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Home > Ideas & Insights > B2B Insights Blog > B-to-B Marketing in Uncertain Times
B2B Insights Blog
November 7, 2008 | 1:29pm

How many "Top Ten Tips" columns have you read lately, looking for a sure-fire solution for better marketing in difficult times? Are you getting a little jaded? There's the SEO or SEM expert who says you need to spend more of your reduced budget on (what else?) search. The direct mail company that says direct is the way to spend your way out of recession. The social media guru who says this new phenomenon is the way to success. While old-line publishers say it's time to get back in touch with print!

I guess it's true: if the only tool you have is a hammer, every problem looks like a nail.

There is no "one size fits all" in this environment...or any other. You need to understand how a difficult economic environment may change overall business strategy, and then make sure your marketing communications strategy is appropriately revised and aligned. Then you can revisit your budget and invest in the activities that best support the strategy. And integrate everything you do for maximum impact for the investment.

To show you how there is no one road to follow in a downturn, here's a snapshot of what some of our clients are doing.

  • One is focusing on branding because, historically, that pays off for them as their industry emerges from a recession. They would agree with my colleague Ken Jones who says in his post that "all messages are brand messages."
  • Others are doing the opposite, focusing on tactics closer to the point of action. For companies like them, we advocate working hard to eliminate waste, refine your target audience and focus on the segments that will show the greatest ROI. And do the things that will turn a prospect into a lead, like building better landing pages and measuring their performance. We have metrics that will amaze you.
  • One marketer is cutting back on "new customer acquisition" and focusing on up-selling and cross-selling at existing customers. Another is focusing on an aftermarket offering since new equipment sales will be down. If your budget is hit hard during this downturn, spend more time marketing to people you already know. Segmentation is key. Focus, focus, focus your efforts on your most important target audience, with messages that address them directly. Make sure you have a good tracking and follow-up system in place so that when leads do come in, they are followed up on in a timely manner. And pay attention to your analytics.
  • Another company is doing the opposite - finding new markets and applications for its products. For them, it's no use "farming the base" since their base might not survive the downturn intact. But growing new markets in a downturn? Fortunately, with the expanded communications and media choices available today, it's a lot more efficient than it used to be. You can focus your media channels and rely on PR to keep "on the radar screen" without investing in expensive media. And, since you need to talk to your prospects in their language, if you're going into new markets you probably have to update your content to address the concerns of new audiences. Do that before you engage them and you'll improve their experience and increase your capture rate.
  • Several of our clients are using the downturn to burnish their credentials as thought leaders on key trends. Using public relations and other tools, thought leadership messages help position you as an authority, and people who need to solve a problem like going to an authority. The trick is to hyperintegrate your thought leadership and brand building to your solutions and products, so once you capture a prospect you don't lose them when they are ready to buy.

All of these B-to-B marketers have unique opportunities, or challenges. With their strategies in place, their marketing programs will all look a little different. What about tactics? We consider the whole arsenal of marketing tactics, aligned with these two fundamentals:

  1. Be where your customers (and prospects) are. If you don't know where they are, find out. If they are online, be there in a big way.
  2. Do the hard work of measuring what you do so you know what's working. And be ready to adjust quickly based on the metrics you get.

Oh, and you also have to be creative! Just as you need to be where your customers are, you need to engage them effectively. My colleague Jim Castanzo just happens to have "ten tips" to help with this!

 

 

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