Recession or not, marketing is essential for business success. During times of economic uncertainty, however, it’s even more important to double-down on your marketing efforts and ensure that you are using the most effective strategies possible. In this blog post, we’re sharing our top tips on how to adjust your B2B marketing strategy in a recession.
Focus on Customer Retention
During a recession, it’s a good idea to shift your focus to retaining existing customers rather than finding new ones. This is because it costs five times as much to acquire a new customer as it does to retain an existing one, making customer retention an important cost-saving measure.
To retain your customers in a recession, focus on providing value and increasing communication with them (always making sure you’re adding value and not spamming them). You can do this by offering discounts and special deals, staying active and engaged on social media, and providing helpful content like blog posts or newsletters. Actions like this will not only help you retain your existing customers, but will help turn them into loyal advocates for your business.
Analyse Your Marketing Spend
Investing in marketing is an essential part of running a business; however, during a recession, budgets may be tight. To reduce your marketing spend without sacrificing reach or engagement levels, consider reducing activity on platforms that aren’t getting great results and prioritising those that are leading to better business outcomes.
Make sure you’re also staying on top of your marketing analytics so you can react to changes in performance on your key channels to make sure you’re maximising your marketing budget.
Make the Most of Social Media
Organic social media is one of the most cost-effective ways to connect with customers during a recession since there are no costs associated with creating accounts on popular platforms like LinkedIn or Twitter. Therefore, a strong focus on social media should be part of your B2B marketing strategy in a recession.
Social media also offers numerous opportunities for engagement with potential customers through features like comments sections and direct messaging functions—allowing you to build relationships in real time without breaking the bank. Additionally, if budget allows, social media ads can be extremely powerful tools for reaching large audiences at relatively low rates of cost per impression/click/conversion.
Be Flexible, Adaptable and Creative
Navigating a recession is never easy for small business owners, but having an effective B2B marketing strategy in a recession will make things easier. By focusing first on retaining existing customers rather than acquiring new ones, carefully managing your marketing spend, and leveraging social media for free organic growth—you can adapt your small business B2B marketing strategy during tough economic times while keeping your budget in check!
About us
We’re Freshbat – a strategic communications agency providing integrated marketing services to business leaders who embrace change and value marketing in a proactive and trustworthy environment.
Our goal is to give you more headspace, help you to make stuff happen and build better relationships by taking a fresh approach to marketing. We know you’re the kind of person who wants to be considered an inspiring and empowering leader for your business.
In order to be that way, you need to be in control of your marketing. The problem is you feel your marketing isn’t good enough, which in turn makes you feel confused and frustrated that you don’t have the resources, creativity or expertise to solve the issue.
We believe it’s just plain wrong that business leaders are tasked with keeping up with the rapidly changing marketing landscape on their own. That’s why we provide integrated marketing solutions through our worry-free marketing process.
Here’s how it works: we have an initial call to find out the things holding you back, we then create a bespoke strategy to reach your ideal clients and finally we implement your marketing plan for you so you can worry less and achieve more. We create tailored and integrated marketing solutions that bring order, strategy and results while having fun in the process (yes, it’s possible!).
Our core services include: Content marketing strategy Social media management Email marketing Blogging and web content
Contact us to see how we can help you take a fresh approach to marketing. Email hello@freshbat.com to book your discovery call
