We are in the midst of a pandemic and businesses today need to find the answers to questions about whether the markets and geographies we had been serving were still profitable. We had to figure out which of our products, technologies, and business practices need to be modified and how the team can be best enabled to keep delivering in the new normal.
Let’s take a look at a few issues with which B2B companies are battling and discuss how to overcome them.
Decreasing Team Size
Executives are being laid off, your best employees left or maybe you are one of those organizations who are operating 100% remotely. It is difficult to execute an effective B2B lead generation strategies when you don’t have your full team.
It’s time to put to use virtual collaboration tools. This way, your teams can continue implementing B2B lead generation strategies. You’ll also find remote working tools helpful for your sales and marketing reps. It can also be a great opportunity to give your teams dedicated time to widen their skillsets. Opportunities to learn technologies or improve skills. Give team members the opportunity to give a boost to their skills in Lead Generation, Marketing Automation Platforms, Digital Marketing, Content Marketing, and more.
Team members and management are struggling to adjust to virtual work while coping with the uncertainties of the present and the future.
Clear communication is critical during business transactions and it is essential to build strong client relationships. However, this can also pose challenges in the management of offshore virtual teams with their own cultural and language orientation; unless communication guidelines are set beforehand to address the challenge.
Reduced Budgets of Important Prospects
Convincing leads to convert when they’re operating with a smaller budget can seem impossible. However, this doesn’t mean there’s no room to adapt to their demands.
You may have to change up your strategy to include free trials and possibly deep discounts for a six-month to a one-year contract. The idea is to find ways to get leads on board now and show them the value of your product or service. Then as things turn back to normal, you’ll have accounts that will renew, and grow, their contracts with you.
How to Tackle These Challenges?
With travel bans, work-from-home mandate and other limitations, it’s becoming difficult for lead generation executives to do what they do best. Here are a few tips how sales leaders can come out successful.
• Conduct a quick, data driven revenue assessment and full pipeline re-inspection by customers, industries, channels and geographies
• Map your potential revenue, by customer and by product, to know what to further invest on
• Empower your sales teams with accurate contact data and business intelligence to help them target and reach out to the right prospects
• Motivate employees to adopt digital tools for collaboration and self-service to create a more virtual culture
To facilitate the steps given above, a few tips and tools are listed below.
CRM and Marketing Automation
CRM is more common for B2B companies that focus on lead generation, but these platforms can also help your company manage leads. CRMs can help you figure out where leads are in the funnel and assess opportunities. Marketing automation platforms are best used for lead nurturing, email auto responders and leads qualification to advance prospects through a predefined customer journey.
Data and Business Intelligence
Business Intelligence tools are also equally important. Sales Intelligence is much more than just contact data. It points to a wide range of technologies that help salespeople find, monitor and understand data that provides insights into prospects’ and existing clients’ business and behavior.
SMARTe is backed by two of our flagship products – InfoGenie and DataGenie. As a true agile Data-as-a-Service partner, we at SMARTe provide ‘high quality global contact data’ fueled by data science and supported by 200+ data experts who build taxonomies and algorithms. For over a decade, we have helped our clients find accounts to target, and turn any new lead into a complete and detailed customer profile within seconds and in a few clicks.
Account Based Marketing is more important today than ever before. You must be careful about the accounts you’re selling to, the message you lead with, and the way in which you sell. You must be shift your focus and investments to your best prospects and also focus on renewals and cross-selling. You can predict prospect’s propensity to buy with predictive analytics using data paired with algorithms and machine learning to identify the likelihood of future outcomes based on historical data.
InfoGenie is powered by a massive data pool of over 14.5 million company data. Get access to net new data through prospect discovery as per your Ideal Customer Profile (ICP) by harnessing target personas for ABM or target accounts, along with firmographics, technographics, and advanced list building capabilities.