{"id":21881,"date":"2022-12-08T08:49:13","date_gmt":"2022-12-08T08:49:13","guid":{"rendered":"https:\/\/mailinvest.blog\/index.php\/2022\/12\/08\/five-ways-to-drive-brand-value-in-a-recession\/"},"modified":"2022-12-08T08:49:13","modified_gmt":"2022-12-08T08:49:13","slug":"five-ways-to-drive-brand-value-in-a-recession","status":"publish","type":"post","link":"https:\/\/mailinvest.blog\/index.php\/2022\/12\/08\/five-ways-to-drive-brand-value-in-a-recession\/","title":{"rendered":"Five Ways to Drive Brand Value in a Recession"},"content":{"rendered":"

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The United States is currently experiencing one of the highest levels of economic uncertainty in over forty years. The consumer price index has increased over\u00a09%\u00a0since the previous year, sparking the\u00a0highest inflation rate<\/a>\u00a0since November 1981. And Bloomberg predicts there\u2019s a\u00a038%\u00a0chance of a recession within the next 12 months.\u00a0It\u2019s times like these that make B2B buyers hyper aware of their spending.<\/p>\n

Customers want to ensure they receive the biggest bang for their buck. But with operating costs now at an all-time high, it\u2019s become more expensive than ever to deliver the kinds of products and services today\u2019s buyer demands. So, while customers have tightened their belts and limited costly spending, companies, meanwhile, have increased prices to cover their rising overhead costs.<\/p>\n

Therein lies the predicament: how can B2B companies prove value and maintain customer relationships in a market surrounded by economic uncertainty? Here are five key tips to follow:<\/p>\n

1. Create a Value-Based Strategy<\/h2>\n

B2B companies, take note: customers need assurance their purchase decision provides not just immediate value, but long-term benefits as well. So consider offering prospects an extended trial period, or introduce a \u201cfreemium<\/a>\u201d option\u2014a pricing model that offers complimentary access to a certain product, with supplementary costs attached to additional features that ultimately expand product functionality. With this value-based strategy, customers can pay an incremental increase for continued use of a product, which can lead to future opportunities for customer upsells.<\/p>\n

\"Believe
Believe it or not, economic uncertainty offers B2B teams unique opportunities to optimize paid advertising ROI. <\/figcaption><\/figure>\n

2. Maintain Marketing Spend<\/h2>\n

During tough economic times, it\u2019s natural for B2B organizations to pull back and cut costs whenever possible. But it\u2019s also important companies don\u2019t get too overzealous with their spending cuts. Marketing teams working on limited budgets run the risk of negatively impacting brand reputation.<\/p>\n

Instead, companies should maintain existing spend and double down on relevant, value-based messaging for price-conscious customers. Take it from Matt Kleinschmit, CEO and founder of Reach3 Insights:<\/p>\n

\u201cBrands that continue to engage with consumers in emotionally meaningful, culturally relevant ways can build mind share and drive sales, while those that reduce or stop their advertising are often left out of purchase decisions.\u201d\u00a0<\/p>\n

That said, there\u2019s no better time than the present to inject your marketing strategy with some\u00a0personalized<\/a>\u00a0content specifically tailored to meet customers\u2019 interests. And with the right\u00a0content strategy<\/a>\u00a0in place, marketers can even boost quality lead generation among target B2B buyers.<\/p>\n

3. Understand Customer Goals<\/h2>\n

In tough economic times, customers look to companies they can trust, which is why it\u2019s essential B2B organizations demonstrate empathy, authenticity, and a solid understanding of target prospects\u2019 needs, challenges, and strategic goals. Sales and marketing teams can use these insights to craft cost-effective, solution-driven messaging that reinforces brand expertise, reliability, and value. The more companies can lead with an empathetic foot, the better.<\/p>\n

\"B2B
B2B teams can leverage customer insights to craft cost-effective, solution-driven messaging that reinforces brand expertise, value, and reliability. <\/figcaption><\/figure>\n

4. Don\u2019t Pull Back on Paid Advertising<\/h2>\n

When it comes to media buying, it\u2019s all about working smarter, not harder. And believe it or not, economic uncertainty can actually provide B2B marketers unique opportunities to optimize paid advertising ROI. Here\u2019s how:<\/p>\n

During a recession, it\u2019s typical to see marketing and advertising demand taper off, resulting in lower costs for ad space. Combine these two scenarios, and what\u2019s left is a lot of empty slots up for grabs. That\u2019s when B2B marketing teams can take advantage of discounted ad inventory in a less competitive market.<\/p>\n

And while conversion rates might dip below average as target prospects keep a closer eye on their budgets, it\u2019s important to remember that the discounted costs to engage ideal customers could outweigh the negative effect of a less-than-ideal conversion rate.<\/p>\n

5. Embrace Outsourcing<\/h2>\n

We know it\u2019s hard to ask for help. But when resources run limited, B2B companies need to keep an open mind about outsourcing talent. DemandScience Chief Revenue Officer, Chris Rack, even agrees, saying companies can certainly boost brand value while\u00a0keeping an eye on costs<\/a>, simply by tapping outside talent to manage specific job functions.<\/p>\n

For example, B2B organizations can outsource sales development staff to handle the more technical, time-consuming aspects of the role, leaving in-house teams extra time to focus on strategic, revenue-driving lead generation. Not only that, but outsourced SDRs bring years of professional experience to the table at a fraction of the cost of a full-time staff member. These savings can then get passed along to customers, thereby improving brand value and reputation in the process.\u00a0<\/p>\n

Final Thoughts<\/h2>\n

Yes, inflation is at an all-time high, operating costs are on the rise, and customers have become more price-conscious and risk-averse than ever before. But by embracing a few key cost-effective strategies, B2B brands can demonstrate value and gain key market share, even in a market marred with uncertainty.<\/p>\n

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Want to learn how to plan more efficiently for your next big B2B campaign? Check out our blog, \u201cBudget Like a CEO and Optimize Your Marketing Expenses<\/a>.\u201d<\/p>\n<\/p><\/div>\n