Marketing for times of crisis
Intensity and expected duration of the current crisis is forcing a debate on the consequences that will bring in all areas of the company, including marketing. In general these tests are made from a unique supplier (how it will affect their marketing budgets, what tactics will prioritize …). I prefer to start talking about the impact of the crisis on shoppers and their impact on the strategies of the suppliers.
Customers in the crisis also produced uncertainty and budget cuts: rising risk aversion and the search for security, there is less money to explore new technologies and postponing any investment that does not have an immediate and measurable effect on the business (preferably in the form cost reduction) and a rapid pay-back. As a result, the approval of investment committees increase their size and purchasing cycles are stretched to infinity.
What should take all this into the marketing strategy of technology products? More than ever we must focus on solving business problems with a major owner clear (economic buyer), providing complete solutions that appeal to users pragmatic and conservative and build trust and credibility through alliances, references sectional view of analysts and experts, awards, etc.. This in turn requires a new mix of tactics, as we shall see below.
From the standpoint of the supplier, the recession leads to lower costs, to cut the marketing budget (which unfortunately in many cases are still considered discretionary spending or a cost of doing business), and increased pressure to “do more with less” . How should marketing managers adapt to this new environment? Here I leave with you some suggestions, drawn from “5-Tips to Marketing in a Down Economy” and “7 Strategies for B2B Marketing during a recession: The Definitive Guide”:
- Devote more effort to retention and loyalty of our existing customers so that none of us leave (we already know that it is much more expensive to reach a new customer to get an existing customer continues to buy) and designing programs and offers specific and up-sell cross-sell.
- From the viewpoint of activities, prioritizing the generation and demand management on the construction of mark, not only for its immediate impact on the business but by their nature more measurable that will help us to align marketing and business and justify the investment.
- The tactics and management systems leads (scoring, nurturing …) will be one of the big winners in the new scenario. Cultural practices of leads and prospects to provide the most appropriate at each stage of the buying process will help us to respond to increasingly long cycles and overcome their fears and uncertainties. Furthermore, the management of leads to avoid the waste which is to miss or ignore the very high proportion of those who are not in a position to buy immediately.
- Impact on the search for greater efficiency, enhance complement online campaigns with specific landing pages, use lists for direct marketing (instead of lists externally focused and less reliable) and the alignment of the functions of Marketing and Sales.
- And that marked by the need to demonstrate the value provided by Marketing, with renewed emphasis on accountability and control (accountability) and the implementation of performance metrics related to the business.
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