The pandemic is prompting B2B marketers to revisit their budgets and outreach strategies. There’s never been a better time to implement revenue-focused metrics so you can allocate spend more efficiently.
To bend the curve and save lives during the COVID-19 crisis, people stayed home, and businesses scrapped roadshows, conferences, and other events. Some companies reduced staff and slashed budgets, and millions are working from home. While this disruption affects people’s lives and livelihoods, it also has a major impact on Marketing plans and budgets. For B2B marketers, there’s no time better than right now to build a B2B Marketing budget and plan that focuses both on Marketing efficiency and revenue generation.
As B2B marketers restructure campaigns and create new budgets, many are thinking about shifting investments to digital channels. It makes sense under the circumstances. But if you’re reallocating spend to do more with less, you need to make sure every investment pays off during this uncertain time, which means investing as efficiently as possible. These high-level tips can help you get started:
- Revisit your Ideal Customer Profile (ICP) and validate targets, making adjustments to account for the economic fallout of COVID-19.
- Study funnel metrics, and find a way to accurately attribute revenue to campaigns so you know what works and what doesn’t.
- Select a message, content types, and specific channels, and then test combinations.
- Determine which combination worked best, and use that mix for a larger campaign.
With the basics recalibrated, you’ll be in a better position to move forward with your strategy, but keep in mind that maximizing efficiency requires drilling down into the data to understand which types of digital marketing are working best from a revenue generation standpoint. Point solutions that provide data on clicks and page views are nice, but you’ll need data that sheds light on revenue and sales.
