B2B Strategies When Budgets Decrease

by Jason Ogden | Apr 30, 2024

Market fluctuations inevitably lead to budget restrictions. Freezing or reducing marketing budgets is a standard part of the playbook to control expenses when the economic environment is uncertain (we can debate the merits of this approach later). When budgets decrease, companies focus on doing more with less by eliminating waste, focusing on what works best and improving overall efficiency.

What are the most common things B2B companies focus on when budgets are not increasing? 

Attack your Stack

Marketing technology is critical but can be a source of inefficiency. Rigorously assess your current stack. Identify redundant tools, underperforming platforms, or areas where consolidation can save cost without compromising functionality.  

Define or Narrow Your Ideal Customer Profile (ICP)

Laser focus is everything in B2B. Before you spend a dollar, ensure you have a crystal-clear understanding of your ideal customer. This goes beyond basic demographics and firmographics. Dig deep into their pain points, decision-making processes, and the preferred channels where they gather information. Investing time to build your ICP will save you massive amounts in wasted ad spend and inefficient outreach.

Focus on Quality Content

In B2B marketing, content is your most powerful long-term asset.  Not only do you “own it”, but the same content can both get new leads into the funnel and cultivate active deals. Invest in high-value resources like authoritative blog posts, in-depth whitepapers, and informative webinars. These position you as a thought leader and build trust.  Balance with shorter-form, engaging content for social platforms.

Integrate Sales and Marketing

Misalignment between sales and marketing is a classic B2B efficiency killer. Ensure both teams have shared goals, clear definitions of qualified leads, and a seamless handoff process. This closed-loop approach ensures your investment in nurturing leads through the funnel isn’t lost due to miscommunication. Make sure there is centralized information shared between the two teams as each can inform the other and help each other reach their goals.  

Data and Analytics

Don’t make marketing decisions based on gut feelings. Track your results ruthlessly, and course-correct as needed. Understand which channels deliver the most qualified leads at the lowest cost. Regularly refine your strategy based on this data. Data-driven pivots are your key to boosting ROI.

Bigger budgets can fuel future growth but only if they’re well allocated. If you got an extra marketing dollar tomorrow, do you know where you’d allocate it?  

Would you add to existing short-term efforts, do something new, or invest in something longer-term and strategic?  How is your answer informed by what you’ve learned over the past 2 years?