Tuesday, June 18, 2024
spot_img

3 Marketing Tactics to Come Out Ahead in a Recession

Last updated on June 5th, 2023 at 05:14 pm

Could it be possible that marketing hits its goals while sales fall short? Absolutely, especially if they’re judged by different metrics. And it’s a sign that something is terribly broken. The thing is, marketers and salespeople usually work separately, focusing on their own side of the marketing-qualified lead (MQL). They don’t share much info or join forces, so it’s no surprise that people don’t think marketing can be measured by revenue. But imagine if marketing could actually make a real difference in short-term revenue goals and prove it. At Influ2, we have analyzed 14 B2B companies that successfully generated a combined $511 million in the sales pipeline. Here are some key takeaways on how they used their marketing tactics to come out ahead in a recession.

1. Enhance Outbound Conversion Rate with Digital Aircover

Want to be a revenue marketing rockstar and boost your company’s bottom line? Start by targeting prospects your sales team is already working with or has on their radar. McKinsey found that a multi-channel approach with a combination of digital and in-person sales efforts is expected to be a dominant B2B sales strategy by 2024. In fact, they predict it to drive up to 50% more revenue than a single-channel approach.

At the same time, Pavilion’s fall 2022 report says that 73% of sales development representatives (SDRs) are failing to meet their quota. What we see is that prospects who had engaged with the person-based advertising were roughly 3.95 times more likely to convert than prospects who received regular prospecting. Digital aircover can make the sales team’s job a whole lot easier.  

2. Influence the Buying Team Decision Making

You know that in the B2B world, it’s not just one person making the buying decisions; it’s a group of buyers. Salespeople usually get close to just one or two of those individuals, the ones championing the deal. But building relationships with more members of the buying group, or “multithreading,” can really boost conversion rates. In fact, a study by Microsoft found that multithreading can increase win rates by 34% and cut the time it takes to close a deal by 10% compared to engaging just one team member.

It’s not easy for sales teams to connect with all those team members, but that’s where advertising can help again. You can use it to reach those specific buying team members that sales can’t reach. If they interact with your marketing, it’s a sign they’re interested, and that info can be valuable intel for the sales people. To show how much your efforts pay off, just compare the conversion rates of the companies you targeted versus those you didn’t.

3.  Target Existing Customers 

Marketing in a recession is tough. If you are already supporting sales with an advertising program, why not go the extra mile? Target existing customers who could potentially grow. Help sales show them the benefits of your company’s expanded offerings or increasing purchase volume. This way, you’re crafting that awesome digital-in-person hybrid strategy McKinsey talks about. Use digital aircover and multithreading strategies to personalize your content and hit those hot buttons. Sure, you’ll need to work closely with sales, but it’s high time to join forces and strategize on boosting value and accelerating the pipeline.

As a marketer, you’ve got to stay on your toes and adapt your strategies to a different environment. With the economy on the edge of a downturn, it’s time to rethink how your marketing plan will hold up under pressure. Companies will be focusing on survival, and your work will be judged more on its short-term revenue impact – even next quarter’s – than its long-term vision. 

So, how will you navigate this new landscape?

By Dmitri Lisitski, CEO & Co-Founder, Influ2

Featured

Unleashing the Power of AI in B2B Marketing: Strategies for 2023

The digital marketing landscape is evolving rapidly, with artificial...

How To Check if a Backlink is Indexed

Backlinks are an essential aspect of building a good...

How to Find Any Business Owner’s Name

Have you ever wondered how to find the owner...

Do You Have the Right Attributes for a Career in Software Engineering?

Software engineers are in high demand these days. With...

6 Strategies to Make Sure Your Business Survives a Recession

Small businesses are always hit the hardest during an...