Unless you’ve been on a remote island cut-off from the rest of the world, you won’t need filling in on the state of the world and economy right now. It’s been pretty depressing, to say the least. But as terms like new normal, unprecedented times and remote offices become commonplace, what is the true impact on businesses, and in particular, marketing?
We are in a recession. The less said about this, the better. We know that means redundancies for unlucky ones, and cuts to salaries and budgets for many. As we begin to return to the office (however that may look for you) or continue to work from home, let’s examine why it’s still crucial to invest in your marketing during a global recession.
Why marketers are hit hard by recessions
First things first, it’s really important to get into the mindset of your ideal customer. If you can’t imagine how the recession is affecting them and their business, consider having a courtesy call with your key contacts. At this time of ‘social distancing’ (although let’s face it, it’s meant to be physical distancing), many of us have been more open to phone calls. Check in to see how your customers are doing, listen to their concerns and have a think if there’s some way you can ease those pain points.
Secondly, check-in with yourself. How does this all affect you? Your role, your department, your company and your industry.
During recessions, it’s more important than ever to remember that loyal customers are the primary, enduring source of cash flow and organic growth. Marketing isn’t optional—it’s a “good cost,” essential to bringing in revenues from these key customers and others. – How to market in a downturn, Harvard Business Review, April 2009
Investing in marketing during a recession is a good cost. Of course, we’re inclined to make this our mantra. We’re currently working in b2b marketing during a recession, and we want to make our value seen and heard right? But it’s true. Without the email, direct mail, digital marketing and telemarketing campaigns, how would our businesses get new customers? Would the organic discovery and word of mouth recommendations be enough to keep the payroll going? Maybe, but when you’re in a recession, creative marketing is a more proven way to give your company the boost it needs.
While many companies are cutting costs, think of that as cutting the noise. There’s less competition and therefore leads are more likely to consider those who are front and centre.
It’s not our first recession
Depending on your career span, remember this isn’t our first rodeo. If this is the first in your career, catch up with your seniors, your parents even. See if there’s anything you can learn from what’s happened before.
We’ve mentioned before that during the lockdown, many marketers were going back to basics and thinking about strategy. With many professionals on furlough, those of us who were fortunate enough to continue working were able to focus on the bigger picture – and its smaller details – and come out fighting with new plans ready to execute.
Whether you’ve been looking at implementing marketing automation that allows you to work smarter, or simply what your prospecting and lead nurture campaigns could achieve with some finessing, now is the time to get the ball rolling. As we learned from the last time, marketing during a recession is a great survival tactic.
Prospect data isn’t the devil
If you’re new to the world of purchasing data, you’ll likely have had your reservations about it.
- Is it compliant with GDPR?
- What’s the quality going to be like?
- How detailed can I make my segments, without losing quantity?
- And, what’s the value?
We’re delighted to say that our Marketscan Megabase™ is the largest source of compliant, accurate and current UK data. While you might be worried about marketing spend during the recession, we have procedures in place that help make your life as a marketing professional easy. We can also help you cleanse and build your database.
Think of it a little like PPC campaigns, where you pay to get to the top of Google for search queries. After all, a lot of the time, businesses are considering change but de-prioritise the research.
Words to live by
And finally, here’s something that’s good to remember:
When times are good – invest in marketing
When times are ok – invest in marketing
When times are tough – invest in marketing
Those who do, more often than not, come out the other side.
If you’re not sure what to do to fine-tune your database and data prospecting campaigns, why not get in touch? Our team of B2B data experts is here to lend their ear and expertise, helping you propel your marketing strategy through the recession to get to the good times on the other side.