How to Cut B2B Marketing Costs and Increase Leads & Sales
“Reducing marketing spending will, in most cases, only make a bad financial situation worse. You can almost never save your way to profitability.”
– Craig Bloem, Inc.
When the market falters or new obstacles cut into your business goals, are you tempted to cut marketing costs? Be careful not to cut your leads and sales as a result:
Not all outsourced marketing is effective, so how do you select the right partner?
The right marketing partner is a cost-effective way to control costs without losing the momentum that marketing provides for your sales efforts. Here are some key criteria for identifying the partner – and the ROI – that you need.
(If you have little or no marketing to cut, then read my blog: How to Grow Your Way out of Uncertainty)
6 Criteria for Selecting an Effective Outsourced Marketing Partner
- B2B vs. B2C: Effective B2B marketing requires B2B experience and the ability to resonate with business leaders whose challenges, products and services are highly specialized – i.e. marketing time and attendance software to payroll service bureaus. Look for a partner who has both.
- Avoid “Shiny Object Syndrome”: Don’t waste your time with a partner who advocates chasing “likes” – social media can be fun but is not a reliable generator of leads for B2B
- Industry Experience: Look for a seasoned team so you don’t have spend six months training them before they start to produce results
- Demonstrated Track Record: Look for examples of successful B2B lead generation, attractive ROI within a short payback period with references/case studies to back it up
- Marketing Due Diligence: Find a partner who will invest in you – taking the time to identify and understand your obstacles before proposing any solutions
- Don’t Be Their Guinea Pig: Ask for examples that demonstrate experience and success with the work proposed so you’re not the guinea pig – “Sure… we can do that”
How to Generate 300% ROI on Your Marketing Investment
Innovaxis clients typically experience a 300% ROI within the first 18 months of partnering with us, along with the conversion of some low-hanging fruit in the first few months. The cost of our services is typically less than the cost of a single entry-level, full-time marketing employee.