{"id":19320,"date":"2022-11-28T16:25:40","date_gmt":"2022-11-28T16:25:40","guid":{"rendered":"https:\/\/mailinvest.blog\/index.php\/2022\/11\/28\/metrics-market-and-multiplied-revenue-how-to-grow-during-a-recession\/"},"modified":"2022-11-28T16:25:40","modified_gmt":"2022-11-28T16:25:40","slug":"metrics-market-and-multiplied-revenue-how-to-grow-during-a-recession","status":"publish","type":"post","link":"https:\/\/mailinvest.blog\/index.php\/2022\/11\/28\/metrics-market-and-multiplied-revenue-how-to-grow-during-a-recession\/","title":{"rendered":"Metrics, Market, and Multiplied Revenue: How to Grow During a Recession"},"content":{"rendered":"

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By Maria Geokezas<\/strong><\/a>, Chief Operating Office at Heinz Marketing<\/em><\/p>\n

It\u2019s time to \u201cbatten down the hatches.\u201d At least according to Jeff Bezos<\/a> and other renowned economists.<\/p>\n

Of course, when someone as well positioned to weather a recession as Bezos issues a warning, everyone listens. But businesses can\u2019t hide through a downturn and hope for the best. Otherwise, they\u2019ll miss a crucial opportunity.<\/p>\n

After all, companies from Citigroup to Netflix<\/a> flourished because of the last recession, not in spite of it. Instead of panicking, they saw the recession as the perfect occasion to refine their marketing initiatives. They uncovered what worked and doubled down on it.<\/p>\n

If you haven\u2019t already, you can adopt the same strategy for your business to insulate it from whatever happens next. Here, we look at three investments in time, talent, and treasure to fuel your business growth during an economic slump.<\/p>\n

Shift Your Metrics to What Matters<\/h2>\n

When times are good, businesses chase leads for longer than they should. They extend mediocre campaigns in hopes of optimizing them along the way. They pay attention to metrics that aren\u2019t directly connected to revenue\u2014for example, placing an equal importance on email open rates and conversion rates when only conversions generate measurable returns.<\/p>\n

Commonly, businesses fall into the trap of relying on vague top-of-funnel metrics, anticipating that a healthy portion of the leads will find their way to conversion. But when every cent matters, it\u2019s time to change the metrics you use for decision-making.<\/p>\n

Today, you need to look at the entire customer lifecycle from first engagement through attrition to determine what metrics primarily impact revenue. Then you can set your KPIs based on what activities produce the highest ROI instead of surface metrics. Often, growth in a down market shifts to higher-value customers, not the number of new customers. Thus, you\u2019ll want to look for opportunities to generate additional revenue from a smaller pool.<\/p>\n

That\u2019s why, as business budgets tighten, it\u2019s more critical than ever to know exactly who you\u2019re targeting with your marketing campaigns. Or, you risk acquiring lower-value customers that cap your growth potential.<\/p>\n

Focus on Your Ideal Leads<\/h2>\n

Largely, we cast a wider net when resources are plentiful. It becomes too easy to go after as many leads as possible instead of clarifying which leads present a win-win scenario.<\/p>\n

A win-win customer is a customer for whom you can deliver unparalleled results, which also creates the greatest revenue opportunity for your business. These customers become your biggest promoters, perfect for producing targeted case studies and acting as referral engines\u2014creating a flywheel effect.<\/p>\n

These customers also provide an outline for what leads you should pursue in the future. Ultimately, your win-win customers should inform your ideal customer profile (ICP). If you don\u2019t have an ICP\u2013or you have a \u201clazy ICP<\/a>\u201d\u2013you\u2019re going to waste resources on pursuing the wrong customers.<\/p>\n

Fortunately, creating an ICP and sharing it throughout your organization prevents your team from chasing accounts that aren\u2019t the best fit. Your ICP must be specific<\/a>, so consider including:<\/p>\n