The countdown to the end of the year is on, and many sales and marketing teams are slowing down as everyone’s mind shifts to the holidays. But, is this the right way to go, especially during these difficult economic times? We think now is the time to double down on B2B lead generation, and here is why.
Everyone is having it rough, economically
There’s talk of a looming recession, and some analysts say the recession is already upon us. What all these different people agree on is that things are tough economically for everyone, and businesses too.
For this very reason, you need to roll up your sleeves and double down on B2B lead generation at this point in time so that you can keep your funnel strong while winding down this year and getting set for the coming year. When the going is rough, winners go all out and thrive despite the challenging circumstances. Your business deserves to join the ranks of the successful, and doubling down on lead generation at this point in time will help you along on that journey.
Lead generation is going to be tougher and more costly next year
As you may already know, when people talk so much about something, it becomes concrete and is then a self-fulfilling prophesy, if we may call it that. All this talk about a recession, and even possible stagflation has made businesses highly cautious about their spending.
Players in the B2B space, and all other business segments, are likely to find it harder to close sales next year. This means that companies will need to spend more on the sales process in order to win any contracts or close sales.
The kicker is, as the times get tougher, marketing budgets are likely to be slashed, and yet a lot more money will need to be channeled into marketing as competitors scramble for the few qualified prospects out there in the B2B arena.
A wise move therefore is to double down now so that as 2023 rolls in and gets underway, you have moved your prospects deeper into the funnel and reasonable volumes of sales are being captured on your books. Ramping up your lead generation efforts now will give you a leg up on the competition and your business will continue registering success as others struggle.
You can collapse the duration of the sales cycle
When you up the ante on lead generation now, you have a chance to significantly reduce the sales cycle. The sales cycle refers to the time it takes from your first contact with a lead to the time they become a paying customer. On average, this process takes 102 days in the B2B space, according to available statistics.
How can doubling down now shorten this period? For starters, activity at many businesses has slowed down, so the chance of engaging the leads and guiding them along is higher. This isn’t the case during peak seasons/months when the leads are very busy and engaging with them is sporadic.
It is also noteworthy that as competitors slow down towards the end of the year, you the contrarian will have little competition for the attention of prospects. Consequently, your conversion rates could improve by a sizeable margin if your marketing is done well.
How to ramp up B2B lead generation
There are various strategies that you can use to double down your B2B lead generation, and we are going to point out some important things which need to characterize all your lead generation efforts.
- Focus on value
It is easy to be carried away by the technological superiority of your product or service and you forget that customers don’t give a hoot about all those features. What customers want is a solution to THEIR problem, not a demonstration of the latest tech or method.
You should therefore focus your lead generation efforts on showing what value customers can get from your product or service. Presented this way, prospects will find it easier to decide whether what you have is for them or not. They will know you have the right solution for them, and that will move them along the sales funnel a little faster.
- Personalize all communication/messaging
Always customize your messaging so that you boost your chances of getting a favorable response from clients. For example, LinkedIn is a good place to look for B2B prospects, and you can send them a request to connect with you. However, when you go an extra mile and accompany your invitation to connect with a personalized message showing why it would be mutually beneficial for the person to connect with you, you increase the chances of a positive response unlike another person who just stops at the level of sending an invitation to connect.
That is how much of a difference personalization can bring to your lead gen efforts. Make sure you stand out from all others.
- Always follow up, a lot
Without being spammy, periodically follow up on the leads you secured. For example, it is wasteful to give up after the first attempt of following up that is met with resistance or no interest from a prospect.
What usually happens is that the time isn’t yet ripe for them to purchase from you, so you may need to have about eight interactions with a prospect before you can definitively rule them out as a possible client. So, keep reaching out, and let their ‘no’ be the fuel that pushes you to keep refining how you follow up until many start saying ‘yes’ and signing on the dotted line.
The general talk of economic doom and gloom shouldn’t lull you into inactivity. This isn’t to say that the times are not hard, because they are. What we are saying is that there are always winners and losers during periods of hardship and during the good days. Doubling down on B2B lead generation, if done right, can help you join the ranks of those who win despite the challenging economic environment. You have a choice; will you take action or moan with the others?
To Your Success,