B2b Marketing During A Recession
We may not be panicking about the pandemic any more, but the economic downturn has everyone’s marketing strategy in a short term uproar.
Difficult times and economic uncertainty mean marketing budgets are being sliced and b2b buyers are keeping an eagle eye on their b2b purchasing spend. You might think that reeling back your marketing campaigns and initiatives is the smart thing to do in this case. What is the best way to stay on top and hold on to market share with your marketing efforts?
The key is not to market less, but to be smarter with your marketing tactics. Below are some important things to consider with your marketing teams for your 2023 b2b marketing strategy.
Don’t stop! While other companies may be pulling back on their digital marketing efforts, this is the perfect time to stay top of mind with your customer base. When people emerge from an economic recession, you want to be the brand that new customers have in mind for their marketing needs when they are ready to make purchase decisions.
Make friends. A great cost-effective way to drum up new business is to partner up with a Subject Matter Expert for your target audience. Thought leadership from a trusted source provides value - host a fireside chat webinar, and provide a whitepaper after the event.
Make it a party on social media! If you host a webinar or podcast, don’t let that be the end of it. Use automation to distribute your message to b2b companies all over social; leverage it on a Linkedin post (the LinkedIn algorithm favors posts from personal profiles over business profiles).
Appreciate (and expand) what you already have. Your current customers are a huge opportunity for increased value. Make their customer experience outstanding. Offer them early access to your shiny new products, give them exclusive promotions, stay in touch and make sure they know you love and appreciate them. Current customers are the key to new business referrals that get bodies in the door with skyrocketing trust already instilled.
Be a good student. Your customers are doing this, and so should you - and not just during an economic recession. Constantly audit your KPIs, measure those metrics, optimize your SEO, test your Google analytics, and take action to remedy what’s not working.
Remember, economic uncertainty doesn’t mean you have to shake in your boots. A smart company can emerge from hard times as a truly great company.
Hear what Latané Conant (CMO at 6Sense) and Amanda Malko (CMO at G2) have to say about Recession-Proof Marketing: Innovating How Marketers Work While Building Trust With Buyers
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