Although the experts may disagree about whether or not we are currently in a true recession in the U.S., the fact remains: these are troubling economic times for many Americans. How does this climate of concern affect today’s B2B market?
Simply put, fewer consumers equals less demand. Less demand means less dollars spent on advertising. During the 2001 recession, U.S. advertising dropped 9%; U.S. advertising on the internet dropped 27%. However, these statistics may be misleading. While some forms of marketing slow down during a recession, some efforts, such as direct marketing, actually show signs of growth during economic slowdowns. In 2001, online marketing was still a new and unproven medium, while many of today’s businesses actually opt to shift advertising spending to primarily online channels during a recession.
What does this mean for today’s B2B marketing professionals? How can you take advantage of the unique opportunities available to your business during this season? We offer these four strategies to maximize the effectiveness of your B2B marketing during an economic slowdown.
1. Utilize lead management to make the most of each lead. Many potential clients might take longer than usual to consider possible purchases during a recession. Implement a lead management program that includes lead scoring and lead nurturing so that you can spot leads that show high interest and to develop relationships with those who are not yet committed.
2. Nurture the business relationships you already have. Spend more time maintaining solid relationships and marketing to the customers you have already worked with, rather than spending advertising budget on seeking out new customers. Clients may be more likely to trust a familiar face during an economic slowdown and will appreciate your efforts to maintain a mutually beneficial relationship with them.
3. Use the appeal of the “safe” solution. During a recession, many buyers may shy away from a transaction that involves even a small element of risk. Do everything in your power to communicate that your company is a safe investment. Build trust and reassure your clients with satisfied customer testimonials, expert opinions, certifications, awards, and reviews – anything that will emphasize that you are the safe option in troubling economic times.
4. Focus your website content on sure buyers. Especially during a recession, it is important to regularly tweak your website content to ensure that you are targeting prospects who are actually prepared to purchase your goods and services. Use language that appeals to those who are seeking solutions, rather than those who may one day want to purchase, but are not yet ready. Consider the sure buyer by including such items as buyers guides, frequently asked questions for buyers, purchasing checklists, and consumer evaluations.
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