Insights

Gartner defines the sales pipeline as a tool for converting leads into sales. It provides sales leaders with a visual representation of the different stages of the sales process, such as the point at which a prospect becomes a qualified lead, or when salespeople should follow up with a lead.

Because every company’s sales pipeline is different, depending on internal factors and their business sector, designing and building a reliable and predictable pipeline requires much client research and the ongoing crunching of data. The stages of your sales pipeline should match your prospects’ buying journey to help you effectively track their progress and predict revenue.

Over the last few decades, with the advent of the digital era, this B2B buying journey has become more complex. It has given rise to several new stages in the buying process that have influenced identifying business needs, researching solutions, and evaluating and analyzing options before making a final decision. As B2B marketing evolves, it has been witnessed, in certain respects, to be shifting toward aligning with elements of the B2C consumer experience. However, one aspect that still clearly distinguishes B2B from B2C is the buying process. In B2B, it typically involves an entire buying group, ratherthan a single purchasing decision maker.

According to Gartner (2019), a B2B buying committee can consist of six to ten such decision makers. Buying groups and their processes are a key contributor to a more sophisticated and complex buying journey and a longer B2B sales cycle.

Economic downturns pose umpteen challenges for every business. Recession is no time to panic, but it is time to be open to making strategic changes and improvements in your company, avoiding any missteps so it can withstand the downturn.

Two of the biggest mistakes marketers can make are to continue business as usual and 

cut back drastically on their marketing activities. Both of these are short-sighted reactions that lead to missed opportunities.

In periods of economic downturn, armed with intelligence brought by internal research and data analysis, companies and their marketers should rapidly make any appropriate shifts to strengthen their position, drop counterproductive activities, and double down on what works.

As of the writing of this paper, many global brands and start-ups alike have made the decision to cut budgets and lay off staff. It’s highly likely we are in a global recession, albeit one that is asymmetrical across business sectors. This is supported by the opinion expressed in The World Economic Forum’s Chief Economists Outlook that explores many of the key forces currently driving the global economy and disturbing the lives of people and businesses across the world. In the absence of contingency planning, recession fears can create a self-fulfilling prophecy.

Reacting on the fly, companies can feel compelled to act in ways that are counterproductive to their survival and long-term success. Whether it be making steep cuts to marketing budgets, or retaining a business-as-usual approach, which is the equivalent of sticking one’s head in the sand, companies that fail to adjust to the new landscape, risk entrenching revenue hardships that will stifle business growth long after the recession ends.

Demand generation is the backbone of any successful marketing strategy. Yet, despite its importance, 61% of marketers have indicated that generating traffic and leads is their top challenge. Today’s current economic uncertainty may well exacerbate this problem; particularly as fewer companies appear willing to adequately invest in marketing.

It is not surprising to learn then that 80% of new leads never make a purchase of any kind and, on average, only 50% of qualified leads that companies have on record are ready to buy (Marketo). The good news is that these results can be improved upon through consistently always-on, thoughtful, and consistent nurturing practices.

Successful lead nurturing serves to provide relevant content to sales prospects. This is designed to encourage them to move forward from the brand awareness stage by answering questions that are holding them back from committing to make a purchase. Simply put, its goal is to drive conversions by motivating prospects to buy.

Moreover, while traditional lead nurturing has certainly proven effective over time, we believe an even more beneficial view is one of interacting to form strong, long-lasting bonds with prospective clients, even after they have made a purchase. 

Why? Because, the stronger the trust, the more they’ll advocate for your brand and your products.