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B2B Marketer's Survival Guide

  1. B2B MARKETER’S SURVIVAL GUIDE Adapting to a Changed Landscape 12:00 PM PDT | Thursday, May 28, 2020
  3. Jill Richards Johannes Hoech Our Speakers E x p e r i e n c e Jill: o CMO (Security, Data, Mobile) o Specialize in scaling startups o 20+ years experience o UCLA MBA Johannes: o CMO/COO (InfoSec, MedTech, FinApps) o Specialize in “Growth Architecting” o 30 years experience o MIT MBA, McKinsey
  4. AGENDA 1. Over view 2. New Data 3. Sur vival Tips 4. Resources
  5. How to grow as the economy restarts? Overview 1. Sectors to grow or slow 2. Budget considerations 3. Understanding and protecting pipeline 4. Optimizing and adapting marketing 5. Aligning with and driving sales
  7. Deals Total Created & Closed ▷ Overall, deals created and closed are off their pre-pandemic levels by between 15%-35% ▷ Both rates are still negative but improving Source: HubSpot |
  8. Deals by Region Created LATAM and EMEA have seen the biggest drop-offs in deals created with drops of 35% and 45%, respectively Source: HubSpot | ▷ Which regions can you best create deals in now?
  9. Deals by Region Closed LATAM and EMEA have also seen the largest drop off in deals closed (58% and 39%, respectively) Source: HubSpot | ▷ Where can you best close deals in pipe?
  10. Deals by Industry Created Travel and (surprisingly) entertainment are the industries with the largest drop in deals created with drops of 60% and 55%, respectively Consumer Goods saw a spike around the time of stimulus checks Manufacturing and software are now in positive territory Source: HubSpot | ▷ Which industry verticals can you engage now?
  11. Deals by Industry Closed Travel and entertainment are also the industries with the largest drop in deals closed with drops of 55% and 50%, respectively Consumer Goods, Software are now in positive territory Source: HubSpot | ▷ Which industry verticals can you close best in now?
  12. 65% 33% Budget Trends CMOs expecting moderate to signficant budget cuts What makes sense for you: cut or invest? The trend is less important than your unique business. Funding is a competitive dimension – be proactive CMOs expecting signficant budget cuts Source: Gartner |
  14. FOCUS HERE Do the Numbers 1 Update Your Forecast 2 Protect Existing Pipe 3 Optimize Spend Understand what’s driving revenue, where you stand compared to plan and what resources you have to fuel growth
  15. Get visibility into how your marketing and sales funnel have been impacted 1 GET VISIBILITY Update Forecast D o t h e N u m b e r s Invest in MarTech for funnel visibility • If you don’t have a CRM or other tools in place, a well structured Google Analytics instance with conversion events can get you good basic info Get your dashboards together to show: • Top down pipeline showing all revenues by lead source • Marketing and sales funnel conversion at each stage • Sales cycle length • Average deal sizes (ASPs) by product, region, etc. • Bottoms up pipeline showing revenue by quarter, rep, customer and product • Marketing channel performance Update the forecast in real time • Meet weekly with sales • Focus on what you can impact in the next 2 weeks • Act early to tackle visibility & conversion challenges
  16. Lock in deals already in the pipe. They are the most likely to close quickly and will help minimize revenue losses. 2 KEEP & CLOSE Protect Existing Pipe D o t h e N u m b e r s Retain current customers • Be in close contact with customers to anticipate and reduce churn • Offer better terms, same rate contract extensions, etc. to reduce pressure on cash flow and new bookings • Expand contracts, where possible Meet weekly with sales • SWAT team all in-progress deals • Determine what content, conversations, convincing needs to happen Re-evaluate your expected close rate • Review deals by close date and sector • Avoid “happy ears” • Be conservative so you plan for the worst case scenario
  17. Streamline and monitor. your budget for people and projects. Track spend performance so you can shift funds to the best performing options. 3 OPTIMIZE Optimize Spend D o t h e N u m b e r s Eliminate extra or marginal spend • Review subscriptions and reduce seats or scale if possible • Evaluate vendor spend, turning off things that aren’t critical now Invest in high performing channels • Assess the ROI of each marketing channel • Divest in channels with low or marginal yield • Invest in in channels that are performing • Postpone channel experiments Be proactive about your budget • Get ahead of the conversation so a reduction isn’t your only option • Know where you can invest/divest with confidence • Be ready to be opportunistic with spend to take out competitors
  18. FOCUS HERE Adapt Your Approach 4 Adapt Your Marketing 5 Think Promotion vs Pricing 6 Align & Attack the Market Adjust marketing to new realities, partner closely with sales, and (over) communicate
  19. Update your marketing approach and tactics to reflect new budget and market realities. 4 ADAPT Adapt Marketing A d a p t Yo u r A p p r o a c h Target Market: Keep an eye on your Ideal Customer Profile (ICP) • Who can buy now? (Enterprise vs SMB) • What verticals are most impacted? (Travel vs Security) • Which geo’s are hardest hit? (NY vs TX) • Who do we sell to? (Ops vs CX) Events: Shift to online, experiment with formats • Think smaller field events (engaging exec audience in virtual roundtables) • Turn your annual event into a full day virtual conference • Make virtual events more personal and fun (Zoom breakout rooms for smaller groups, gift cards for Uber eats for a lunch and learn session)
  20. Update your marketing approach and tactics to reflect new budget and market realities. 4 ADAPT Adapt Marketing cont. Messaging: Change it up again • Tell audiences what you’re doing and what to expect • Shift away from ‘in these unusual times’; push free content • Add an opt in to direct mail or incentives to get engagement • Monitor changes in keywords to be able to adapt and stay relevant • Update differentiation based on current market realities (“we’re the only solution that meets the needs of first responders…”) Competitive Positioning: Be proactive • Monitor competitors in media, on social, by visiting their websites • Tap sales to learn what prospects are saying and how competitors may be undercutting your deals • Share intelligence with execs, your board, product, CX • Prep sales and exec teams with responses A d a p t Yo u r A p p r o a c h
  21. Once lowered, it can be hard to bring your price back up. Add value instead of lowering prices. 5 HOLD Promote Wisely Think of this as a promotional period • Define a promotional period during which your offers are different but your pricing remains the same • If you lower prices, audiences will expect you can deliver at that price in the future (they did it then, why not now?) Deliver extra value, Don’t Lower Prices • Research what would be valuable to customers during this time that you can deliver with minimal impact to your margin and that will sustain revenues • Add value to current pricing rather than lowering prices (add access to a feature, extra service, or a discount for buying more) • Create incentives to come back to you on a more regular basis A d a p t Yo u r A p p r o a c h
  22. Gaps in alignment with sales cost time and sales. Work as a team to survive and succeed. 6 ALIGN & ATTACK Align with Sales Open channels & inform the reps • Establish bi-directional communication flows • Use Slack/messaging to get real-time market info o Who’s buying and why, who needs nurturing? o Alerts on competitive attacks and responses • Make resources easy to access and message • Leverage sales workflows, not marketing’s Update & train regularly • Weekly emails with everything marketing is doing (new targets, messaging, social posts, campaigns, etc.) to ensure awareness and alignment • Weekly/daily standups to train on new messaging, battle cards, content, competitive responses, etc. • Keep C-suite and product teams informed to share info on deals and GTM effectiveness/progress Attack the market and competitors • Crisis creates opportunity – defend what you have and be opportunistic about taking share A d a p t Yo u r A p p r o a c h
  24. How to grow as the economy restarts? Review 1. Sectors to grow or slow 2. Budget considerations 3. Understanding and protecting pipeline 4. Optimizing and adapting marketing 5. Aligning with and driving sales
  25. RESOURCES 1 COVID-19 Marketing and Sales Benchmark Data HubSpot | 2 Why You Should Resist Dropping Your Prices Inc. | resist-dropping-your-prices.html?cid=sf01001 3 7 Questions to Optimize Marketing Operations Costs Gartner | questions-to-optimize-marketing-operations-costs 5 Driving Demand During a Pandemic BrightTALK | 4 20 Ways to Confidently Sell on Value Rather Than Price The Startup | confidently-sell-on-value-rather-than-price-bab83cc80dea the MARQETU blog the 10X blog