- On June 30, 2020
Nobody can predict the future. No, not even those ‘mystics’ sat in booths at the fair, wearing far too much eyeliner for their own good.
Some things, however, are inevitable. And with recent ‘unprecedented’ events, it’s looking like an economic slowdown is one of those things.
With some analysts predicting that the economy won’t fully recover until 2023, your existing B2B marketing strategy will need to adapt. When companies are looking to cut expenses, marketing budgets are often hit the hardest.
Before you go auctioning off your entire marketing department, know there is a silver lining. Creative marketing strategies often shine brightest during economic downturns, and some companies excel at turning recession into opportunity.
Here’s a few ways you can alter your B2B marketing strategy to help you stay afloat:
Focus on Your Pipeline
Every marketeer knows that driving prospects into your sales funnel becomes a much greater challenge during economic slowdowns.
Instead, try shifting focus towards the leads already in your funnel. Develop creative solutions to give prospects the confidence to move further down the pipeline. Buyer confidence is crucial when it comes to a free-flowing funnel, and key to closing those ever-important short-term sales.
Lead nurturing campaigns, progressive profiling and late-in-the-buying cycle content are crucial additions to your B2B marketing strategy during tough times.
Continuing on from my last point, you’ll need to be ultra-efficient in order to maximize the value you achieve from each lead.
Lead scoring is vital when it comes to being lead-efficient. Buyers are understandably more cautious during ‘these uncertain times’, so you need to do everything possible to maximize the value you get from each one.
A robust lead scoring system helps you identify which leads are highly engaged compared to those who aren’t. With this information, you’re able to create and deploy highly personalized nurture campaigns.
If you have a comprehensive ABM model in place, you’re already one step ahead of the competition when it comes to being lead-efficient. If you don’t have an ABM system in place, now is the perfect time to incorporate one. (Click here for more information).
Charm the Nervous Buyer
As mentioned, recessions = nervous buyers. Large companies don’t need to worry as much about this – they already have a well-known brand name; which buyers tend to find comforting.
Younger companies – namely SMEs – must focus on building that all-important trust and reassurance. This could mean shifting your marketing strategy towards highlighting positive reviews, ratings from trusted voices within your industry, or prestigious awards you’ve received.
Optimize your Landing Pages
It’s probably best to hold off on rebranding activities during a slowdown. Rebranding is expensive, and the ROI probably won’t be seen for a good while.
What you can do however, is update or refresh your landing pages. Attractive, informative landing pages are the single most effective way to transform clicks into leads. Dedicated landing pages have been shown to produce double the conversions compared to sending clicks straight to your home page.
Recessions are the perfect opportunity to focus on mastering the low-cost basics of B2B marketing. Turn your attention to low-cost-high-return lead generation tactics such as landing page optimization.
Even if a full-blown recession doesn’t come to pass, your B2B marketing strategy budget is still likely to take a hit.
Times such as these will challenge your marketing dexterity, but if you’re creative enough to weather the storm, opportunities for growth and acceleration will come thick and fast. Take apart your existing B2B marketing strategy and make it more effective, efficient, and innovative. Your customers (and your wallet) will thank you.