27th Feb, 2021
Marcom, , Designation
- Covid-19 left many businesses in cold start position
- Many businesses are turning to demand generation for driving business growth. However, they are facing many performance-sapping issues
- Business success with demand generation requires enterprises to step back and position their B2B marketing efforts for enabling the bigger picture.
Even though it’s been more than a year since the COVID-19 outbreak, the world is yet to fully recover from its impact. Be it operations or sales enablement its ravaging effect has made a dent to the yields the sales and marketing team has garnered in recent times.
In the beginning, most of the B2B marketing and sales team were focused on finding strategies to keep the business on sustainable growth. Later, their concerns were drastically shifted towards adjusting to the new ways of operating (the ‘new normal’) so that the business can survive in the rapidly altering sales landscape.
2021 – A year for recovery and increasing business throttle
Fast forward to 2021; the businesses no longer wish to work on the survival mode. Now, the main focus is on recovery and growth.
And, with context, your team can find value with this post.
Here are five expert B2B marketing tips for post-pandemic recovery and growth.
1- Go above and beyond for existing customers:
You must be finding ways to attract new customers; well, we don’t say that this is a wrong approach. But you must know that, on average, it costs more, to be precise, five times more to obtain new customers. And trust us, procuring new customers amid the pandemic will only cost you a lot.
So, instead, focus on catering to your existing customers.
Start with comprehending the changes in customer loyalty since COVID-19 and then find methods to stem customer attrition. Include personalization strategically in the existing customer loyalty programs to avoid losing the customers. Use tricks like:
Enhance the loyalty programs: If you have a “spend-and-get” type of loyalty program in place, then it is time you enhance it. Keep the current financial situation in mind and offer rewards that aren’t conversion based. This way, you are not only offering services but are letting the customers know that you value their relationship with your brand.
Also read this blog “4-smart-ways-to-find-your-next-new-customer” – Get simple tricks for acquiring new sales prospects
2- Generate a fresh revenue framework:
The revenue operations of every enterprise are the drivers of growth in any economic situation. But the COVID-19 created destruction in the business environment is unlike anything we have seen before. Almost every sales and marketing enterprise had to adjust to the new methods of communicating and working with the buyers.
But here are the three phases of dealing with the almost extinct budget.
Stabilize your business: The first step towards recovery is understanding the scope and magnitudes of problems lying ahead of you. So, even before new functions are made by the sales and marketing team, the company board must review and reset the revenue objectives. Focus towards structured and tactical changes to keep the business stable.
Reinvent your revenue functions: Once the review is ready, it is time to optimize it as per the current reality. The sales and marketing team can focus on creating long-and-short-term goals to reinvent the revenue functions. Establishing a new metric framework will be an important task.
Find ways to grow: This phase comes after the three- to-nine-month period of reinvention. Once the new strategies start offering positive results, it is time to focus on growth by accelerating customer acquisition, increasing demand generation and shifting sales resource by hiring new ones.
3- Embrace the virtual progress:
It is wise to understand that the new year has not taken away the problem of COVID-19 yet. Even though the situation isn’t as critical as the initial stage, but the problem still lingers. So, the team should start making changes and improvements to sailing through the pandemic without any major consequences. This is because many seasoned professionals have already adjusted and are even yielding better ROIs. So, if you are still waiting for the situation to get better than it is time you rethink about your decisions.
Start by making changes and improvements on things like:
- The sales and B2B marketing team should reassess their focus on the data, lead’s quality and measurement. This way, it will become easy to facilitate sales and marketing alignment.
- Include technologies that your enterprises never used before. For instance, embrace ABM or mature marketing techs to transition successfully in these uncertain times.
- We have seen that digitization was the only go-to of many enterprises to sell their services. So, it is time that you stay organized with the digital transformation. Leverage your sales by utilizing digital platforms, resulting in better marketing inputs and employee experience.
Keep in mind; right adjustments are key for improved results and alignment.
4- Consider your marketing operations:
Today, many B2B companies work on data-driven marketing culture, meaning they have greater flexibility to stay aggressive even during unexpected challenges. But, if your company hasn’t started working as per this culture, then it is time to invest now.
But while you plan to improve your opportunity with data-driven marketing culture. Consider points like:
Inspect your goal alignment:To invest in the data-driven plan, it is must that you have clear, aligned and measured company goals. This is because marketing goals can change during a sudden disruption. So, it is crucial that the goals stay aligned to service, sales and marketing development.
Avoid overcorrecting: Don’t react directly on sudden disruptions unless you get a hold of the data on your system. Even when you have the details, ensure that the adjustments are made after you get confirmation on subtle shifts. Also, be ready to be surprised but be confident in the plans that support your results.
Find anomalies early: Employ customer data platforms that are capable of providing consolidated behavior along with profile data in real-time. This way, you can monitor changes before traditional metrics like cost per leads, customer orders arrive.
Adapt to channel spend: Making sales isn’t an easy task. So, it is time that you add your efforts in building relationships with the customer instead of demand creation. Start by evaluating tactic-level results after researching on the intended audience and their purpose.
5- Understand the post-pandemic consumer behavior:
It is quite understandable that most businesses were putting their best foot forward to stay afloat in these unprecedented times. Even you must have adopted new strategies to find the way through these uncharted waters.
But now, marketing is no longer limited to the way you wish to stir the boat. Instead, you have to put yourself in your customer’s shoes and start working from there. This is because it is not just your business that is affected by the pandemic; your target audiences are too.
So, work on questions like:
- Which buyers has my business lost?
- Which types of industries are doing better and which aren’t?
- Is your service vital for the customers or not?
- How has my business’s engagement with the customers changed since the pandemic and how it was before?
- Are the pain points of my customers the same as they were a few months ago?
- What was the influential point on my booth that drew people?
Finding answers to these questions will help you to rethink your marketing strategies.
The notion here is to understand other’s struggle before storming in front of them with your marketing skills. Now, more than before, your plan should have more authentic efforts instead of pitching sales 24/7.
To sum up
The global pandemic has affected every industry is so many levels. And that is why it is crucial that the enterprises focus and invest in segments that are mission-critical rather than non-essential for the business.
Contact Denave! Our experts demand generation service experts will help you internalize