According to a recent survey conducted, 90 percent of the marketers reported their budgets were found to be frozen, was delayed, and severely cut down. In addition to this, there were other various studies being conducted and they are:
- The Harvard Business School did a study on 4700 companies that went through a recession and it was found that ‘ firms that cut the costs faster than their rivals had the lowest probability of rising ahead of the competition.
- According to a study published by Boston Consulting Group, which included a major performance of corporations during and after declination, it was found that companies with a lack of judgment, who slashed marketing spending had to spend more than they had saved with the aim to recover when the time gets better.
The major reason for this type of behaviour is that most CEOs do not understand the role of marketing which is useful in both strategy and sales. So, therefore, these are the essential things that all CEOs or sales executives should understand about marketing:
The factor which makes winners different from losers is that, winners spend significantly on marketing than losers do. The relationship between expenditure on marketing and performance is often positive. Hence, from this it can concluded that firms which invest in marketing, during tough times, can achieve a long term payment instead of getting paid in a short run.
Spending smarter means being able to deliver results which are tangible by keeping in mind the restrictions, B2B companies has to face:
- As trade shows and events being cancelled, it will be less effective for a period of time
- Video conferencing has to be used for direct or indirect sales and other channel teams instead of face to face meeting.
- As customer travel restrictions are there customer briefing centres have become offline.
B2B firms must keep this in mind to deliver:
- Customer interactivity
By providing an interactive experience is a personalized way for potential customers to learn about various solutions, products or services that the company offers. Examples; calculators, virtual story telling, etc.
- Using sales tools
Interactive applications can be used by sales teams when they have a video conference with the customers. So, through this, customers can participate actively to reveal the unique value which they find relevant to their needs.
- Use of Marketing tools
While conducting webinars, make sure to use interactive applications so that the attendees could create their individual path by hearing through story and can engage passively than just watching.
- Online and Offline meetings
Meetings shall involve online and offline modes and the applications which involves virtual engagements need to be prepared in customer briefing centres, on Ipads, laptos and on large touch screens on conferences ,etc.