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Some thoughts about B2B marketing during difficult economic times
I was reading a blog post by Bill Gadless in B2B Web Strategy about the importance of lead nurturing, especially during an economic downturn.
It got me thinking about what B2B marketers need to do during difficult or recessionary times. Here are some of my thoughts:
Even if sales are down 50 percent in your industry, 5 out of the 10 are still buying.
You can replace some of the earlier sales steps (prospect, nurture, qualify) with lower cost per touch marketing so your higher cost per touch salespeople can focus on the later steps (demo, propose, close) in the sales process. This marketing-driven sales approach results in more prospects being found, nurtured and qualified, more productive salespeople, more sales and a lower cost per sale.
B2B marketers need to find ways to convincingly explain all this to their C-level management, especially the folks in finance.
How about you?
Have you been successful in convincing senior management to continue to fund your marketing despite the weak economy?
If so, congratulations! How did you do it? Is there any research you cited in building your case? Where did you find it?
Or was your marketing budget cut recently? If so, what are you spending your remaining funds on? What had to go, and why?
As the jar on the counter says, “Your tips are always appreciated.”
Hi Mac! Yes, indeed, keep generating and nurturing those leads regardless of the economic climate.
But DON’T make these silly marketing mistakes that recur in every economic downturn:
Mass cold-call telemarketing in an attempt to drum up quick business. It doesn’t work and you’ll burn good opportunities
Pressure prospects to consider and decide quickly. In tough times, everything takes longer.
Conflate resposibility with authority. In a downturn, business people often have more of the former but less of the latter. Discern un-real from genuine opportunities early-on.
Keep calling at the same or lower level of contact. People who can say “yes” despite budget constraints have big offices. Market to them.
May we all prosper!
Posted by: Michael A Brown | Jul 23, 2008 at 5:16 pm
Michael,
Thanks for commenting.
People really do silly things when faced with difficult times, don’t they? For example, they stop marketing to save money, but then are surprised when the sales pipeline dries up.
Posted by: Mac McIntosh | Jul 24, 2008 at 4:40 pm
I recently attended a marketing conference and the same question came up. I was astounded at the answers that my peers gave which had more to do with generating brand awareness and sales training materials and almost nothing to do with what a CEO really cares about: his or her bottom line. It may seem overly simplistic but I think it’s all helping the organization generate revenue. As a marketer I need to identify programs that I can put in place (during an economic downturn or otherwise) that helps Sales sell more and then I need to show the success (or point to the probable success) of these programs.
Posted by: Parker Trewin | Jul 29, 2008 at 6:13 pm
Mac, I just read your other post under “skills a B2B Marcom pro needs”. Nicely put and certainly appropriate here as well.
Posted by: Parker Trewin | Jul 29, 2008 at 6:17 pm