According to most U.S. economists, a lot of businesses are currently looking at expenses and wondering where they can cut costs. With energy, fuel and goods all soaring in price, it seems as though that dial-back on non-essential spending is going to increase.
Your Marketing Budget Is Your Lifeline
B2B marketing is a long-term investment, it can take a few weeks to a few months for a prospect to discover your brand and become ready to invest. In the case of recession, most businesses pull back from strategic inbound marketing and focus on selling initiatives.
This is a flawed but understandable perspective.
In the near future it can make sense, but long-term, that kind of strategy can have a terrible impact on your business.
It makes sense to change strategy if sales fall off a cliff, or perhaps your message seems tone-deaf in the current climate. But the investment in long-term, inbound lead generation is always going to pay off and the current economy is not a reason to shy away from that.
In fact, it’s the opposite.
The Internet Is Undefeated
First, the internet isn’t going anywhere. Even if another pandemic happens or the coming recession is deeper and longer than expected, when the tide turns, the internet will still be a thing. There needs to be a cataclysmic shift in technology for inbound marketing to be considered a waste of time.
Even if this were the case, inbound marketing would still exist in this new world.
Search Engines Are The Internet, Indexed
Second, if search engines exist there will be a need for algorithms to find and serve the most relevant content to the people searching for it. The internet is too vast for billions of web pages to be indexed any other way. So, if the internet is going to be around for a while, it makes sense that you dig in and start a long-term inbound marketing campaign.
Content Is Data And Data Is Your Best Asset
Most companies will be pulling back at this point, this is your opportunity to lay some groundwork and be ahead of them when the recession is over. And if we know one thing, more than the sun will rise tomorrow, recessions do end eventually. Now is a great time to double down and invest in creating content assets that showcase your business.
By creating content for an inbound marketing strategy, you are gathering data on your potential customers. This is constantly giving you a feedback loop for what customers want to read and what they are most worried about when it comes time to hit that buy button.
This is true for all stages of awareness.
Your Perfect Customer Is Out There
The largest benefit of inbound marketing which can save money as opposed to costing money, is Perfect Client Attraction. Useful content serves your customers and handholds them through the entire customer journey. Better content leads to better customer experience which in turn leads to better customers.
It pushes away the customers you aren’t truly aligned with and attracts your perfect customer avatar. They become loyal customers. The reason it works better during a recession is that great customers know the value of what you do, so they seek out the best product or service regardless of cost. Tyre kickers won’t be attracted to your content and will most likely move on to a cheaper option, they’re cost shopping not value shopping.
Now is a wonderful time to look at your messaging and align yourself with the current economic uncertainty. The more content you have, the fewer questions prospects pose, and the faster they move through the funnel to the “ready to buy” stage.
It’s A Great Time To Test
As the economy goes through a period of change, it’s also a great time to test new things. As times change, attitudes toward marketing change. This could be a great time to roll out that new content series you had in mind to test the waters.
It’s also worth noting that not all inbound content marketing is long-form SEO orientated. While it’s true that this type of content can take months to soak into the search engines, bottom-of-funnel content that’s more sales orientated can work right away.
The Complete Funnel Approach
The complete, top-to-bottom funnel approach is a great investment right now. By the time the economic slump is over, both top-of-funnel and bottom-of-funnel content will be working in sync.
Inform, Educate And Reassure
The best type of content to produce right now is content that answers questions customers may have. It's also a good idea to answer common objections in your content. What is the large domino that's preventing your ideal client purchasing right now? Once you answer that question and topple that domino the rest will fall easily.
Gain Market Share
Producing more content in an economic downturn is also a good opportunity to gain market share and expand the business during uncertain times. The less experienced companies will be battening down the hatches and attempting to simply survive, but as we have seen from previous economic downturns this rarely works. Being proactive during the recession works out better in the long run.
Fill The Void And Solve Genuine Problems
You can be the business that fills the void left behind by other companies that didn't have the vision or the fortitude to push forward during tough times. This is also where content becomes invaluable, it's an amazing opportunity to win customers over from your competition.
It's a great time to romance your customers who would otherwise be spending money with your competitors.
Moving Forward Is The Key
Naturally when things get tough companies attempt to tighten their belts and hunker down to wait out the storm. Problem is we don't know how long the storm will last. The 2008 housing market crash lasted far longer than expected. The repercussions of COVID-19, and the subsequent inflation that followed could last just as long if not longer.
So, while your competitors are turning off the marketing tap, you can align yourself with their audience. You could be in a great position to physically grow your business during this time.
Stay Positive
Staying positive during a recession is vital not just for your own health and well-being but also for your potential customers. Showing them you can stay positive and proactive during bad times will hold you in good stead. It will show them you can be trusted and you’re someone they can rely on when needed.
We think one of the best ways to do this is to increase your content production and focus on inbound marketing. The continual conversation with your customer is the best way to let them know you’re here to help. There’s nothing more unsettling to a customer than an abandoned corporate Twitter profile or blog.
Show them it’s business as usual, and it will be.
