2022 posed a number of significant challenges for B2B marketers. It only takes looking at the headlines to see that the economy is in a fragile state, which has led to budget cuts and redundancies, leaving marketers under pressure to do more with less.
But as we enter a new year, how can these businesses future-proof their budgets, without compromising on operational efficiency?
While it can often seem intuitive for businesses to look internally at where they can cut costs, if budget cuts are made without strategic guidance, it can have a negative impact on efficiency, and therefore profitability. In fact, according to Gartner’s State of Marketing Budgets and Strategy 2022 report, while marketing budgets have climbed from 6.4% of company revenue in 2021 to 9.5% in 2022, they still lag behind pre-pandemic spending.
There is a clear need for change within the industry, but by improving operations, streamlining processes and consolidating their tech stacks, businesses can weather the recession and drive operational efficiency.
In this blog, we’ll look at three ways that businesses can achieve operational efficiency, and why selecting the right MarTech is so critical in times of economic uncertainty and beyond.
1. Choosing the right technology
To run a business effectively, you need technology that fits your business and your processes (or your ideal processes). But for most, this is easier said than done. It might be that you implemented an ERP or custom software years ago, or just that the technology no longer fits your operations.
Whatever it is, selecting a solution that can automate lead delivery, provide key insights and reporting, reduce cost and allow teams to focus their attention on higher-value tasks is vital. This is especially true for the lead generation industry, where huge volumes of lead data are being stored, processed and transferred.
Running approximately two million processing jobs a day, Convertr’s average speed of lead flow for lead transfers is currently around one minute. In turn, this helps to improve conversion rates and increases the ROI of lead generation campaigns. It is this level of automation that will significantly improve operational efficiency and allow businesses to scale the platform as it grows.
Once integrated within their existing tech stack, Convertr enables users to monitor campaign performance against industry benchmarks, track and adjust billing, manage their supplier network at scale and put the emphasis on the provider to manage their own leads – all of which improves the speed of lead flow and drives operational efficiency.
2. Ensuring alignment between Marketing and Sales
During times of economic instability, marketing and sales budgets are often one of the first to be pared back – mostly because they are the easiest to cut. However, effective demand generation programmes that prioritise the needs of your Sales teams will be essential for businesses looking to navigate through a recession.
One way to do this is by prioritising the marketing channels that deliver the best results. Often, businesses make the mistake of choosing an omnichannel approach, when in reality, just because one platform may be cheap, this does not mean it is the right channel for your business. Open communication between Marketing and Sales will allow teams to analyse what is really working, and what channels are fuelling the pipeline long-term.
The ability to prove the business value behind campaigns is more important than ever before. And with increasing pressure on sales and marketing to become connected, and the ROI of every dollar spent being measured by leads and sales opportunities, the effective use of technology to enable alignment is critical.
3. The power of automation
When everything is becoming more expensive, making deep budget cuts can feel instinctual, but this is not always the right decision. By investing in the right tech and harnessing the power of automation, businesses can drive operational efficiency and scale their business.
One way automation helps with efficiency is through automating manual tasks. This removes the need for human intervention, which in turn, reduces the likelihood of error and maximises efficiency. Automation also helps from a financial perspective. Rather than hiring additional employees to manage the lead generation process, by implementing technology that can automate it, businesses can reduce their headcount and keep costs down – so that even as they scale, and their customer base grows, one person can be responsible for managing multiple campaigns.
Similarly, for large organisations, utilising a platform like Convertr allows them to streamline and consolidate their lead management across multiple teams or departments. By applying centralised processes, businesses can operate efficiently, extract key insights and make more informed decisions.
The time is now
Recession-proof your business and emerge stronger and more resilient than before by investing in the right technology that protects your budgets, improves data compliance and delivers lasting value.
Get in touch with one of our experts today to discover how Convertr can help you do more with less.
A Meeting Place, Not A Marketplace
This paper explores the issues associated with the marketplace, and how the Convertr Ecosystem is bringing transparency, improved data quality and open communication to brands, agencies and suppliers.