Recession is a hard time for businesses and for consumers. B2B businesses rely on a small number of clients compared to B2C companies, the loss of even one client can be hard on their already dwindling revenues.
Now the scope of advertising is limited during a recession; more emphasis is paid on personalized marketing with tailored solutions that can be created for clients. Therefore, when some B2B businesses suffer during recession, others can take advantage of this situation to turn the situation in their favor.
Here are five top marketing strategies that B2B businesses can use during the recession to keep their businesses afloat.
1) Use Lead Management for Value Creation
During the recession, making purchase decisions take even longer than usual. If you identify a potential buyer, you need to classify where they are on the engagement scale in a buying process.
I was sent this chart a few years back and I have no clue who made it but I love it. If anyone knows who created, please let me know. I’d love to give them credit for it.
The chart clearly shows your business process (sales process) and where the prospect is at (customer process) compared to your sales process. It is simply brilliant and valuable to understand your sales process better.
If you fail to identify this, a large majority of potential clients who are not yet in the sales-ready state can be lost. Since lead generation costs you, it is important that you do your best to retain every lead. Therefore, you should start managing leads right when they are in the early stages of the decision-making process to increase your chances of turning them into customers.
2) Focus More on Existing Clients
Acquiring new clients can be far more expensive than retaining those you already have. Since you have less money to spend, it is better to focus on your list of existing customers and build relationships based on partnerships with them.
Here are some simple ways to achieve this:
- You can get started with lead nurturing campaigns
- Offering new content and solutions to your existing clients
- Socialize with them on Social Media
- Create a Remarketing Campaign only targeting people who have visited your conversion page (not necessarily a client but a higher probability)
- Provide a Free Analysis – sure it takes time to complete one but it shows value
The most important part every business needs to focus on is value. You need to show and most importantly, provide that value. If you can show that you are valuable, you have a better chance at staying on board.
3) Pay Attention to Your Landing Pages
Maximizing the returns on your marketing and advertising investments is essential when recession is in swing. No matter what type of marketing campaign you are using, it has to be backed up by an effective landing page. A relevant landing page can effectively increase your chances of conversion by almost 48% or more. Therefore, it is important for B2B businesses to focus on their websites, especially if they are facing trouble due to recession.
Create relevant landing pages for your campaigns that are optimized for lead generation.
4) Make Content for Customers Who Are Ready to Buy
Customers who are just about to make a decision are more in need of good solutions, and you can provide them with these solutions using special content. You can create special content or landing pages for clients who are looking for an actual solution instead of simply an overview.
This type of content can include:
- Buying Checklists
Offering it via your website or social media profile will also help you boast your knowledge and expertise on the matter. Going down this path will also allow you to track how your prospect is interacting with your site!
Have you checked out our Canadian Marketers 2014 Report?
5) Align Marketing and Sales
Before clients talk to your sales rep today, they look at your marketing content and gather as much information as they can about you. Make sure your sales reps are on the same page as your marketing content if you don’t want to make your clients confused. If your efforts are not integrated, they will only create a bad impression on the clients, making them turn away to other sellers.
Implementing these strategies will definitely help you thrive regardless of the recession.