As B2B companies reevaluate their budgets in the wake of COVID-19, it may be tempting to slash your marketing and advertising budget.
On paper this might seem practical, especially if you’re not sure of marketing’s impact on your business. While it may free things up in the short-term over the long haul, those companies are going to need to make that ground back up later.
In other words, don’t ditch your marketing. Just be smarter about it, and there are more than a few options here.
Often, the root problem stems from the absence of a cohesive marketing strategy to begin with. That should be square one, but it’s easy to gloss over it.
We’ll put some ads in an industry publication and send the sales team to a bunch of trade shows. Those aren’t strategies; they’re tactics- one of which has been eliminated for most companies at the moment.
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So what does a strategy even look like? You need a framework to work within. For B2B companies, especially manufacturers, Account-Based Marketing (ABM) is more than likely the best strategic framework to build from.
Why? It relies on the combined efforts of sales and marketing, focused on a select number of high-value target customers. It’s a strategy that typically yields higher closing rates, longer customer lifetime value (LTV), and a better overall return on investment.
In this short video, Bull Moose’s VP of Business Development, Josh Sherretts, and VP of Client Strategies, Ron Mattocks, explain the ABM framework, its full benefits, and how to build your own strategy.
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Ron Mattocks was born and raised in rural, Pennsylvania before joining the Army after high school. After serving as Infantry captain, he next worked as an executive at a Fortune 500 real estate and development company. Eventually, Ron switched to marketing, later consulting for companies such as GMC, ConAgra, Mattel, and others. Ron is also a published author and contributor to publications such as The Huffington Post, Disney's Babble, and the TODAY Show. In 2017 Ron co-founded Bull Moose Marketing where he is the VP of Client Strategies. He is also the Board VP of the Crawford County Historical Society and serves on the board for the Crawford County Planning Commission.
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