like the one of today, what can B2B Technology marketers focus on to keep driving high demand and impact? \
Here are some starting points.
Focus on Fewer Marketing Channels and Organic Growth
Current business trends suggest that both, marketing budgets and business budgets are being cut. Until things pick up pace again, marketers need to be smarter about what they plan to do during a price sensitive culture.
As we move into the holiday season and plan for the Q4 part of the business year, keeping in mind budget constraints and economic-political conditions (like the ongoing war in Israel), marketers need to know that all of this affects buying power and decisions either directly or indirectly, no matter the sector one belongs to.
While dovetailing marketing plans during this time, focusing on fewer and more optimized channels (emails versus social media for instance) while ensuring that organic models play a key role in these plans might serve as a useful step.
Work with your Sales Counterparts to Personalize Special Offers and Product or Service Packages
Budgets maybe lowering given the current global dynamics, but marketers and sales teams can use this to their advantage to still keep demand flowing and their demand generation goals in place.
There is enough being shared about the constraints that even the most seasoned marketing and sales teams face when it comes to aligning marketing and sales processes and data. What can help during a price sensitive time is:
- –Align with sales to understand which prospects were warm and suddenly went cold
- -Dovetail special offers and packages based on their sales and marketing intelligence gathered around those conversations to regenerate interest
- -Create customized offers, discounts and packages for each potential buyer based on the above to pull them toward you
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Focus on Target Audiences That Have an Intent to Buy or Those That Had Intent in the Recent Past
One of the basics of a data driven marketing and sales model lies in using intent data to understand which prospects are in-market or actually interested in your product or service. In a price conscious market where marketing budgets and business spends are lowering, running the right marketing campaigns against audiences that have intent or interest in your offering can help keep outreach efforts more precise, targeted and personalized.
Rather than spraying and praying and going after a larger list of audiences that match your ICP (which is what should or could be done during healthier business conditions), to save on costs while ensuring a steady flow of ROI and incoming business, it might make sense to refocus efforts on buyers or audiences that already use similar products as yours (so this shows there would be interest in knowing more about a competing brand like yours) as well as focusing on those that have buying intent based on their past buying behaviors.
Do What Your Competitors Don’t
You’re not the only marketing team or brand that is trying to drive business ROI and demand generation. There are several others out there that are already crowding your prospect’s inbox and social feeds with highlights on their offerings.
While trying to optimize and narrow down processes and efforts during this time, doing more of what your competitors don’t could serve as a better way to drive impact.
- -If your competitors don’t use podcasts, start one now
- -If your competitors all sport podcasts, build a podcast or webcast or webchat channel that is different than theirs, get your target prospects to then participate as speakers and guests
- -If your competitors use email as a tactic to get in front of their audience, try another channel through which your brand can narrow the prospecting and marketing nurture experience: example – LinkedIn
The core fundamental here: do more of what your competitors don’t, do things differently.
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