Business

3 Reasons to Ramp Up B2B Lead Generation in a Down Economy

Written by admin

Opinions expressed by entrepreneur contributors are their own.

Q4 has just begun, and the pressure is on. You have just under three months left to hit your sales targets to end the year with a bang. But there’s just one problem: Businesses are starting to reach the end of their budgets. They’re tightening up their spending, making them harder to convert.

It’s this time of year when most B2B marketers are winding down their lead generation strategy to take a break from heavy marketing. So, should you do the same? Only if you want to miss your sales goals. While many marketers are winding down for the year, now is your best opportunity to double down on your B2B lead generation strategy.

Related: A Straightforward Guide To Effective B2B Lead Generation

Recession or not, we’re all experiencing difficult economic challenges

There’s been plenty of debate about whether or not we’re in a recession right now. Whether we are or not, we’re all being challenged economically. So, how can you combat this fiscal squeeze? One of your best bets is to increase lead generation efforts.

During difficult economic times, it’s not as easy to generate sales as a whole. Businesses are shrinking back, reducing their spending and closing down shop. The threat of a prolonged economic slump could also cause major challenges in filling pipelines and closing deals in the fourth quarter.

However, just because the economy is unstable, doesn’t mean there aren’t individual winners in the business world. The reality is that 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 intentional about your lead generation strategy. Honey in on your lead generation strategy during hard economic times could be the difference between staying afloat and going under.

Budgetary constraints may make B2B lead gen more competitive and expensive next year

Every year, business budgets begin to hit capacity in Q4 — regardless of the current economic situation. This means executives that may have been easier to close in September will likely require more effort come fall time.

As business executives begin feeling the squeeze of budgetary constraints, sales teams will have to work harder to attract new leads into their sales funnels. When budgets are tight, it requires more of a push from B2B marketing efforts to hit targets.

As 2023 is anticipated to be a recession year, this means it’s likely going to be harder to convert prospects. This also means B2B marketing teams will likely become more competitive to reach these thin wallets. And if the economy continues to shrink, it’s going to get more expensive in the new year to get ahead in the competitive landscape, making it even more important to hone in on lead generation in Q4 of 2022.

Related: Tips to Improve Your Lead Generation Process

Doubling down on B2B lead generation in Q4 can shorten your sales cycle

There are less than 80 days left in 2022. Since the average B2B sales cycle is 102 days long, closing a deal in this time frame can seem like quite a stretch. So, how can you shorten your sales cycle to close deals faster than the 102-day benchmark? The best way is to double down on lead generation. Focusing on digital outbound lead gen like LinkedIn messaging, email marketing and phone calls can help you identify and qualify potential clients faster. By putting in the work now in Q4, not only will you shorten your sales cycle, but you’ll close deals now that would have cost you more time, money and effort in 2023.

How to double down on B2B lead generation in Q4

Now that you’re ready to put all your chips into your lead gen in Q4, what should you do exactly? Remember all those leads you reached out to back in Q2 and Q3? Maybe they weren’t ready to schedule a meeting yet. Well, now’s the time to check back in. Following up with warm prospects at the start of Q4 can be a great way to begin cashing in on your sales pipeline.

If you want to get the most out of your leads, start by reaching out to prospects you contacted earlier in the year. By reaching out to those who are one step down your funnel already, you’ll be saving yourself the time and effort that would have gone into getting that first contact point. Here are four steps to ensure you set your Q4 lead gen strategy up for success:

  1. Create a proper sales system: First, make sure you have a proper system in place to track and follow up with prospects. This could mean using a simple CRM or sales pipeline tool. And if you have a unique sales process, it could mean using a custom-tailored tool.

  2. Engage with leads quickly: Once your system is set up, begin following up with your leads as soon as they express any interest. The sooner you reach out, the better. You have a short window of opportunity to close a sale after you’ve made initial contact with a prospect.

  3. Personalize your messages: When you reach out, remember to personalize your message. Offer something that’s valuable and relevant to your lead’s needs. If you send a generic message, you’re less likely to get a “yes,” let alone a response at all. So, make sure you custom-tailor your messages to each recipient.

  4. Don’t stop following up: Finally, don’t throw in the towel after a single follow-up. According to research by RAIN Sales Training, it takes an average of eight touchpoints to convert a lead. Remember to stay the course. Just be sure you don’t come across as too pushy, or you may risk turning off a potential client entirely.

Related: How to Write Follow-Up Emails That Get Answered

Remember, other marketers might be packing it in for Q4 due to limited budgets and the holidays on their minds. But this is your perfect opportunity to double down on your lead generation efforts to finish the year off on top.

.

About the author

admin

Leave a Comment