Industry weighs heavily on marketing spend
When it comes to digital advertising, all spenders are not created equal. Travel, retail, and auto are the main drivers behind the decrease in ad spending, according to Variety, which makes sense considering how the pandemic has hit the economy. This drop in spending makes for an attention-grabbing headline, but it’s important to remember that other industries and markets are doing well, with some even seeing a boost in revenue. Also read: Mitigate Crisis Pipeline Reductions in 4 Steps With This Portfolio Calculator The e-learning market, for example, is set to rake in more than $375 billion USD by 2026, thanks in part to its surge in adoption after the coronavirus pandemic forced schools to close. Companies shifting to a remote model has been a boon for other software markets like video conferencing and cybersecurity. With schools closed and offices empty, companies are still investing in B2B software, even if slightly less than they were pre-COVID.Lead generation remains a good investment
While there are fewer statistics about how COVID-19 has specifically affected lead generation, it’s safe to say that outsourcing some of your lead generation remains a good investment, as long as you’re partnering with trustworthy agencies. According to HubSpot, lead generation remains the top priority for marketers in 2020. In many ways, the pandemic has simply intensified the need for lead generation services. Consider:- With many companies now operating on a distributed workforce model and with travel restrictions and stay-at-home orders in place in various cities, sales teams have fewer opportunities to sell face-to-face.
- Reaching people on the phone might be more difficult since many office phones now forward to people’s personal mobile devices.
- Potential buyers with children home from school may prefer to research software purchases on their own time and may be less inclined to speak directly with a vendor early in their search.
- Given the initial heavy impact on businesses earlier in the year, many marketing departments might be racing to make up for lost revenue while lockdown restrictions start to ease in some parts of the world. Buying marketing qualified leads (MQLs) from a reputable partner is a good way to supplement internal marketing efforts and fill more pipeline.