Most of us B2B businesses have had it tough. Even with the lockdown easing, it’s not going to be an immediate return to business as usual, so over the coming months it will continue to be vital to manage costs carefully.
This begs the question: should you reduce marketing spend?
Clearly there is some nuance required, depending on your sector and as importantly the sector that your customers are in.
However, in general terms, if you put a total pause on marketing you may limit the speed at which you recover. And there is a risk that your competitors will be aggressively targeting your customers, so there’s a chance that there will be some customer attrition that you’ll need to replace with new business just to tread water.
So perhaps the question is more: which marketing spend should you reduce?
Marketing spend can wide ranging, from Google Ads, staff salaries through to marketing technology…so where do you start?
Maybe there is a lesson to be learnt from what you did when the business first started, and enjoyed a period of strong, successful growth. Afterall, that’s why you’re here today.
It’s likely that most of your marketing was directed at activity that would generate new customers. Or rather, marketing that was focused on generating the leads and enquiries that provided the opportunities to win new customers; `Lead Generation` rather than marketing per se.
Brand building has its place over the longer term, it’s great to share news on LinkedIn to help give your business an identity. Content marketing, thought leadership, PR and social engagement, market technology can all have a role to play.
But in today’s climate, will they give you the best return for your marketing investment?
Or are you better off investing in lead generation?
Or put more directly, will each £1 you spend on Marketing be as likely to give the same return as a £1 spent on Lead Generation, which is measurable and focused on generating sales opportunities with potential customers?
Naturally there will be 1’000s of marketing agencies and technology vendors that will advocate continued spend on marketing assets. And over the longer term, they may well be right. But for now, when prioritising budget, the focus needs to be on generating revenue.
If you are ambitious about maintaining or gain market-share and recognise to do so you will need to pro-actively take your sales message to your prospects, Beanstalk can help.
Our solutions include integrated digital marketing, combining LinkedIn, targeted data and email marketing, and telemarketing, which is often combined with digital marketing to deliver the best of both worlds.
All of our campaigns are developed specifically around each customer and their target market, to generate the maximum number of qualified, sales-ready leads and online meetings.