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Member Article
Today’s economic climate raises many concerns for B2B companies.
B2B buyers are worried about increasing prices, interest rate hikes, and impending personal financial hardship, in the face of broader global economic crises.
With the pool of potential buyers decreasing, many marketing teams are understandably cautious about spending at this time.
While B2C marketers can feel the impact of a downturn more quickly, B2B sales cycles can extend beyond 6 months, or even a year.
This makes it difficult to identify fluctuations in the near term.
For B2B companies, marketing must remain a priority.
During an economic downturn, marketing is almost always perceived as an unnecessary cost, and is often sacrificed to save money.
However, in the long run, a short-sighted budget cut can harm business health by reducing visibility among a company’s target audience and slowing the sales pipeline.
The best way to minimise company spend is to target the most effective B2B marketing channels for the audience they serve and the budget they have.
Here are the channels the direct marketing experts at More Than Words Marketing suggest clients focus on for 2023:
1. Email Marketing
Not every site visitor is ready to make a purchase.
In fact, at a given time, only 5% of any target market is ready to buy.
Using email campaigns, businesses can target prospects with quality content, and specific products and solutions to meet their specific needs.
Through purchasing highly-targeted lists of potential customers, or segmenting existing customer databases, businesses are able to develop buyer profiles and map the customer journey to help identify these factors, create relationships with potential clients and increase customer loyalty.
2. LinkedIn
The social platform Linkedin released its internal performance statistics earlier…
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