Adapting Business Development Strategies to a “New Normal”
July 8, 2020
2020 disrupted every aspect of our lives. Many have experienced deep personal loss as a result of the tragic COVID-19 pandemic, while businesses around the globe are striving to adapt to a “new normal,” protect employees and maintain a healthy bottom line amidst severe economic conditions. It is hard to put into words the full effects felt around the world, but the business implications are clear and business development strategies must adapt to the new commercial landscape.
What’s quite apparent is that businesses are determined not to fade into the background, causing professionals in sales, marketing and communications to be busier than ever. According to HubSpot analysis of over 70,000 CRM customers globally, sales teams sent 50% more emails to prospects at the start of the pandemic than prior to COVID, however the response rate is at all-time low level (lower than Christmas levels).
In addition to high demand for customer attention, B2B marketeers have to deal with changing business objectives, disrupted product launch campaigns and navigating the expanding world of digital marketing tools. Whether you are starting from scratch or amending an existing marketing plan, the six steps outlined in this blog are a good place to start:
- Validate your SMART business and communications goals with sales and other members of your leadership team. The full economic effect of COVID-19 is still to be seen, adjusting your goals to new circumstances will allow you to stay focused on the most relevant growth opportunities.
- Adjust your messaging and positioning. With information overflow, effective brand positioning will allow you to avoid commoditization and outperform competitors. Check the JumpStart Initiative specifically designed to help manufacturing and trade companies stand out.
- Understand where to engage with your target audience. In 2020, as trade shows and events continue to be canceled or postponed, many B2B companies are losing significant opportunities to increase revenue and win new customers. To make up for this loss, it is critical to apply digital behavior research and social listening initiatives to identify other channels used by your ideal customers.
- Select the right mix of marketing channels. Should you start blogging on your website, increase social media presence or launch a webinar series? It all depends on your communications objectives. Read on to find out more.
- Create relevant content for each channel.
- Measure, analyze, adjust and repeat.
It is difficult to stop and strategize when the world is changing faster than ever. We have developed a playbook to help you find shortcuts to strategic business development approaches and practical tips on how to connect with your prospects and customers in an effective and meaningful way.
Sound interesting? Learn more and download our new Playbook.