November 30, 2022

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How Marketing Can Weather an Economic Downturn

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Sequoia Capital offered a 52-website page memo, “Adapting to Endure”, to its portfolio firms at May’s Founders All Palms assembly. In this presentation, Sequoia predicted the potential recession and encouraged portfolio business CEOs to get ready them selves to “avoid the demise spiral.”

To deal with a enterprise, you need to normally have options to get ready your self for uncertainties. As B2B marketers, we must do the identical.

I took parts of their guidance and offer my feelings on how advertising really should proactively prepare for the uncertainties and financial hardship to come.

The most agonizing choices that founders and senior professionals have to have to make are in which to devote and where by to minimize. And where to spend or reduce has penalties.

For instance, if you choose to allow some of your internet marketing staff customers go, you need to have to come to a decision at a foundation level what expertise are necessary to “keep the lights on,” this kind of as web-site maintenance, concentrate on outreach, and reduced income guidance. Then, modify your B2B marketing strategy and targets appropriately to match your reduced spending plan and assets.

If you make your mind up to remove specific features of your goods, will that selection make your present accounts offended? How will that impression the projected income or long run merchandise roadmap?

In the long run, “to reduce or not to cut” is guided by your business enterprise strategy, strategic concentrate, and earnings organization product.

Then, your company system and revenue design will information profits goals, promoting scheduling, information advertising and marketing endeavours, and sales enablement.

The strategic directions need to occur from the best for promoting to execute very well.

Here are 5 proactive techniques that advertising determination-makers of B2B providers can take to get groups prepared for what is forward.

1. Include internet marketing into your products and services

Marketing can do what they can to promote new solutions. On the other hand, the moment they drive the targeted visitors to the websites for indication-up, the all round electronic indicator-on and self-onboarding have to have to be seamless and easy to motivate buying conclusions.

I use Lucidchart to assistance my shoppers make workflows. Lucidchart has a new product, Lucidspark, to assistance teams brainstorm and achieve alignment. They make it uncomplicated to signal up with the “One-click trial” button. The duplicate “limited-time offer” implies urgency and nudges you to give it a consider.

Advertising and marketing can do every thing to encourage your merchandise, but eventually, the indicator-on and self onboarding steps will need to stay up to marketing’s promotions for all that do the job to necessarily mean one thing.

Yet another case in point of incorporating electronic advertising and marketing communications into goods is to utilize relevant content material to your apps or software platforms.

For occasion, inside the SEMRush platform, you can obtain all the means you see on a regular internet site.

When you plan your content material marketing methods, you will need to believe by means of the styles of material that implement to your internet site and inside of the platform.

Based on how you launch your merchandise, you can also embed self-education and self-onboarding as section of the platform.

In this illustration, you can see Monday.com’s new Function Management Merchandise.

To self-serve and self-discover, the page aids users in “getting started,” “steps 1-3” to full the setup, and “learn much more.”

In a way, your item gets to be a channel of your marketing communications and income enablement equipment.

2. Crisp, distinct messaging, and no fluff

< p>I generally say that Amazon spoils us (individuals in the B2C market) with functions like one-click on touch and <24-hour delivery. Well, the pandemic accelerated not only digital transformation but also digital interactions.

Your potential customers no longer have the patience to wait for you to respond in 5 days. Now, they also want B2C-like services and responses.

In addition, digital touchpoints need to be easy and seamless, and your copy and product messaging both need to be crisp and direct.

There is no time to beat around the bush.

Clearly say what your product will do, and reinforce it repeatedly.

I’ve learned to cut sentences out when I write copy to keep it concise and to the point. Pare things down wherever possible.

The best way to start evaluating your copy is to build a messaging framework.

I wrote an in-depth blog post on how to construct your messaging framework, which you can check out here.

3. Understand your audience deeply through rigorous testing

The keywords here are “deeply” and “rigorous” testing. Although my target audience is B2B marketers, I still can’t say that I understand my audience completely.

I am learning about them every day based on the content I publish, comments I receive, and direct conversations with them.

If you are on the show floor, talk to them. If they send emails or comments on social media, read and respond to them. Use a variety of ways to test your messaging, copy, and creative concepts.

Find out what makes your audience tick. Then, optimize your digital communications and products constantly. Sadly, this never ends.

4. Complete sales and marketing alignment via sales enablement

The function of marketing is to build brand equity, drive demand, and enable sales. When every dollar counts, it’s even more critical to lend a hand to sales teams. Marketing needs to qualify their sales contribution.

One of the best ways to support sales is account-based marketing. Complement sales efforts when the team is working on new strategic accounts.

You can find my ultimate account-based marketing guide here.

Another option is to gauge the purchase intent of potential leads. For example: if you have a list of attendees from your regular webinars, can you run a particular email campaign for attendees who came to your webinars at least 3 times in the past 6 months?

Write your email with specific calls to action to gauge their interest in your products and services. Whatever content you add in your campaigns needs to provide clues if they are interested in buying now or learning more about your services.

Present your finding as a case study to share with your sales.

5. Continue to optimize your marketing outreach with relevant content

Educate your management and sales team about your marketing plan and the channels you are using to build awareness and drive demand. Help them visualize your strategy and plan for implementation.

Be transparent about campaign results, including the good, the bad, and the ugly. If you do well, let them know. If you didn’t do well, let them know why and how you will do better next time.

If LinkedIn ad is an essential part of your marketing campaigns and your management questions why spend money on LinkedIn while it’s cheaper for search per Link (paid search engine marketing).

It’s your job to help everyone understand LinkedIn may be pricier, but the platform will lead to bigger deal closures in the long run. Explain that you don’t want to be penny-wise or pound foolish.

There are pros and cons for each marketing channel. Have a deep understanding of what you’re doing and why, and then help others to see your logic.

Should you cut marketing when times are tough?

Your marketing budget and staff tend to be the first ones on the chopping block.

Cutting your budget and/or staff members is never an easy choice, so it’s crucial that you understand the consequences alongside the potential benefits.

Be very focused and intentional about your product roadmap and revenue business model. Then, use that to guide your marketing and sales efforts.

Downturns and recessions challenge everyone. The key is to have a collective plan as a team, stay close-knit, and adapt and change as a unit.

Remember, no matter how rough things get, there’s always a light at the end of the tunnel. Stick to your values and you’ll be able to weather any storm. #cando

 



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