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How Should Your B2B Marketing Strategy Be Adjusted During the Economic Downturn?

b2b marketing strategy in recession

 

In the B2B sales, economic challenges may impact marketing spending in 2023, requiring teams to do more with less. 

 

Generally, companies can swiftly grow in favorable market conditions, leading them to assume that their tactics are working. But, in a downturn, it’s critical to focus on the B2B marketing strategies and methods that work efficiently to achieve results.

 

Whether marketers decide to cut down their internal costs, give out low-priced offers, or outsource, every industry needs unique tactics to continue earning profits.

 

How to develop or adopt new plans in a recession.

 

1. Continue lead tracking and nurturing

 

Lead generation is one of the most challenging parts and involves time and money. Do not waste this effort.

  • As soon as you have successfully generated leads, track them down without failing. Then, enhance your lead tracking method to get the most out of it. 
  • More importantly, you must have a robust CRM and a lead nurturing strategy. As the purchase cycle of your leads lengthens, you must continue to contact and engage them. 
  • Review your previous email nurtures to ensure they remain consistent with messages, marketing strategies, and company priorities relevant to the current scenario. 

2. Highlight your uniqueness

Finding and showcasing your USPs can give new prospects a reason to choose your business. 

 

If you have products or services that meet buyers’ immediate requirements, please consider whether you can present them differently. 

 

Consider the following to highlight your uniqueness:

  • What is the current opportunity that others are not prioritizing?
  • What are your buyers looking for that no one else is currently providing?
  • What is the quickest win you can achieve?

Then, conduct experiments to try to find answers. If something works, expand it. If it doesn’t, pivot and move on.

 

3. Empower content strategy

 

Strengthening your content marketing strategy will benefit you in both a good and bad economy. 

  • Analyze your content strategy to find the gaps that must be fixed immediately. 
  • Revisit your content investment strategies after the gap analysis. If you come across any high-performing blogs that could be used as chapters of an e-book, use them. 
  • As budgets are limited, buyers will conduct extensive research before making purchases. Therefore, create relevant content to educate them about who you are and why your solution is most reasonable to solve their problems.

4. Retain current clients

 

Despite the importance of gaining new prospects, you still need quick wins, especially in economic uncertainty. Your existing client list is your savior. 

 

  • Keeping an existing client base is much less expensive than obtaining a new one. 
  • Further, your present clients know and trust you. As a result, they’re more inclined to do business with you again. 
  • Keeping them satisfied increases the possibility that they will suggest you to others in their network.

Particularly in a B2B SaaS business model, marketers must retain their existing top clients who drive recurring revenue. 

Think about what more you can do for them:

  • Can you give them a loyalty reward?
  • Can you broaden your service offerings to match their needs and budget?
  • Is it possible to re-engage your former clients?

5. Understand the mindset of your prospects

 

Once you understand how the downturn has influenced your target audience and their feelings, you can effectively create marketing messages and campaigns.

 

You should speak with your present clients to know the mindset of your target prospects.

 

Since your present clients match your ideal customer profile, they’re an excellent indicator of how your target audience feels about their current situation.

 

You can use this knowledge to figure out whether you need to change your targeting, messaging, strategies, or pricing.

 

6. Take leadership actions

When the economy influences businesses, every employee in your organization requires assurance regarding the company and personal futures. 

 

  • Your leadership team should come forward and share current market insights. 
  • Managers must provide open and transparent communication channels. 
  • Continuous acknowledgment and recognition of employee efforts during this unstable period are essential.

7. Avoid reducing marketing spending

 

When profits slow down, cutting the marketing budget is a simple way to protect them. The management frequently reduces non-mandatory marketing, contractor, and staff spending to maintain robust customer service. 

 

Cutting your marketing budget will only benefit you in the short term but will harm your brand and make you less profitable in the long run. 

 

Further, there are numerous low-cost marketing methods available. So, consider the long-term consequences before you reduce your marketing spending.

 

These effective B2B marketing strategies and plans can set you on the right track. 

 

Downturns in the economy are unavoidable. However, if you are strategic and view marketing as an investment rather than an expense, you should seize this opportunity.

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