Marketing budgets have been reduced and therefore it is important to rule out the aspects that can ruin more the resources that you have.
In B2B marketing aspects such as the lack of an adaptive strategy can affect.
Lee: Let’s make a budget to evaluate our future business.
As you know, the pandemic caused many of the marketing budgets to be reduced in companies, therefore, today more than ever it is important to leave behind all those negative aspects that can cause the remaining resources to be wasted. On this occasion, emphasizing the case of B2B marketing, we will see what elements must be left behind in order to avoid affecting the budget.
According to Marketing Profs, here are some things marketers need to address to prevent their B2B marketing budget from being ruined:
Target only high-level executives
According to the source, if B2B marketing is only aimed at C-Suite executives or senior executives, it is advisable to reassess things. While 64 percent of these professionals have the final decision, you should know that 24 percent of those who also play a role in decision-making are not senior executives.
In that sense, the role of non-C-Suite members in influencing approval cannot be understated. Spending your marketing budget on them alone runs the risk of not reaching other key decision makers in an organization.
Ignore millennial audiences
Regarding this second aspect, the source shares that millennials now represent 46% of all buyers in the B2B segment, that is, almost half of them. Additionally, 18-34 year-olds account for almost half of B2B researchers.
With the above data and because there are more and more millennials in the ranks of B2B companies influencing purchasing decisions, it can be considered a big mistake not to contemplate them when designing marketing strategies.
Ideally, a portion of the funding for researching content and media channels should go to see which ones are used by various age groups, not just the older generations.
Focus only on generating new leads
As you may know, it is crucial for any company to actively grow its customer base to sustain the business, and that means acquiring leads. However, companies focus their B2B marketing efforts solely on generating leads and forget about other objectives, for example the development of those leads.
If the only approach you have is this, you run the risk of losing them by not having anything set to do once the leads are in the bad company database.
Keep in mind that not all prospects are ready to become customers. Generating leads is only half the battle.
Not having an adaptive strategy
Finally, businesses and B2B marketing teams must consider that change is inevitable, technologies come and go, trends rise and fall, and data becomes stale. Therefore, if you want to make the most of your budget, you need to adapt to these changes.
A good marketing plan must be agile. You have to evaluate budget changes every quarter and be open to increasing or decreasing the number for certain tactics.