Navigating B2B lead generation in times of economic uncertainty

Smart ideas to fill your sales funnel in a recession

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It’s official, New Zealand is now technically in a recession. And now more than ever, as the brakes will be put on spend and increased pressure will come on results, sales and marketing leaders must prove the ROI and value they bring to their organisations.

Except during difficult economic times it's not as easy to generate B2B sales; businesses are shrinking back; budgets are being cut; purchasing decisions are being put on hold; and marketing and sales channels are becoming more competitive and costly – so what can you do?

The reality is, regardless of recession, money is still being spent every day – even if it’s lower overall compared to last year. This means you can still get ahead. It’s just going to require you to be smarter and more intentional in your lead generation strategies than before. Your budget may get cut, but that doesn’t mean your leads have to.

The trick to attracting new prospects (especially during economically hard times) lies in your team’s approach. You can’t afford wasted time and energy performing tactics that don’t convert, so everyone must play it smart and become adaptable in their approach to lead generation.

In this blog, we’re sharing smart ideas for effective B2B lead generation in a down economy so you can maximise your results, even when times are tough.

Learnings from the last economic downturn – the impacts on B2B lead generation

Before we get started on how to establish effective B2B lead gen strategies when times are tough, we thought it necessary to take a look at what happened last time. When Search Engine Land conducted a similar analysis, they found two distinct results for B2B marketers in recessions past based on:

1. Those who increased (or at least maintained) advertising budgets
2. Those who cut or stopped efforts altogether

The difference between the two being an up to 33% positive variance in sales for those who did spend versus those who didn’t. Hindsight is 20/20, but if there is a lesson to be learnt here, it’s that investing in smart, effective lead generation strategies is critical for B2B organisations in finding long-term success – especially when constraints on the usual tactics and budget is restricted.

Smart ideas for effective B2B lead generation

The importance of implementing innovative ideas for effective and efficient lead generation can’t be understated in a recession, especially if you’re under pressure to do more with less. Doubling down on efficiency and effectiveness with these smart tips will help you to not only optimise lead generation results but also set yourself, and your organisation up as industry leaders.

1. Using data-driven strategies to identify high-potential leads: quite often the focus of sales and marketing teams is to obtain new leads, however attracting new leads is a costly exercise and not always warranted if you’re an established business. For example, a re-engagement campaign can do just the trick to push older leads over the line to purchase. It worked for Tradify when they needed a fast, affordable way to increase paid subscribers. They re-engaged previous free triallers and lost prospects in a re-engagement workflow using HubSpot and saw that after enrolling the first batch, many signed up for another free trial over the course of three months, and then went on to purchase a Tradify
   
   
2. Leveraging personalisation and tailored messaging to connect with prospects - one of the benefits of lead generation is being able to tailor messaging more accurately to connect with leads. This can be as simple as adding a first name token to an email or introducing smart content to tailor specific messaging to different buyers’ criteria. For example, we helped PTminder introduce smart content into emails to personalise call to actions depending on what stage of the buyer’s journey a contact was in. This resulted in an increase of 7.59% for the click rate and an increase of 12.9% for the click-through rate on all automated emails.
   
   
3. Building strategic partnerships and collaborations – there are several ways in which an alliance with another business can significantly benefit both your business think: access to new markets, shared resources, cost savings, expanded product services and offerings. All of which increase your organisation’s competitive position. While building and managing strategic partnerships requires careful planning, clear communication, and mutually beneficial agreements, there are a lot of benefits to the organisations involved during a recession.
   
   
4. Optimising digital marketing channels for increased lead generation – think of if it this way, your website is your business card, and your digital channels are your networking events. If you’re not attending events and working the room, no one will know you exist. The same can be said about your website and your digital channels – if you’re not working your channels, no one will know you’re there. Take advantage of the free channels out there to build a community and get your business in front of the right people. Search engine optimisation (SEO), content marketing and social media optimisation (SMO) are all relatively cost-effective ways to network your brand. If budget allows and you do have advertising spend, look to an agency to help you maximise your ROI. You’ll be surprised at how much you can save (while generating the same, if not better results) by engaging digital advertising specialists.
   
   
5. Implementing lead nurturing strategies to convert leads into customers – it’s no news that the sales cycle for most B2B organisations is a long one. That’s why it makes so much sense to implement lead nurturing strategies to keep those qualified leads engaged. Like Tradify’s re-engagement success story, organisations can garner a lot of success by simply sending out another couple of tailored messages after prospects have converted to keep them engaged. In this case, a small bit of effort paired with smart messaging can be the difference between a closed deal or not.
   
   
6. Testing emerging trends and technologies to optimise your processes – being a part of the digital age comes with its perks. CRM systems are getting smarter and making it easier than ever to automate lead generation activity and get more activity out with less effort. Add to this the recent rise of generative AI, and there is truly no better time than now to invest in tech to sell your tech. It will not only make your life easier, but it will make understanding your results and maximising them easier too.

Effective lead generation strategies are critical for B2B organisations for fostering long term success and if history has taught us anything – especially when constraints on the usual tactics and budget is restricted – it’s important from a sales and lead generation perspective to soldier on. Which is doable from a strategic standpoint if you’re clear on your basics, understand your ideal customers and are proficient in using data and technology to better streamline your strategic decision making. In fact, if previous recessions are anything to go by, you might even get ahead.

While the recession will be a challenge for some, it can foster a positive change in how your organisation orchestrates lead generation. So keep calm, take charge, work smart and carry on.

If you’re interested in learning more about maximising your lead generation strategy with smart, effective lead generation ideas and tactics, make sure you download our guide, download our guide and template for effective B2B lead generation. Or alternatively, feel free to reach out to us. We’re always happy to help.