B2B Marketing During A Recession – Part I

While many experts suggest the thing you shouldn’t do during a recession is cut back on ad spending, we know it is often inevitable. The bottom line is the bottom line and everyone is faced with cut backs at some point.  Studies show that marketing innovations during down times have been proven to lead to increases in market share, reinforcement of core values and better opportunities to learn more about your customers.  A few thoughts regarding B2B marketing during a recession.  More tips to be posted next week!  Feel free to pass along other suggestions you have.

1. Manage the value of your leads. During a recession, consumers take more time to make purchasing decisions. Whether you are at a tradeshow, or reviewing a website inquiry, when leads are first identified, they need to be qualified. Use a lead scoring tool to identify which leads are highly engaged and develop relationships with those qualified prospects who are not yet ready to engage with your sales people. Without managing your lead prospect list long term, the 95% of your prospects who may not be sales ready initially, fall through the cracks and never turn into a sales opportunity. Using CRM programs and customer segmentation tactics will help you stay informed of where your customers are in the buying process.

2. Focus on your current customers. In a recession, marketing dollars are often sparse and you may have less money to spend on acquiring new prospects. Spend more time building relationships with the people you already know! Analyze what customers haven’t bought & decide what products compliment what customers have already purchased. If you’re splitting your budgets between existing customers and new customers, allocate your budget to frequent buyers. Offer them individual treatment, like special discounts, or tailor events towards them.

3. Focus on SEO. Do everything possible to improve your organizations search engine rankings, with particular emphasis to Google. Even minor adjustments here can have dramatic results saving your marketing budget on pay-per-click campaigns, which continue to rise in cost. Build and optimize landing pages and explore banner advertisements and email campaigns to help turn a click into a prospect. A relevant landing page can easily double conversions versus sending clicks to the home page, and testing your pages can increase conversions by another 48% or more.

Author: Jess Held