What Are Things B2B Tech Marketers Can Do During a Recession?
To survive the current market challenges, it is crucial for the marketing, sales, and customer-facing teams to identify opportunities for improving brand growth, increasing market share, and retaining existing customers. This is particularly important in the face of ongoing big tech layoffs, which have been linked to a global recession and a decline in customer sentiment. Every member of the team must be aware of their role in achieving these goals.
For brands that still ascribe too many vanity metrics or vanity processes to their marketing efforts, now is as good a moment as any to start tightening overall marketing efforts as well as measure strategies. Marketing in the modern world is designed to be more performance and ROI focused.
Being more discerning about the tactics to follow (and why) can help brands avoid many of the difficulties that come with constant worry and news of an economic recession. Rather than succumbing to how a downturn might severely effect a brand's growth or team.
To avoid this scenario, it's important to evaluate the roles and responsibilities of marketing and marketing operations teams. This will ensure that each team member has a clear understanding of their duties and that the workload is evenly distributed. In addition, building a better measurement process can help track performance and identify areas for improvement, allowing the team to focus on tasks that drive growth and market share.
Understanding how jobs are allocated to assess whether a team has to be made to work in a somewhat more lean manner is crucial to future success in a time when measuring every approach to guarantee there is growth and ROI for all that is done is essential.
Marketing leaders need to assess whether it's necessary to realign marketing and sales operations executives and identify which processes require better measurement to ensure ROI, especially during budget cuts. For example, if a team is tasked with weekly email marketing, they must determine whether fewer people can complete the task, evaluate the ROI of the email blast, and consider whether the same team can manage other marketing campaigns. Moreover, an excess of martech-salestech systems may result in fragmented workflows and reduced productivity.
A full-fledged marketing-sales team can actually drive growth without a large number of martech or salestech solutions.
The secret is to integrate the systems that work well for both teams (such as a shared CRM/CDP) and use shared processes to more closely coordinate marketing outreach with sales outreach so that better handoff processes can be implemented.
To improve lead pipelines and avoid misunderstandings between marketing and sales teams, to ensure effective lead capturing and maintenance, it is crucial to have marketing-sales processes and systems that are closely integrated and encourage a rigorous approach. Each brand needs a different set of martech-salestech tools to achieve business goals and projected plans, so optimizing processes and systems to align marketing and sales is crucial for revenue and growth during a downtime. To achieve this, brands need to be more targeted in their future approach.
Marketers and salespeople need to use better strategy at a time when market difficulties are endangering stability and brand growth chances.
To prevent layoffs while simultaneously attempting to ensure genuine revenue/ROI, marketers and advertising teams must decide whether a more targeted ABM approach can be helpful at this moment or learn more about which marketing procedures need to be discontinued.
For marketers, reaching out exclusively to prospects who have recently demonstrated a desire to purchase your product can assist reduce the costs and resources needed to conduct several brand campaigns. For advertisers, targeting or retargeting interested prospects can benefit.
Now is the moment to re-evaluate what needs to be done (and why), so that the appropriate techniques can be used to try to increase market share and decrease existing customer attrition.
Ride the Recession Wave…
Both individual goals and brand growth can be hampered by a recession. The correct focus and agenda can help marketing and sales professionals steer their organisations and teams through various cycles and phases. The key to trying to drive brand success during this period is to be more focused yet innovative with future campaigns to succeed in a competitive market, it is crucial to analyze the changes in the market and identify factors that can influence sales based on the value and fit of your product or service. This requires a strategic approach to stay ahead of your competition.
