What Demand Generation Managers should do to survive COVID-19
The impact of COVID-19 is experienced by all businesses around the world. Leaders are navigating a broad range of interrelated issues that span from keeping their employees and customer safe, shoring-up cash and liquidity, reorienting operations, and navigating complicated government support programs.
Also for Demand Generation Managers achieving growth and performance — consistently and confidently — is not easy. In developing businesses that are more effortless and worthy, leaders try accelerating changes in technology, consumer expectations, and their product or service itself. The pressure is on to shape their strategy and restructure their organizations to deliver better, lasting results for all their stakeholders.
Understanding the barriers can help company leadership provide the tools and resources front line sales managers need to transition smoothly and succeed in leading their teams to achieve the company’s goals. Let’s look over the current pain points encountered by Demand Gen managers.
- Making The Transition
- Managing Large, Diverse Teams
- Running Out Of Time
There’s a common remedy for all of these pain points. Powerful Demand Generation strategies and sales enablement tools that automate time-consuming tasks and streamline training and coaching can remove pain points for front line sales managers and free up more time for important work that drives revenue and growth.
Taking fundamental strategic decisions is difficult at this stage — not least because the situation is still so volatile. We therefore strongly recommend that Demand Gen managers and decision-makers take a holistic view of their potential impacts now — across their entire business and operating model, and rethink their strategy soon.
Being a Demand Gen Manager you can identify and act on opportunities for strategic, operational, organizational, and financial change. Set up a solid baseline for a turnaround by assessing and managing the ongoing actions and creating a stakeholder management plan.
Demand Gen Managers should streamline their processes and prepare themselves for the next phase. The best thing is to focus on research and an improved strategy.
- First, they can analyze their sales revenue. Then know what product and service will be more in demand after the lockdown.
- A complete analysis of competitors can help in better market placement.
- Along with that, it is the perfect time to work on any redevelopment on services to serve consumers better.
- A digitalized setup for your business will help you ease their entire business management remotely to overcome such situations.
- Also, a situation like this demands more isolation and social distancing and so managers are keenly working remotely and operating on the setups for their employees, which will be too beneficial for the business continuation.
- Constant connection and supervision through calls, messages, and emails with clients will help to strengthen the business relationship.
- Cross functioning of companies would be the best strategy to focus on since mergers work best in any market crisis.
In the short term, halting promotions, prioritizing products, and creating inventory reserves are other strategies to help manage demand when supply is limited. Also, many Demand planners are finding quick answers to complex challenges that most of them have never had to deal with before.
The most efficient way that Demand Gen managers deal with a shock like a corona pandemic is that they define the flexible adjustment approach which can be easily reviewed and corrected when new data is available in the frame. Instead of manually adjusting product-level forecasts or stopping statistical forecasting, the following procedure is recommended for the Demand upliftment:
- Continue tracking your baseline and improve them
- Define impact curves on aggregated levels
- Document assumptions & possibilities
- Maintain the curves of adjustment and Demand awareness
- Try forming alternative scenarios
- Listening to your interested audience
- Put yourself in customer’s shoes
- Prioritizing internal communication
Basic steps that you can take to turn things around are:
- Identify options: quickly and effectively assess your options
- Stabilization: steady the business and assess its financial position
- Turnaround strategy: calculate financial paybacks of various options
- Execution: ensure full delivery of the turnaround plan
- Value realization: understand the risks and costs of each option, including contingency plans
Also by understanding the needs of buyers, sellers, and managing directors, and your employees, you can stay on top of issues and make informed decisions. You should assess short-term liquidity requirements and find ways to quickly preserve value and address potential risks to stability.
With new direction each day, many Demand Generation Managers are constantly changing their approach to work, implementing mandatory work from home requirements to comply with CDC and government guidelines. And are toiling themselves to generate demand whilst keeping their businesses in operation.
Planning your COVID-19 steps will help you master what seems like a mission impossible: in demand planning. For sales reps, new opportunities may be inadequate, but prioritizing the key messages and ensuring they are adequately used in all communications will help demand, sales, and customer teams stay on track in uncertain times.
Across the globe, B2B companies are rethinking their demand generation strategies for sailing. Also as customers now relying on the internet to research and buy the products they need under the current circumstances, B2B companies are leveraging technology to generate demand for their products and services.
Digital Marketing strategies such as email marketing, social media marketing, ads retargeting and online shops are emerging as great ways for B2B demand generation.
Note: Communicate and Illustrate the values to stay on track.