As the pandemic’s impact on our priorities increases, more and more businesses are succumbing to its “short-termism” philosophy. Despite the overwhelming evidence that long-term strategic planning is considerably more effective, some people are rushing to recover despite this.
For the previous three years, surveys have been performed annually by The Marketing Practice and Marketing Week to assess the B2B efficacy drivers. The outcomes from the previous year demonstrated a definite link between long-term planning and overall success. The most recent findings, however, indicate that people’s perspectives have shifted to a shorter time horizon. (You can view the whole results here.)
Over 60% of the budgets of 21% of B2B organisations surveyed in 2019 were allocated to long-term planning. That proportion has decreased to just 9% as of 2020. Les Binet and Peter Field said that you should spend 46% of your budget on long-term sales and 54% on short-term sales. However, less than 30% of B2B marketers follow this advice.
The study was conducted just two months into lockdown; therefore, it is obvious that the COVID-19 pandemic has had an impact on the findings. However, it draws attention to the worry that companies are giving up on long-term planning techniques in favour of quick fixes. Instead, how should you strike a balance between your present worries and your long-term goals?
Managing your stakeholders is more important than ever
It would be foolish to act as though immediate outcomes are unimportant; after all, you can make all the long-term plans you want, but if you don’t survive, you won’t actually need them. But marketers are in a unique position to know what your stakeholders will want in the future and help the company grow in the long run.
Other departments may put pressure on you to change your approach, but you need to explain how such “solutions” will jeopardise your long-term success.
A long-term approach pays off
Even in the wake of temporary failures and recessionary economies, the evidence unequivocally demonstrates that a long-term strategy is the wisest course of action. But as of now, a 12- to 18-month plan? Pointless. What should you do in its place, then?
For B2B marketers, focusing on conversion and pipeline acceleration will benefit the company in the short term. However, keep in mind that even the most promising leads are likely to be time wasters at this point. Despite having the best of intentions, they might only have a modest budget and limited cash flow. You should focus your efforts deeper down the funnel because leads will stay in the pipeline for a longer period of time. You need to work closely with sales to move leads through the sales pipeline, and you also need to find new leads.
You will undoubtedly feel pressure from above to increase short-term leads. Just remember to devote at least 46% of your time and resources to long-term planning (again, thanks to Les and Peter…
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