How to Integrate Risk Management in B2B Lead Generation Initiatives
A lead generation strategy can sometimes define how your organization intends to meet its revenue objectives. Even the most comprehensive marketing plan is susceptible to risk. This post highlights the significance of being aware of risk factors during your marketing planning process. Some of the risks that you might encounter include:
- Brand risk
- Misjudging your target market
- Emerging market trends
- Promotional risk
If left unchecked, these risks can cripple your organization’s lead generation efforts and general operations. Therefore, you should keep them in mind as you prepare your game plan.
Marketing risks can occur at any stage of the sales funnel, but they are most prevalent at these stages:
- Marketing Planning: Risk can infiltrate your marketing plans right from the moment you start formulating them. The strategic choices that you make carry different levels and types of marketing risk.
- Project Assessment: When assessing new business opportunities, marketers often use different concepts and strategies. Typically, they focus on market share, ROI, consumer preference, and brand awareness. However, many underestimate risk when choosing projects to pursue.
- Product Launch: New products get launched with much fanfare, only to encounter internal budget cuts or changes in external market factors.
- Established Products: Regardless of how big your organization is or how aggressive your marketing plan is; you’ll always face competition from other organizations. External marketing risks such as competitors’ strategies or changes in the economy can affect your business. Although they are harder to predict, you should anticipate them and include them in your marketing plan and overall risk management strategy.
Risk exists in nearly all marketing initiatives. These risks can either be positive or negative. Having an active risk management strategy helps you to capitalize on positive marketing risks and mitigate negative risks that hinder the attainment of your marketing objectives. Here’s what you should do if you’re looking to integrate risk management into your marketing plan.
Break Down Your Marketing Objectives
The main objective of having a marketing plan is to boost your company’s profile and boost revenues in the process. Nonetheless, you shouldn’t forget about your marketing team’s specific objectives. The main objective should be broken down further to avoid overlapping and unnecessary duplication. Besides, it would help if you analyzed potential risks that could hamper the attainment of each objective.
Your organization’s risk managers should understand the logic behind each marketing objective since this will make risk analysis more specific and focused. Although it’s the management team that identifies and assesses risks, the marketing team should take the lead when it comes to integrating risk management into your marketing plan.
Identify Risk Factors
After identifying your B2B lead generation objectives and the risks therein, you should establish the causes of those risks. This includes the assumption that your organization is immune to risk because you have all the necessary measures in place. Starting the business in the first place was a risky undertaking.
Since risks face you all the time, the best thing to do is ensuring that they do not turn into incidents that affect your operations. Risk management can only be successfully integrated into your marketing plan after analyzing your organization’s marketing department to establish what could go wrong.
Plan Your Risk Responses
Marketing threats are unique. Each of them should be mitigated differently. Rather than implementing a general risk management plan, you should be specific so that the plan addresses individual risks. When you incorporate risk management into your overall marketing plan, it will be easier to take precautionary measures in advance before the risks become a reality.
The risk management plan will guide how to address marketing risks. This may include managing the risks at their source, eliminating their drivers, avoiding them altogether, or reducing their severity. Planning your risk responses helps you to recover from security incidents while maintaining your customers’ trust.
You can only mitigate something that you know about. Integrating risk management in your marketing plan entails monitoring your risks. This way, you’re less likely to succumb to them. By monitoring risks, it will be easier to predict when they will turn into a problem, and implement measures to counteract them.
In today’s dynamic marketing landscape, you will face dozens of risks. These range from a change in consumers’ preferences to facing competitors who are better-resourced. With a good risk management plan, you will be able to monitor these risks and face them.
C-suite executives and business owners should commit to incorporating risk management into their marketing plans. Although marketing risk management isn’t straightforward, consistent efforts will make a significant difference. Implementing a risk management plan as part of your marketing strategy will help you foresee, address, and avoid potential threats.
Dustin DeTorres is the CEO of DeTorres Group, a B2B Lead Generation & digital marketing agency that’s been helping B2B companies across the world since 2008. To learn more about Dustin DeTorres, click here.