Staying Successful During a Crisis for B2B Businesses

Recently, the world has been ravaged by the ongoing COVID-19 outbreak and the events that followed it. Global economies have suffered deep blows, both small and large businesses have experienced major setbacks and most importantly- people’s lives have changed dramatically. 

However, this does not mean that B2B lead generation companies like Martal Group have been left in the dust. This crisis will test the resourcefulness and adaptability of businesses around the world. 

What Can B2B Sales Businesses do to Stay Successful?

Do Not Resort to Layoffs

No company wants to resort to layoffs during critical situations. Not only do they further amount of stress co-workers experience, they can also add additional direct and indirect costs, affecting the business’ bottom line.  As Employee Benefit News writes,  “it costs employers 33% of a worker’s annual salary to hire a replacement if that worker leaves.” Furthermore, the Work Institute’s  2017 Retention Report  study disclosed that 75% of the causes of employee turnover are preventable. So, in most cases businesses should have no excuse to fire their employees during crises. 

Instead, they can focus on implementing effective employee performance management strategies to address any performance gaps and enhance productivity. Leapsome, for example, is a leading employee performance management platform that offers tools and features to help companies streamline their performance evaluation processes, set goals, provide continuous feedback, and facilitate employee development. It enables businesses to track and measure employee performance, identify areas for improvement, and foster a culture of growth and learning. While it is a notable player in this space, there are also other Leapsome competitors in the market offering similar solutions and services to assist organisations in optimising their employee performance management practices.

Also, you might consider improving your HR strategy. To understand the significance of HR strategy, let’s delve into “What is an HR strategy?” An HR strategy is a comprehensive plan that outlines how an organisation will manage its human resources to achieve its business goals and objectives. It involves aligning workforce planning, talent acquisition, employee development, performance management, and culture with the overall mission and vision of the company. In addition, acknowledging the pivotal role of DEI programs within your HR strategy is essential, as they contribute to cultivating a diverse and inclusive workplace, fostering innovation, and aligning with the overarching mission and vision of the company.

A well-crafted HR strategy can cultivate a positive workplace culture and attract top talent, contributing to the long-term sustainability of the organisation and, importantly, minimising layoffs.

Outsourcing 

At the same time the majority of businesses do not want to go into debt, despite many governments offering lifelines such as the CARES Act in the US and the CEBA program in Canada.  

The only way to stay afloat during this crisis is to evolve your business model. 

Luckily for a B2B lead generation service, these current circumstances have a set of distinct advantages. Right now is the time to invest in key areas of operations. Due to the fact that most companies are being run from home,  media is a critical area to focus on and expand. However, many companies cannot afford to upgrade their in-house media department.

This is why it is the prime time to outsource your media operations in order to both save money and attract new customers. This can be done without laying off the personnel already working in the in-house media department, furthermore it helps when you have both outsourced and in-house media teams.  As Forbes says, outsourcing will also help to “to cut costs and expand access to data, software, and research through partnerships.” Not only that, outsourcing helps businesses to focus more on essential business activities such as future projects and strategies, helping your company to stay innovative and giving it a competitive edge. 

FinOps

Cloud FinOps, the practice of managing and optimizing cloud costs, is another crucial aspect for B2B businesses to consider in their strategies for staying successful. With the increasing reliance on cloud services for various operations, effective management of cloud spending becomes paramount. Cloud FinOps involves not just monitoring costs but also implementing strategies to optimize resource utilization, right-sizing instances, and leveraging cost-saving measures such as reserved instances or spot instances. By incorporating Cloud FinOps into their overall financial management approach, businesses can ensure cost efficiency and resource optimization, ultimately contributing to their resilience during crises.

Social Media 

Another option that is more relevant that ever is lead generation via social media. With people spending an exorbitant amount of time at home, naturally an increase in social media occurs. B2B businesses can capitalise on this by increasing their presence on social media in order to draw attention to themselves.  Research done by Cision  reveals that 70% of users on the internet prefer to learn about a product/service through content as opposed to other more conventional means. 

Additionally,  according to Cision  a further 70% of marketers lack consistent content strategies. In these times especially, lead generation services need media content that is brief, precise and efficient. This means cutting straight to the chase and communicating your ideas with brevity and in interesting ways. It is important to show that your business is active because productivity is especially attractive to potential customers, even more so during times of uncertainty and bleak outlooks. 

In short, in order to stay successful during a crisis, a B2B business must work efficiently and productively, spending it’s resources in key areas such as media, and making cuts only when the situation is irreparable, which it rarely is. 

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