Delivering Pipeline at Reduced Marketing Budget

Sales | 5 minutes to read

02nd Sep, 2022

Optimizing the demand generation efforts during budget cuts require strong cross-departmental collaboration, creative thinking, and the correct tools to move the needle. Teams must adjust priorities effectively to navigate the company out of its financial challenges.

Snapshots:

    • Delivering revenue at reduced marketing budget is a challenging team effort

    • It takes strong cross-functional collaboration, creative mindset, and the right mix of data-driven & automation tools to strengthen the sales pipeline

    • Practices like sales & marketing alignment combined with content marketing, data enrichment, and technology stack optimization can increase digital demand generation ROI

    When a company experiences financial hardship, marketing budgets are often the first to get slashed. Even with fewer dollars (and resources) at marketers’ disposal, the expectation of generating revenue remains. Delivering on these revenue expectations is an uphill task, but not impossible. It takes strong cross-departmental collaboration, creative thinking, and the correct tools to move the needle. If the demand generation teams shift their priorities effectively, they can play a crucial role in helping their organization navigate past its financial challenges.

    Fast forward revenues with integrated, industry-proven, and reliable digital marketing strategies to drive performance marketing ROI:

    #1 Start with smart team collaboration

    Any crisis- be it external like the pandemic, or an internal one like losing a big customer, reveals the value of a good team. In the event of a budget cut, revenue enablement teams must collectively focus their time and money on priority strategies that will strengthen the sales pipeline and increase revenue. Cross-functional collaboration can bring together new and creative ideas to help shape the revenue engine. Furthermore, the top leadership across different demand generation functions can share ideas that they have gleaned from thought leaders, industry associations, and peers.

    It is also important to take an analytical approach towards determining which strategies work efficiently with the limited budget. B2B lead generation must be centered around cost-effective tactics like SEO services, a low-cost B2B database service provider, B2B email marketing, etc.

    #2 Foster sales & marketing alignment 

    Sales and marketing alignment is the cornerstone of a company’s sales enablement goals, irrespective of the financial hardships. Since the sales teams directly interact with prospects, they can help tailor the digital demand generation strategies based on customers’ pain points and preferences. The impact of budget cuts in marketing causes a ripple effect on the sales team.

    Marketing and sales must unify their customer outreach processes to deliver the best value:

    • Work together to define the ideal buyer persona and the criteria to identify those individuals
    • Sync up on automation and ensure a liner flow of leads from marketing to sales
    • Collaborate to keep the customer database updated, accurate, and contactable

    Without alignment, the sales team may create its shadow marketing department, where they buy databases and establish their own cadences. This will lead to duplicate efforts and differences among the teams. However, when both teams work in lockstep, companies can generate the revenue required to restore the budget.

    #3 Use data enrichment on old leads and existing customers

    Every company has old and outdated leads in its system. Before cleaning them (or using them in a campaign), update the customer profiles with data enrichment. The process can help marketers identify which leads are still active and whether they fit their ideal customer profile. Using data enrichment activities, companies can revitalize their old leads and prevent them from spending extra money on buying new databases.

    As part of B2B data maintenance, data enrichment can help CMOs and business development leaders build loyalty and increase upsell/cross-sell opportunities. Appending databases with advanced firmographics, techno graphics, buyer intent, and updated contact information will power a high-value customer outreach engine. Data enrichment can also enable marketers and sales teams to provide high-value experiences across every stage of the buying cycle.

    #4 Engage VP/Director level prospects with thought leadership content

    Companies must leverage content marketing strategies to build thought leadership in the market and drive VP/director level traffic on their website. Companies must strike a balance between creating sales-driven and authority-building thought leadership content. At this stage, it is about finding creative ways to develop content that will resonate with the target audience.

    Marketers ought to move away from the traditional content formats and engage industry veterans in video-based content, polls, and quizzes. Sharing new data insights and offering educational insights about an ongoing or future trend can help with decision-making. Repurposing content is another way to cut costs and optimize digital demand generation campaigns.

    Contact our digital marketing agency to build a high-performing customer outreach engine that delivers sales results.

    #5 Collaborate with a high-quality data vendor

    The quality of corporate data can have an impact on every part of the demand generation strategy. Assessing where to invest money during budget cuts is a nerve-wracking decision. But if the team is leaner and is looking for ways to cuts, investing in an accurate, tech-led B2B database provider might offer a solution. They should look for database service providers that can provide quality about their data and align well with the company’s processes. The ideal database provider will be able to integrate within the company’s systems easily.

    Another key factor is how well a B2B database provider can help identify the ideal buyer. Armed with the right contactable databases, companies can improve the effectiveness of ABM strategies by investing more time in prospects that will yield the best results.

    #6 Evaluate the tech stack 

    If all of the other optimization efforts fall flat, marketers must start evaluating ways to trim the bulk in their martech stack. Having the right set of systems empower teams to work more cohesively. Automation systems run without issue and can easily enable marketers to retrieve data for reporting. On the contrary, the wrong systems can slow down the demand generation process and send wrong messages to the wrong people. It can also make data collection & reporting more challenging and error-prone.

    Many B2B marketers often struggle to prove the value of martech to the leadership teams during the budget cuts. Therefore, it is crucial for them to assess and determine the ROI of technology stacks and extrapolate its value throughout the demand generation process.

    Conclusion

    Building a robust demand generation process during budget cuts and resource restraints is an uphill task. However, with correct strategies along with accurate B2B customer data, companies can streamline their marketing processes for higher productivity. Aligning the demand generation and revenue generation teams can prevent hiccups and slowdowns in the enterprise’s sales enablement campaigns. Budget cuts don’t last forever, and the lessons learned under pressure can help optimize the processes for years to come.

    Get in touch with us to learn more about our integrated demand generation services for higher revenue generation in the volatile market landscape.

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    Denave Sales Enabled

    Contact us

    Start a new success story

      I wish to receive email notifications