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.
Ron Mattocks was born and raised in Guys Mills, Pennsylvania. Following high school, he joined the Army to see the world before a career as a construction executive in Texas. Eventually, Ron switched to Internet marketing, consulting for companies such as GMC, ConAgra, Mattel, and others. During this time he also published the book, Sugar Milk: What One Dad Drinks When He Can’t Afford Vodka and began writing regularly for the Huffington Post, Disney's Babble, and the TODAY Show. Currently, Ron is the co-owner of Historia Inspired, LLC, and VP of Client Strategy at Bull Moose Progressive Marketing located in Meadville. He graduated from St. Edwards University in Austin, Texas with a degree in English Literature, and is a board member of both the Crawford County Historical Society and Northwest PA Railroad and Tooling Museum.
The Progressive Marketer
Marketing articles for manufacturing, construction, B2B services, tourism, and other industry segments working to make their communities better places to work and live.
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