3 ways B2B Marketing can work in a Downturn

How does B2B marketing re-invent itself to become the secret weapon for growth and certainty, as levels of fear and procrastination still rip through some markets?

Here are 3 ways B2B marketing can work in a downturn:

1 – Reallocate marketing resources and initiatives

It’s critical to look closely at the return on investment (ROI) of your current marketing resources and initiatives. You will need to measure and make some difficult decisions on what works right now. Invest where the ROI will prove the worth of your resources and initiatives.

Focus and invest hard on the “cash cow” programs and the “low hanging fruit”. It’s a great time to get some quick wins to build confidence back into the marketing department and function.

2 – Do more marketing with less funds

While a pullback in funds will be inevitable, it’s an opportunity to re-calibrate your marketing objectives, strategies and tactics to focus on driving more efficiency. This can open the door for opportunities to implement cost efficient marketing, communications and campaigns.

Also, challenge your team to look for alternatives by encouraging some low cost experiments. Provide your team with a direct opportunity to test new communications and campaigns. Be bold and take some calculated risks.

3 – Think digital to make memorable contact

At a time when no one can travel or shake hands, digital marketing will be the winner. Look at investing in the following:

• Communicate customer case studies – Encourage key customers to jointly develop case studies to showcase your capabilities and value proposition.

• Optimise organic content (SEO) – Make your content appeal to your audience. Use high-volume search terms, and focus on improving the conversion rate on your buyer journeys.

• Create compelling videos – Develop stories to position your brand in a clear and distinct way. Involve your people and customers – make them your advocates.

The coronavirus pandemic is evidence that B2B marketing must always be ready for the unexpected. This is not the time to hide, decrease or cut your marketing efforts. As marketers, we must be prepared to pivot and re-invent ourselves, keeping in mind the human aspect of the situation and placing emphasis on the sustainability of your business and industries you serve. This is the time to create and push forward to support your customers with ideas for growth, innovation and business development.

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ABOUT THE AUTHOR

Peter Zafiris is an industrial marketer and founder of Industrial Ideas. Having built his experience in B2B marketing from the ground up, Peter understands what it takes to succeed with your marketing strategy. All client projects are personally managed by Peter to help industrials like you get the return on investment you deserve. Peter and team, work hard to become an extension of your business, to help you get the most out of your marketing efforts. Get your free 30 minute marketing consultation to learn more.