MarketStar Blog

A Forbes survey on corporate executives and video usage revealed that 75% of all executives claimed watching work-related videos on business websites at least once a week, and more than 50% claimed that YouTube was the most popular video search engine used to watch those videos. As the dependence on video content increases for corporate executives, it has become imperative for B2B marketers to apportion a sizeable budget to video marketing initiatives.  

We understand that jumping onto the video marketing bandwagon can be a daunting task, and we are here to ease the transition by providing some actionable tips on elements that make up a successful video marketing plan. If you have in fact already started your video marketing campaigns, this check-list will help you determine if any aspects are missing from your plan.  

Here are the most important aspects of a video marketing plan: 

Who wouldn’t want to be in the top three results of search engines and attract organic traffic in the form of qualified visitors to their website? But, unfortunately this is not always possible if you only rely on your search engine optimization (SEO) efforts only. To ensure that your website attracts a substantial amount of traffic at all times, it is important that along with SEO, you also devote resources to paid search ads.  

Event marketing is a tried and tested method for marketers to build brands, promote products, generate leads and enlighten customers. That said, successful event marketing is about maximizing event ROI. 

Key Takeaways

• The technology and tools you use in your sales stack can directly impact your sales and the deals you close 

• A sales tech stack provides a deep understanding and intelligence about your customers and helps deliver amazing customer support 

• The sales stack tools should be wisely selected to enable you to structure, digitize, and speed up your revenue growth 

• Build a sales stack that functions inside the system you already have 

Are you using an outdated CRM that isn’t user-friendly? Are you struggling to keep track of your leads/prospects? Is your productivity suffering as a result?  

Switching to a new CRM with improved features and leveraging new tools & technologies can help things take off for your business. 

Today, sales professionals constantly look for ways to improve their performance, and the right sales stack can make a difference. If you’re not using technology to back your sales process, you’re probably missing the boat to increasing your sales and success rate. 

What is a Sales Stack?

A sales stack is a collection of software tools and technologies that a sales team uses to manage all the sales processes – from generating leads and storing contact details to building proposals and supporting customers. 

Sales stacks can also help accelerate sales productivity and help close deals faster. It helps your team be more efficient by providing them with relevant data and insights. It can include CRM, email marketing platforms, sales intelligence, and automation tools. 

Before building a sales technology stack for your team, you need to consider three important aspects: 

Evaluate the Tools You Are Currently Using

Just because a few tools offer more features doesn’t mean all those features are right for your business. Evaluate the tools you’re currently using and eliminate the ones that aren’t serving you. 

Identify Your Pain Points

It is critical to figure out where your prospects are dropping off in the sales pipeline as well as identify the challenges you’re facing in communicating with your team members & customers.

Sales tools, today, offer features that can help you spot the exact pain point, and once you identify them, there’s a higher chance of deriving a solution that can help you. 

Ensure New Tools Can Be Integrated Easily

New software can add value to your business any day.

However, if your existing software is not compatible with the latest sales tools, it is time to update your software. Find tools compatible with the programs you are currently using to make the integration easier. 

How to Build a Sales Tech Stack for Your Team?

Every sales team needs a sales tech stack to perform efficiently, but building it isn’t just about purchasing some of the latest tools – it’s a bit more detailed.

Building the sales tech stack around the existing sales process is essential. The software you purchase should turn the sales process that’s already in place into something more effective and productive.

Before adding new tools to your sales stack, ensure that your sales process is clearly defined.

Why Does Your Business Need a Sales Tech Stack?

Here are a few advantages of having a sales tech stack in your business. 

• Sales tools have splendid features that can help you understand how leads respond at different touchpoints of the sales funnel. This makes it possible for your business to push more leads to the final stage of the funnel. 

• Managing deals and sales can become monotonous and time-consuming if you don’t have cold email software. Adding a new-gen email outreach tool to your sales stack can get your emails automated and ensure a top-class email deliverability rate for your campaigns.

•  Sales stack tools have AI capabilities that provide data and insights on the overall sales performance. This gives you the correct information to improve customer experience. 

• The tools allow brands to use data to identify and fix their customer’s pain points, strengthen the sales team’s weaknesses, and improve business. 

The Top 7 Technology Solutions to Include in Your Sales Tech Stack

1. Gong

Gong is a leading revenue intelligence platform for B2B sales teams to help close more deals.

It is best for sales professionals looking to drive up the effectiveness of their sales conversations. It records, transcribes, evaluates, and analyzes all sales calls so you can drive sales effectiveness across your team.

Gong provides proactive guidance, helps onboard new hires quickly, and provides collective reality, and real-time insights. 

2. Intercom

Intercom is a customer interaction tool that helps track customers using your website or product. It enables you to communicate with them with personalized messages and conversational support.  

Intercom helps you identify who your potential customers are and what they do. It converts leads into customers, engages, and provides self-service support to your potential customers. 

Some of the key features of Intercom include: live chat support, targeted messaging, business messenger, app integration, and more. 

3. Salesloft

Salesloft is a sales engagement platform built for sales, marketing, and customer success teams.

It integrates with Gmail and Outlook to help B2B sales teams close more deals. This tool helps identify transaction process gaps and prevents deals from falling through the cracks.

Salesloft boasts a list of features, and the top ones include cadences, sales email templates, CRM sync, calendaring, and analytics & reporting.

4. ZoomInfo

ZoomInfo is a B2B intelligence tool for sales and marketing teams. It helps your sales team identify clients that are a good fit for your service/product.

ZoomInfo improves your sales team’s efficiency by discovering new information about B2B companies. The tool can help you with website visitor tracking, contact tracking, digital advertising, identifying & research, and connecting & engage.

5.Leadfeeder 

Leadfeeder is a B2B website tracking software that helps sales teams track companies that visit your website, how they arrived, and their activities on your website. It also enables you to understand your prospects better and monitor your potential customers. 

Users that visit your website are more likely to be interested in your product/service. Keep those ready-to-buy prospects in the loop with Leadfeeder. It offers CRM integration, record tracking, custom feeds, ready-to-buy leads, and more.

6. LinkedIn Sales Navigator

LinkedIn Sales Navigator should be your first choice if you’re looking to boost your LinkedIn selling strategy.

This native LinkedIn tool is a set of subscription-based offerings designed to help sales professionals identify prospects on LinkedIn, receive alerts, and request prospects’ info through shared connections.

The Sales Navigator provides access to an extensive list of users who’ve viewed your profile, real-time updates about your prospects, and InMail messages.

7. Groove

Groove is a cloud-based sales engagement tool for SMBs to improve the effectiveness of their sales processes.

It manages and optimizes time-consuming processes like appointment scheduling, email tracking, event recording, etc.

Groove offers several features, including API integrations, precise reports, live chat, and email templates, to name a few.

Conclusion

What have we learned so far?

First, your sales stack includes tech tools that help optimize your sales operations process and improve your team’s productivity.

Second, the benefits of having a sales stack and the different aspects you need to look for in a sales technology stack.

And finally, we learned about the top sales stack tools you need in your business to narrow your deals faster. 

Key Insights

• On-demand delivery services are slowly becoming a part of everyday life, with half the urban population expecting same-day deliveries

• While such a model has innumerable benefits for businesses, it does come with its own set of challenges

• The inability to identify and properly address such challenges is one of the reasons why on-demand operations fail

• Any business looking to establish or grow its on-demand offerings must ensure that they are in tune with its current and future projections. They must weigh the pros and cons of such a model before putting a plan in motion

It’s 2022 and it has never been easier for customers to get what you want with just a few clicks. From a cup of coffee to a slice of pizza to a ride to a concert, there’s an app for everything. 

Needless to say, on-demand delivery services are booming. 

Websites and application-based digital platforms are major drivers of its rapid growth. A report by Statista highlights how the revenue from platform-to-consumer delivery is expected to reach US$96,864 million by 2024. 

Technological innovations are not the only drivers. 

Evolving customer expectations, the need for instant gratification, convenience, cost-efficiency, and the emerging gig economy markets are all playing an integral role in its boom.

With on-demand delivery services witnessing a rapid uptick among business owners, it is also vital to understand how such a business model can play a pivotal role in improving customer experience.

Hop on the Ride or Be Left Behind

One of the finest examples of a company nailing the on-demand service model is Instacart.

The American company revolutionized the grocery shopping industry by bringing groceries right to the customer’s doorstep. Instacart’s partnerships with big names such as Whole Foods, Costco, and others went a long way in piloting the company towards success.

Instacart’s tremendous success can be attributed to its focus on omnichannel to close the customer experience gap. This is also a leading reason why more and more businesses are making an on-demand delivery service model their first choice for a business model.

There are several opportunities to enhance the customer experience with an on-demand delivery business model. 

1. Customer Base: Compared to traditional brick-and-mortar outlets, on-demand delivery services help brands to reach out to a larger customer base, spanning both local and international locations.  

2. Access to Customer Insights: On-demand delivery services leverage advanced technologies such as Artificial Intelligence (AI) and Machine Learning (ML) to better understand the buying patterns of your customers. Consequently, this improves the chances of upselling and cross-selling products.

3. Customer Loyalty: More than 57% of respondents in the 2021 Loyalty Barometer Report by Merkle said they stayed loyal to a brand despite the events of 2020. Tech-savvy brands that are taking advantage of logistic tools to enhance customer experience and provide personalization are benefiting from a customer base who act as brand advocates.

4. Reduced Manual Dependencies: Speed and the ability to ensure quick turnaround time are important facets of an on-demand delivery service model. This requires the automation of manual delivery processes. These include delivery scheduling, task allocation, route planning, roster management, and dispatching.

What are the Biggest Challenges in On-demand Delivery Services?

It is always a good idea to keep up with changing market dynamics. However, some businesses may find it a daunting exercise to identify the challenges of an on-demand delivery service model.

While it is difficult to start something new and capitalize on opportunities, understanding the obstacles can help you find ways to resolve them.

1. Inventory Management

A report by Statista highlights that 56% of global retailers experienced moderate disruption in their supply chain in 2020, while 12% faced heavy collapse. 

With the global supply chain making a brand-new start, it is vital for manufacturers to re-architect an existing business model towards an on-demand delivery service app to stay afloat. 

Addressing such challenges in customer experience means designing effective, resilient strategies by investing analytics in the supply chain management system. 

2. Real-Time Visibility

Customers want to see prices for various fulfillment options at checkout as well as view order progress in real-time.

Logistic providers require visibility into contracted fleets to ensure that Service Level Agreements (SLA) between shippers and consignees are being met. Similarly, retailers need visibility into not just inventory, but also how customers are interacting with the brand.

As challenging as it may seem, this instant, granular level of visibility across stakeholders requires reliable integration between systems as well as effective information sync, so that the data is easily digestible at any point.

Many names in e-commerce fulfillment have achieved this level of visibility in order to close the customer experience gaps. Think of Amazon, FedEx, and Walmart. 

3. Fitting In

Consumer behaviors have changed since the pandemic disrupted industries across every sector. 

Today, people rely heavily on new online shopping experiences. 

In fact, 60-70% of consumers are shopping in an omnichannel way with social media becoming a new form of window shopping, according to a McKinsey research. 

We also see a focus on value-based purchasing, convenience, and availability. Where to shop, the quality of products and the purpose of purchasing have all become the drivers of consumer decision-making. 

To compete in such market dynamics, brands can find a better fit for themselves through an on-demand delivery service model.

4. Automation, All the Way

A leading issue with the on-demand delivery model is that there is a very short period between when customers place their orders and when those orders are sent out.

With over 27% of shoppers abandoning their carts when delivery options are not fast enough, there is little room for errors with on-demand delivery.

Such services work when all processes have been automated to be completely seamless and on time. Solving CX challenges in on-demand delivery, along with adopting a mobile-first CX strategy, will be successful with the automation of logistics. 

5.Competitive Market

Despite the clear wins, the on-demand delivery service model is not suitable for every industry and geography.

You should carefully select your niche based on factors such as your expertise, tech background, users’ needs, budget, and legislative and regulatory framework.

Additionally, the model that you deem fit for your business might require tweaks, now and then.

Starbucks is a fine example of this approach.

The Seattle-based company changed its reward program to enable people to earn points through payment methods. Previously, this was only possible through the Starbucks card. And it paid off. The company’s active member base increased to a record 21.8 million in Q1’21.

6. Maintaining Customer Satisfaction

A Mckinsey report shows that over 60% of US consumers have experienced out-of-stock items in the last three months of 2021. When this happened, only 13% waited for items to be restocked. 

To stay in demand, brands should reconsider their offerings. 

A strong brand image and corporate reputation will go a long way in creating a credible online environment where your customers will be more inclined to keep coming back. 

7. Third-Party Delivery Services 

On-demand delivery service means the ability to meet customer demand, irrespective of the time or day. 

Addressing CX challenges in this model requires you to react quickly to customer needs. This is where third-party delivery solutions come in. 

Adding third-party delivery solutions to your existing fleet management tools will help you optimize your on-demand deliveries, enhance brand awareness, and help you deliver a stellar customer experience while keeping customer satisfaction on a high note. 

8. Enhanced Customer Communication

With customer expectations at an all-time high, businesses must put customers at the heart of what they do.

The success of an on-demand delivery service also depends on how well you relay messages to the customer. Delivery apps can give your customers different levels of visibility into their order’s status and location.

Additionally, look for solutions that can push notifications to customers when their orders leave the warehouse or to the store when they arrive.

It’s All About Convenience

The success of any on-demand delivery service can define the value of a brand. 

Personalization, convenience, and good performance, mixed with a dash of strong branding, will help you not only close the customer experience gap but also enable you to win repeat customers. 

This is the second installment in our series on Unique Challenges where we look into the hurdles faced by businesses in different industries and their game-changing impact on business growth.

Key Points

• Diversification and personalization are critical to sales pipeline management because they allow businesses to cater to the unique needs and preferences of individual customers. 

• Diversification is key to reducing risk and increasing stability in your sales pipeline. Personalization is essential for building strong relationships with potential customers and improving conversion rates.

• Balancing diversification and personalization require careful planning and strategy. 

Introduction

Sales pipeline management is a critical component of any successful sales strategy, as it involves managing the various stages of the sales process to ensure a steady flow of leads and conversions. However, in today’s highly competitive business landscape, simply having a sales pipeline is not enough to guarantee success. To truly thrive and stay ahead of the competition, it is essential to incorporate two key elements into your sales pipeline management approach: diversification and personalization. 

Diversification refers to expanding the sales pipeline beyond traditional channels and tactics, such as experimenting with new marketing channels or partnering with other businesses to reach new markets and customers.

On the other hand, personalization involves tailoring the sales approach to individual customers’ unique needs and preferences. This can be achieved by customizing the sales pitch to address specific customer pain points or concerns, providing personalized recommendations or solutions, or building stronger customer relationships through ongoing communication and engagement. 

Incorporating diversification and personalization into the sales pipeline management approach can help businesses build a more robust, effective, and profitable sales strategy. Constantly seeking out new opportunities and customizing the approach to each customer can help businesses achieve their sales targets and drive long-term success. 

In this blog, we will explore the importance of these two factors in sales pipeline management, and how they can help you build a more robust, effective, and profitable sales strategy. 

Section 1: Diversification In Sales Pipeline Management

Diversification is a critical aspect of sales pipeline management, as it helps businesses avoid relying too heavily on any channel or approach to sales. By exploring different outreach methods and engaging with prospects at different stages of the funnel, businesses can reach a wider audience and maximize their potential for conversions. 

Diversification can take many forms, from utilizing social media and content marketing to targeted email campaigns and personalized outreach. By incorporating these different tactics into their sales pipeline, businesses can more effectively respond to changing market conditions and customer needs while reducing their overall risk. 62%1 of sales professionals believe that Instagram is an effective platform for businesses. LinkedIn is reportedly the go-to platform for businesses to look for prospects. 

Additionally, diversification can help businesses optimize their resource allocation by identifying which channels and approaches are most effective at each funnel stage. Overall, diversification is a crucial component of a successful sales pipeline, enabling businesses to build stronger relationships with prospects, improve their chances of conversion, and ultimately drive more revenue.

How can businesses benefit from diversification?

Minimizing risk:

By diversifying the sales pipeline, businesses can reduce their dependence on a single source of leads or conversions. This reduces the risk of losing business in case of a change in the market, customer preferences, or other external factors that can impact sales.

Accessing new markets:

Diversification can help businesses tap into new markets or customer segments that they may not have reached through traditional channels. This can help them expand their customer base and revenue streams.

Improving brand awareness:

By exploring new marketing channels or partnering with other businesses, businesses can increase their brand awareness and reach a wider audience. 

Increasing revenue potential:

By diversifying the sales pipeline, businesses can increase their chances of success by tapping into new opportunities and revenue streams. This can help them achieve their revenue targets and drive long-term growth. 

Strategies for achieving diversification include

Conduct market research

Before exploring new channels or partnerships, businesses should conduct market research to understand the needs and preferences of potential customers. This can help them identify new markets or customer segments to target. Businesses should also analyze data from their existing customers to identify trends and patterns that can inform their sales strategy. 

Explore new marketing channels

Businesses can diversify their sales pipeline by experimenting with different marketing channels, such as social media, email marketing, content marketing, or paid advertising. They can test different channels to determine which ones work best for their business. They can also tailor their messaging and approach to suit the channel and the target audience. 

Partner with other businesses

Businesses can diversify their sales pipeline by experimenting with different marketing channels, such as social media, email marketing, content marketing, or paid advertising. They can test different channels to determine which ones work best for their business. They can also tailor their messaging and approach to suit the channel and the target audience. 

Leverage new technologies

Adopting new technologies, such as chatbots, AI-powered tools, or virtual reality, can help businesses engage with customers in new ways and enhance the customer experience. For example, they can use chatbots to provide 24/7 customer support or virtual reality to offer immersive product experiences. Businesses should stay up-to-date with emerging technologies and assess how they can add value to their sales pipeline. 

Section 2: Personalization In Sales Pipeline Management 

Personalization involves directing sales in tandem with individual customers’ specific needs and preferences. This can include using data to identify key pain points or interests, creating targeted marketing messages, and offering personalized solutions and recommendations. 80%2 of consumers prefer a brand that personalized the pre-sale and sale experience.

Personalization is important in sales pipeline management because they help to increase the efficiency and effectiveness of sales efforts. By using a range of strategies and approaches tailored to individual customers, sales teams can maximize chances of converting leads into sales and maximizing revenue. 

How can businesses benefit from Personalization? 

Increased customer loyalty

Personalization helps businesses create a more meaningful and personalized customer experience. This, in turn, can lead to increased customer loyalty and repeat business. Customers are more likely to return to a business that understands their specific needs and preferences and provides tailored solutions to meet those needs.

Higher conversion rates

Personalization can also lead to higher conversion rates. By tailoring their approach to each customer, businesses can provide more relevant and compelling offers that are more likely to result in a sale. Customers are also more likely to engage with businesses that offer personalized recommendations or solutions, leading to higher conversion rates.

Improved customer satisfaction

Personalization can improve customer satisfaction by providing a more seamless and enjoyable experience. Businesses can address specific pain points or concerns by tailoring their approach to each customer, resulting in a better overall customer experience. Customers are more likely to be satisfied with a business that provides personalized solutions that meet their needs. 

Better customer insights

Personalization can also help businesses gather better customer insights. By collecting and analyzing data on customer behavior, preferences, and needs, businesses can gain valuable insights into improving their products, services, and overall customer experience. This, in turn, can lead to better business decisions and increased revenue.

Competitive advantage

Personalization can give businesses a competitive advantage by setting them apart from their competitors. By providing a more personalized and tailored experience, businesses can differentiate themselves and create a stronger brand identity. Customers are more likely to choose a business that provides a personalized experience over a generic one, leading to a competitive advantage. 

Strategies for achieving Personalization include

Collect and analyze customer data

To provide a personalized experience, businesses need to collect and analyze data on their customer’s behavior, preferences, and needs. This can include their purchasing history, browsing behavior, social media activity, and demographic information. By using this data to understand each customer’s unique needs and interests, businesses can tailor their approach to provide more relevant and compelling offers. 

Segment your audience

Segmenting your audience involves dividing your customer base into smaller groups based on shared characteristics, such as age, location, or interests. By doing this, businesses can provide more targeted messaging and offers to each group. This can lead to higher engagement and conversion rates. 

Use personalization tools and technologies

Many tools and technologies are available to help businesses personalize their approach. This can include email marketing platforms that allow businesses to send targeted and personalized messages to specific audience segments. It can also include AI-powered chatbots that provide real-time personalized recommendations and solutions to customers.

Leverage social media

Social media platforms provide rich data and insights into customer behavior and preferences. Businesses can gain valuable insights into their customers’ needs and interests by monitoring and analyzing social media activity. They can then use this information to tailor their approach and provide more personalized experiences. 

Provide exceptional customer service

Providing exceptional customer service is key to achieving personalization. Businesses can build stronger customer relationships by listening to customers, understanding their needs and concerns, and providing tailored solutions. This can increase loyalty, repeat business, and positive word-of-mouth referrals. 

Section 3: The Synergy Between Diversification And Personalization 

To keep their sales pipeline healthy, diversifying marketing channels is as important as personalizing communication with every lead. Data shows that 70% of customers are loyal if their brands understand their needs and communicate via social media, for example.

The synergy between diversification and personalization lies in their ability to work together to create a cohesive and effective sales pipeline management approach. Businesses can cast a wider net and reach a larger audience by diversifying their marketing channels and tactics. But by personalizing their messaging and approach to each lead, they can ensure that their message resonates and that they can build a stronger connection with each customer.

For example, a business might use social media advertising to attract many potential leads. But to convert those leads into customers, they might need to follow up with personalized email campaigns or phone calls that address each lead’s unique needs and interests. By combining diversification and personalization in this way, businesses can maximize the impact of their marketing efforts and drive more conversions over time. 

Diversification and personalization are complementary approaches to sales pipeline management that can be combined for greater effectiveness. Businesses can create a cohesive and effective sales pipeline that drives long-term success by using a diversified marketing approach and tailoring their messaging and approach to each individual lead.

Diversification can help expand the scope and impact of personalized approaches in the following ways: 

Access to new markets and customers

Diversification can provide businesses with access to new markets and customers that they may not have reached otherwise. By expanding their sales channels and tactics, businesses can identify new segments of customers and provide personalized approaches to meet their unique needs and preferences. 

Reducing reliance on a single source of leads 

By diversifying their sales channels, businesses can reduce their dependence on a single source of leads, which can be risky. If that source of leads dries up, it can leave businesses struggling to generate new business. Diversification can help spread the risk and give businesses more opportunities to connect with customers and provide personalized experiences. 

Tailoring personalized approaches to specific channels 

Diversification can help businesses tailor their personalized approaches to specific channels. For example, social media platforms may require a different approach to email marketing. By diversifying their channels and understanding each channel’s unique needs and preferences, businesses can provide more effective and personalized approaches to their customers. 

Increased customer engagement and loyalty 

Personalization can lead to increased customer engagement and loyalty, ultimately resulting in increased revenue. Businesses can build stronger customer relationships by understanding each customer’s unique needs and preferences and providing tailored solutions. Diversification can help amplify the impact of personalized approaches by providing businesses with more opportunities to connect with customers.

Section 4: Best Practices for Achieving Diversification and Personalization in Sales Pipeline Management 

Achieving diversification and personalization in sales pipeline management is crucial to the success of any business. By understanding and catering to the unique needs and preferences of individual customers, companies can improve customer loyalty, increase sales, and grow their business.

Here are some actionable tips for achieving diversification and personalization in sales pipeline management:

Identify your target audience

Before diversifying and personalizing your sales pipeline, you need to understand your target audience. This includes demographic information, pain points, and preferred communication channels.

Diversify your lead generation channels

To reduce risk and increase stability, it’s important to diversify your lead generation channels. This might include social media advertising, content marketing, email campaigns, events and trade shows, referral programs, and other tactics.

Personalize your sales messaging

To build strong relationships with potential customers, it’s essential to personalize your sales messaging. This might include addressing them by name, referencing their pain points, and tailoring your approach to their preferred communication style.

Use technology to streamline personalization

Technology can be a powerful tool for streamlining personalization in your sales pipeline. This might include using customer relationship management (CRM) software to track customer interactions and preferences or marketing automation tools to deliver personalized content and messaging. 

Continuously evaluate and adjust your approach

Diversification and personalization are not one-time efforts, but ongoing processes that require continual evaluation and adjustment. Monitor your performance data and customer feedback and be willing to change your approach as needed. 

Conclusion

In conclusion, diversification and personalization are critical components of effective sales pipeline management. Diversifying your lead generation channels and tailoring your sales messaging to the specific needs and preferences of each prospect can reduce risk, increase stability, and build strong relationships with potential customers. By following best practices such as identifying your target audience, using technology to streamline personalization, and continuously evaluating and adjusting your approach, you can create a sales pipeline that is both diversified and personalized, maximizing your chances of success and driving long-term growth for your business. 

To learn more about how MarketStar can help you achieve these goals and optimize your sales pipeline management strategy, visit our website or contact us today. Let us help you take your sales pipeline management to the next level.

The current B2B terrain is an ever-shifting labyrinth, and the onus is on us to adapt or get left behind. A strategy that has emerged as imperative to achieving this is the avenue of collaborative growth through partner channels. This approach not only enhances operational efficiency but also acts as a driving force for revenue growth, allowing us to generate increased returns.

Don’t just take our word for it.

Almost 60% of respondents in the "2023 Channel Partner Marketing Benchmark Survey" anticipated that partner-generated revenue would climb more than 10% this year, while just under a quarter predicted more than 20% gains. Partner channels can serve as gateways to new horizons, enabling businesses to tap into previously unexplored markets and access specialized resources.

This isn't just about broadening reach; it's about forging connections that redefine industry dynamics through mutual growth and innovation. As we navigate this blog, we delve deep into current trends, benefits, challenges, and the power of outsourcing within the realm of partner channels.

The Power of Collaboration: Advantages of Partner Channels

Crafting a partner channel program isn't merely a strategic maneuver; it's a pathway to accelerated growth. A McKinsey article forecasts that by 2025, numerous sectors will transform into expansive partner ecosystems, potentially fueling a $60 trillion economy. Beyond boosting sales and revenue, this approach expedites product time-to-market, harnessing established market channels and consumer demand.

This collaborative strategy widens reach and bolsters awareness, enabling businesses to penetrate new markets and tap into once-inaccessible customer segments. Notably, Zoom’s partner network drove 20% of its international business bookings. Moreover, partners' expertise enhances a company's capacity to navigate intricate terrain, leveraging their insights for more potent strategies.

Partner channels offer shared resources, granting access to tools, technologies, and capabilities otherwise challenging to attain. Leveraging a partner's established network provides a competitive edge, facilitating swift market entry and brand recognition. Ultimately, this translates into elevated customer satisfaction; as per the 2023 State of the Partner Ecosystem report, deals involving partners are 53% more likely to close.

Partner Channel Success: Emerging Trends and Insights

95% of Microsoft's commercial revenue comes through its partners. While partner channels present a potent avenue for growth, harnessing their full potential hinges on meticulous planning and execution. It's paramount to align with prevailing trends and strategies, enriching your comprehension and refining your strategic stance. Drawing from compelling data spotlighting the pivotal role of partnerships in achieving success, let's delve into current trends:

1. Elevate Enablement Programs: Bolstering partner capabilities through channel partner enablement programs takes center stage. This involves crafting a partner enablement strategy to provide partners with the tools, resources, and training necessary to effectively market, sell, and support products and services. By equipping them with vital skills, you empower them to thrive in today's competitive market.

2. Build Effective CPM Strategies: A growing trend is the use of robust Channel Partner Management (CPM) strategies. Clear communication, well-defined performance metrics, target setting, and partner contribution monitoring are essential for effective partner sales management. This streamlines partner performance tracking and supports partners in achieving their established goals.

3. Harness Channel Revenue Solutions: There is a growing recognition of the value of ROIs derived from partner channel revenue. Revenue enablement allows you to track partner-contributed sales, and related costs, margins, and metrics. You can glean profound insights into refining your channel revenue strategies, identifying high-performing partnerships, and optimizing resource allocation.

4. Cultivate Personalized Partnerships: Personalization extends beyond customer interactions; it's paramount in partner relationships too. Tailoring engagement models, integrating incentives, or fostering reward programs are avenues to explore. Recognizing partners' unique strengths and aligning with their objectives fosters profound engagement, robust connections, and mutual prosperity.

5. Expand Your Partner Ecosystem: At the forefront is the exponential expansion of partner ecosystems, transcending traditional boundaries. Enterprises are venturing into diverse partnerships, leveraging the cumulative expertise of networks for distinctive benefits. This strategic approach enables you to tap into new markets and opportunities efficiently and innovatively.

The Different Facets of Partner Channel: Navigating Challenges

While the allure of partner channels is undeniable, they come with their fair share of challenges. Statistics reveal that a staggering 60-65% of strategic partnerships falter, often due to issues as basic as miscommunication or misaligned objectives. Despite acknowledging the worth of partner channels, approximately 73% of marketers find their management a substantial challenge, primarily due to collaboration inefficiencies.

Protecting brand reputation is another pain point. Maintaining consistent messaging and quality among partners is crucial for how a brand is perceived and presented to the market. Ensuring accountability and engagement poses a hurdle, as keeping partners dedicated and actively involved in joint endeavors can be demanding. A previous Accenture study unveiled that 84% of channel leaders lack clear insight into their partners' opportunity pipelines. 

Key Takeaways 

• According to Investopedia, markets tend to go south every seven years 

• Invest in training your team, review your sales process and diversify your customer base during a recession 

• During a recession, ensure that you use this time to train and upgrade your employees’ skills by increasing their training schedule 

• How you manage through a recession can help you position your business and your team ahead of the competition 

The current global economic conditions have presented challenges for businesses of all sizes. And sales teams are no exception – they are feeling the pinch as customers are cutting back on spending.

In a recession, businesses typically focus on cost-cutting measures, which can lead to reduced budgets for sales teams. In addition, customers may be reluctant to make large purchases during a recession.

As a result, sales team leaders need to be adaptable and strategic in their approach to sales and motivate their team through this phase.

Leading a sales team in a recession requires a different approach than in boom times. This article will discuss some key strategies for leading a sales team in a downturn, including keeping your team motivated and focused on achieving goals.

Recession-Proof Your Sales Team 

The global economy is in flux, and it’s hard to predict what will happen next. As a business owner or sales leader, it’s important to be prepared for anything.

The first step is to assess your team’s strengths and weaknesses. Are they good at generating leads? Do they close deals effectively? Are they able to weather economic downturns? Identifying your team’s strengths and weaknesses will help determine where to focus your efforts.

Once you know where your team needs to improve, you can start taking steps to make them more resilient. For example, you can provide training on how to generate leads in a down market. You can also give them tools and resources to help them close deals more effectively.

No matter what the economic conditions are, your sales team needs to be able to generate revenue for your company.

Here are a few tips on how to recession-proof your sales team and keep them performing at their best: 

• Diversify Your Customer Base: Make sure your sales team is reaching out to various customers, both in terms of industry and geography. This way, if one sector is struggling, you can rely on others to keep your business afloat. 

• Invest in Training & Development: Keep your sales team sharp by investing in their training and development. This will help them stay ahead of the competition and keep selling even during tough times. 

• Review Your Sales Process: Take a close look at your sales operations structure and see if any areas can be improved. Sometimes, small changes can make a big difference in the overall performance.

Top 5 Strategies for Leading a Sales Team During a Recession 

It’s no secret that the economy is in a slump right now. Most businesses are struggling to keep their head above water – a pressure most sales teams are feeling. 

Global growth is forecast to slow from 6.0 per cent in 2021 to 2.7 per cent in 2023. This is the weakest growth profile since 2001, except for the global financial crisis and the acute phase of the COVID-19 pandemic in 2020. 

If you’re a sales leader, it’s important to be strategic in managing your team during this difficult time. Here are the top five strategies for leading a sales team through a recession: 

1. Stay Close to Your Sales Team 

In challenging economic times, staying close to your team is more important than ever.

As budgets are cut, and consumers are more cautious with their spending, your sales team will be under pressure to deliver results.

There are a few things you can do to support your sales team during a recession: 

• Provide them with the resources they need to be successful 

• Help them understand the changes in the market 

• Keep them motivated and focused on their goals 

By staying close to your sales team and providing them with the support they need, you can help them come out of the recession stronger than ever and grow your sales. 

2. Add Quick-Hit Incentives 

Employers should consider adding more quick-hit incentives to increase employee productivity during a recession. 

Quick-hit incentives are small immediate rewards employees can earn for completing tasks or reaching goals. These incentives can be in the form of cash, gift cards, extra vacation days, or anything that would be meaningful to employees. 

Quick-hit incentives are a great way to motivate employees and boost productivity during tough economic times. By offering these incentives, employers can show their employees that they are appreciated and valued and that their hard work is not going unnoticed. 

3. Communicate More Often 

When a recession hits, keeping the lines of communication open with your team is essential.

During tough economic times, your team may feel the financial pinch and be worried about their job security. As a leader, it’s your job to assuage these fears and reassure your team that they are still valued, company members.

There are a few ways you can keep the lines of communication open with your team during a recession: 

• Make sure you regularly share information about the company’s state and economy. This will help your team understand the reasons behind any changes in company policy or direction. 

• Keep your door open for questions and concerns. Make yourself available to your team so they can come to you with any worries. 

• Show your team that you are still committed to their development and hold regular team meetings to discuss the plans for the future. 

4. Celebrate Wins 

Getting caught up in all the doom and gloom of a recession can be easy. But it’s important to remember that during tough times, celebrating your wins is even more important. Doing so can help boost morale and keep your team motivated through tough times. 

So how can you celebrate your wins during a recession? Here are a few ideas: 

• Make a big deal out of small wins. Celebrate every victory, no matter how small. 

• Get creative with your celebrations. If you can’t afford to do anything significant, come up with something fun and unique. 

• Use celebrations as a way to bond with your team. Celebrating together can help create a stronger sense of team spirit. 

What are your favorite ways to celebrate your team’s wins? 

5. Reinforce Your Talent Strategy 

The war for talent is more fierce than ever, and companies need to be strategic in attracting and retaining top talent. During an economic downturn, it’s even more important to have a solid talent strategy.

Companies can do a few key things to bolster their talent strategy during a recession.

First, it’s essential to focus on attracting top talent to help contribute to the company’s bottom line. This means targeting high-performing individuals who fit the company’s culture and values well.

In addition, companies should look for ways to reduce turnover and improve retention. This can be done by offering competitive salaries and benefits and ensuring that employees have a clear path for career growth.

Finally, companies should focus on developing their internal talent pool to have a ready supply of high-performing employees. 

Conclusion 

Recessions are temporary, and growth always follows.

So sales leaders need to maintain a positive attitude, provide clear direction, and focus on things they can control during a recession.

Additionally, sales leaders should consider strategies such as investing in sales training and focusing on customer retention. If you need help developing a sales strategy for your business, contact us today by filling out the form below. 

Key Takeaways

• Over 90% of CFOs believe an economic crisis is inevitable, with around 35% predicting a recession in the next few months.

• During a recession, businesses typically cut costs, reduce prices, and postpone new investments, which is a mistake.

• Centre your plans around high-ROI activities by making data-driven decisions. 

• Conduct a content strategy gap analysis and update your content plans based on your learning.

In 2008, the world economy worsened, and many businesses were left scrambling. Marketing budgets were slashed, and everybody looked for ways to do more with less. 

Some companies adapted and thrived, while others withered away. But what separated the two? The answer lies in their marketing strategy – or lack thereof. 

The companies that continued to invest in marketing and sales initiatives were the ones that came out on top when the recession finally ended in 2009. And the companies that put all their eggs in one basket (i.e. focused on a single channel or tactic) were the ones that suffered the most. 

The lesson learned here is that a diversified marketing strategy is key to surviving a recession. This article will discuss five key marketing strategies to help drive your sales pipeline and maintain growth during tough economic times. 

The Importance of an Effective Marketing Strategy During a Recession

A recession can be a difficult time for businesses.

Sales may decline, and budgets may be tight. But despite the challenges, it’s important to maintain a strong marketing strategy during a recession.

Why is marketing so important during a recession? It can help you overcome challenges by keeping your business in the mind of your customers and prospects, and a well-planned marketing strategy can help you identify new opportunities and target new markets.

Additionally, a recession can be a great time to invest in marketing, as your competition may be cutting back on their efforts.

So, if you’re feeling the effects of a recession, don’t panic. With a right marketing and sales growth strategy, your business can come out of the recession successfully. 

5 Key Marketing Strategies to Drive Sales Pipeline

Companies need to get creative when it comes to marketing during a recession.

Traditional marketing methods may not be as effective during an economic downturn, so it’s important to think outside the box and develop new and creative ways to reach your target audience.

Here are the top five marketing strategies that can help you drive pipeline and keep your business afloat during a recession:  

1. Use Data to Your Advantage

Use data and analytics to understand your target market and what they’re looking for. This will help you create more targeted and effective marketing campaigns.

About 56% of all websites use Google Analytics, which can provide helpful information about your customers.

There are several ways to use data to your advantage during a recession.

For example, you can monitor consumer spending patterns and utilize marketing strategies targeting value-conscious customers.

You can also use data to improve your forecasting and budgeting processes, which can help you make more informed decisions about where to allocate your resources.

2. Consider New Channels

During a recession, businesses need to be strategic about where they allocate their marketing budget.

Many companies will automatically cut their marketing spend, but this can be a mistake. Instead, businesses should consider allocating their marketing budget to new channels that can be more effective during a recession.

For example, look at social media platforms you haven’t used before or try out a new type of advertising. You might be surprised at how well these new channels work for your business.

Of course, you should also continue using the channels that have worked well for you in the past. But feel free to experiment with new marketing channels during a recession.

You might find a new way to reach your target market. Some channels to consider include content marketing, PR, and email marketing. These channels can effectively drive high-quality leads and sales during a recession.

3. Use Your Marketing Budget Wisely

It has yet to be determined when the next recession will hit. But when it does, businesses will need to be more creative with their budgets to stay afloat. There are a few ways to do this.  

Focus on ROI: During a recession, you must be extra careful with your marketing spending. Make sure you invest in marketing strategies that will give you a good return on your investment.

• Be creative: A recession is the perfect time to get creative with your marketing. Consumers will be looking for deals and discounts, so try to think of unique ways to market your products or services. 

• Focus on existing customers: Focus on your most loyal customers. During a recession, it’s especially important to focus on retaining your existing customers.

• Cost cutting: Cut costs where you can. If you need to save money, look for ways to cut costs in your marketing budget without sacrificing quality.

• Generate additional revenue: You can also generate additional revenue during a recession by diversifying your product offerings or finding new ways to sell your existing products. 

4. Have a Fresh Content Strategy

A recession can be the perfect time to revisit and refresh your content strategy. 

With people spending more time at home and online, there is a chance to connect with them in new and meaningful ways. 

But how do you develop a content strategy that is both informative and inspiring during a time of economic hardship? 

Here are a few tips:

• Keep your audience in mind. Who are they, and what do they need from you?

• Be empathetic. Your audience is likely going through a tough time, so ensure your content is respectful and understanding.

• Be helpful. Your content should provide value and help your audience in some way.

• Keep it fresh. People are looking for new and innovative ideas in a recession. If your content is stale, they will move on. 

5. Redefine Lead Nurture

It is more important than ever to consider how we can best nurture our leads during a recession. What worked in the past may be less effective now, so it’s important to re-examine and redefine what lead nurturing means for your business. 

Here are three ways to redefine your lead nurture strategy during a recession:

• Shift your focus from quantity to quality: Instead of attracting as many leads as possible, focus on attracting high-quality leads that are a good fit for your business. Once you have those leads, work on developing relationships with them and providing value. This will nurture those leads and turn them into sales-ready prospects.

• Increase your touchpoints: The more touchpoints you have, the more likely it is that a lead will eventually convert into a customer. You can increase your touchpoints by sending more emails, making more phone calls, or creating more content. The key is to find the right mix of touchpoints that works for your business and your target market.

• Consider your customers’ needs and personalize your approach: Not all leads are created equal. You can have the best product in the world, but you need to personalize your approach to lead nurturing to close the sale. By getting to know your leads and understanding their pain points and needs, you can create a customized plan that ultimately leads to a sale. 

By redefining lead nurturing for your business, you can ensure that you’re making the most of your marketing budget and making the most impactful use of your time. 

Keep Your Business Running

Recessions have significantly impacted the marketing strategies of businesses across industries in the past. 

However, there are still a few key strategies and best practices that companies can use to drive sales pipelines and keep their business running during a recession. If your company is interested in implementing any of these strategies, please get in touch with our experts by filling out the form here.

Key Insights

Gone are the days when adding a person’s first name into a generic email promotion counted as personalization.