Even the greatest businesses can struggle during economic downturns, which can arrive quickly and catch many off guard. As a key decision-maker in your business, you need to make sure your organisation is prepared to ride out these unexpected lows.
In this blog, we share 5 tips to ensure your B2B business continues to grow during rough economic patches.
Don’t stop looking for leads
One of the first things you may be tempted to do during a financial downturn is cut your marketing budget, specifically when it comes to lead generation. Even if your budget is tight, you shouldn’t shift your focus away from lead generation. Chances are high your competitors will be doing exactly that, making this the perfect time to maintain or even increase your marketing so that you can retain or grow your market share. Low-cost or inexpensive channels, such as blogging or webinars, can be used to ensure your company stays relevant.
If you absolutely have to reduce your lead-generation spend, your number one goal should be to maintain the quality of your leads.
Build and maintain strong client relationships
Building and maintaining strong client relationships all year round is a long-term investment that will pay off when times are tough. Thanks to your commitment to addressing their needs during prosperous times, you will have grown goodwill, trust and loyalty with your clients. As a result, they will choose to continue working with you, even when things get tough and businesses in general are tightening their belts.
Identify your high spending customers
The Pareto Principle, more commonly known as the 80/20 rule, can also be linked to business revenue. In this context, the Pareto Principle refers to the idea that a small group of clients will bring in the majority of your revenue. While you should make an effort with all your clients, identify who your highest paying customers are so you can make an additional effort to retain them during economically trying times.
Ensure your product or service offers high value
The first items to face the chopping block during economically challenging periods are the expensive ones that don’t offer significant value. You need to ensure that people understand the value your business offers them, regardless of the cost. Even if you are selling a niche, expensive product, if you can clearly demonstrate the benefits, you’ll be able to ride out any financially troubling patches.
Ensure your messaging is correctly portraying the value of your product or service, and try to identify any low-cost but highly valued ways you can enhance your service and product. This will help spark interest with a lead and keep existing customers coming back. Communicate with leads and clients to find out what they truly value and see what you can do to meet their expectations.
Make sure you have the right B2B marketing partner
During economically challenging periods, your weakest partnerships will become blindingly obvious. It’s during these periods that you need the right people by your side.
GCL is a B2B sales and marketing expert with over 30 years of industry experience. Our ebook, How To Create A Winning Sales Pitch, can help you further develop your growth strategy, no matter the economic climate. If you're looking for a B2B telemarketer with expertise in unscripted and multilingual call services in the EMEA region, the Americas and emerging markets, contact us today.