If you thought Covid would be the biggest financial challenge your business would face this decade, think again. As business leaders navigate the present economic downturn, B2B marketing strategies must also be reevaluated.

While some companies consider scaling back on their marketing activities, our experience tells us this is precisely the wrong strategy. It is, however, a good time to rethink your marketing with the goal of long-term sustainability.

The reasons are quite simple. As your competitors cut back on their budgets, the cost for your share of the marketing landscape drops. In other words, you’ll get more bang for your buck when everyone else is spending less. Also of note, the B2B market size is expected to grow by almost 19% by 2026.

Though your company may also be facing budget cuts, these are not insurmountable obstacles, and we have some tips to get you started.

Let’s reframe the current environment as an opportunity to refine and adapt. Here are six critical tips to transform your marketing into an agile asset that can help your company weather uncertainty.

1. Increase marketing spend or maintain the status quo

Historical data shows that businesses that increase or maintain marketing spending outperform their austere peers. Top consumer goods companies saw significant growth during the 2009 recession and the pandemic. B2B companies that invested in marketing emerged stronger than their competitors coming out of the downturn.

2. Prioritize high-impact/high-ROI channels

Be strategic about your spending. Focus efforts on high-performing channels, accounts, and tactics. Reallocate marketing resources to channels that reliably achieve high ROI to ensure every dollar is well-spent.

3. Know your customer’s mindset during a downturn

Economic upheaval affects everyone in much the same way. B2B companies are no exception. Buyers will take more time to evaluate a solution and will likely prioritize flexible options that deliver clear cost and efficiency benefits.

These values can be reflected in your messaging, which should show that you understand the customer mindset, emphasizing reliability, cost savings, flexible pricing, and trust. And always remember to focus on the benefits you provide.

4. Underscore cost savings and efficiency gains

Emphasize cost savings through efficiency, providing case studies demonstrating how similar companies have benefitted and achieved measurable ROI. Value-focused strategies will resonate with budget-conscious buyers.

5. Highlight your company’s reliability

Risk-averse buyers will almost always choose a provider with an established track record during a downturn. Every conversation you have is an opportunity to highlight your company’s reliability, reputation, and long-term standing in the market.

6. Offer flexible pricing options

Services with subscription models are preferred during a downturn as they provide the customer greater financial flexibility. For new customers, consider offering scalable tiers that allow them to add services as they grow. If you already offer this pricing model, use it as part of your marketing strategy to attract new customers.

Adjusting your B2B marketing strategies through the lens of economic uncertainty may seem complicated, but the value will resonate well beyond the downturn. These actionable strategies will help you address today’s challenges and establish foundations for future success.

Prioritize agile strategies

Agile strategies like account-based marketing (ABM) help you streamline lead management, which can significantly lighten the load for your sales team and provide more qualified leads. Aligning sales and marketing enables greater efficiency and shorter sales cycles as all stakeholders are focused on the same goals. Retargeting and repurposing high-performing content drives value for the customer and the bottom line.

Measure your impact

Tracking and measuring your impact are essential to understanding ROI and justifying marketing budgets. Choose metrics that impact lead and pipeline generation, but don’t overlook customer satisfaction, overall business growth, and employee engagement. Positive shifts in these areas will support and prove marketing ROI.

Focus on your best customers

Keeping existing clients happy is far more cost-effective than a new acquisition. Take this opportunity to strengthen ties with your best customers to deepen the relationship, drive loyalty, and encourage recurring business. More precise segmentation can be achieved by leveraging customer data from all sources, enabling targeted messaging that conveys your understanding of their pain points.

Uncertainty may seem like a threat to B2B marketers, but if you play it right, it can also be an opportunity to increase market share and strengthen client loyalty.  If you are facing marketing uncertainty due to the recent downturn, let’s talk. LETTER 7 partners with mid-market B2B companies to optimize their marketing results. Speak to us today about how we can help you maximize your marketing budget and emerge stronger.