There's more than 3 but you clicked on the headline and since you're here, let's go through these 3 strategies.
Companies face various challenges, including economic downturns and recessions. During these uncertain times, the importance of being proactive in closing new business cannot be overstated. Companies that take this approach by actively seeking out and converting new customers or speeding up their sales cycles are better positioned to weather economic hardships and emerge stronger.
Let's explore the significance of being proactive in closing new business and grow pipeline during a recession by highlighting the numerous benefits that come from having a digital marketer on the team.
Increase Revenue Per Customer
Increasing revenue per customer is a critical objective for businesses due to its significant impact on sustainability. When revenue per customer increases, it directly translates into higher average transaction values, larger order sizes, or more frequent purchases which boosts immediate revenue and also improves the return on investment for customer acquisition and retention efforts.
Additionally, it strengthens the business's ability to withstand market fluctuations and economic uncertainties by reducing reliance on acquiring new customers, as existing customers become a more sustainable source of revenue. Ultimately, a focus on increasing revenue per customer helps businesses drive growth, improve profitability, and build long-term financial stability. Relying on your account managers and customer service team can help with the strategies below.
Strategic Account Management
Assign dedicated account managers or customer success managers to your key accounts and high-value customers. These professionals can proactively engage with customers and uncover any pain points within your product and upon discovering areas of opportunity, account managers can reel in product experts to provide solutions like customized training.
Customer Education and Training:
Provide educational resources, tutorials, or training sessions to help customers maximize the value they derive from your products or services. Customer pain points might simply be not knowing a specific feature exists within your platform. Empowering customers with knowledge and skills enhances their satisfaction and can lead to upselling or cross-selling opportunities.
Cross-selling:
Identify complementary products or services that align with your customers' needs and preferences. Offer these additional offerings to your existing customers, leveraging their trust and relationship with your brand to drive additional sales. In some scenarios, customers outgrow their current plan and require other features that you also offer.
Once account managers and customer service introduce other platform capabilities, it becomes much easier to sell other products within the ecosystem. Always think of the cost to move, lost productivity, and ramp up costs that comes with your current customer choosing a competitor. Oftentimes, your feature is just as good considering the cost to change.
Acquire More Customers
Obviously.
Acquiring more customers is paramount for the growth and success of any business as it contributes directly to revenue growth and expands the customer base, The acquisition of new customers provides businesses with a chance to diversify their client portfolio, reducing dependency on a limited number of key clients and minimizing revenue volatility.
By continuously seeking to acquire new customers, businesses can build a strong foundation for sustained success and outperform their competitors in the long run.
Below are a few ideas:
Customer referrals
Partnerships & Collaborations
Increase product knowledge
Leverage technology and automation tools so sales can focus on outreach instead of prospecting
Align with marketing to ensure your sales team's ICP is also being used as a targeting parameter when creating ad campaigns.
Work with sales management to offer free trials, discounted subscriptions, and even exchange perks for content such as mentioning your company in their blogs or newsletters for increased SEO.
Reduce Cost Per Lead
Acquiring customers efficiently allows the company to maximize its return on investment by reducing customer acquisition costs, improved profitability and higher margins. Efficient customer acquisition fosters customer loyalty and positive brand perception. When customers feel they have received value and a seamless experience during the acquisition phase, they are more likely to become repeat customers and recommend the company to others, further driving growth and revenue.
This is where digital marketing is essential for B2B companies to thrive during a recession. Reducing cost per lead and hopefully shortening the sales cycle, businesses can survive a recession with potentially limiting cutting resources and people.
Analyze and Optimize Conversion Funnel
Continuously analyze your conversion funnel to identify areas of improvement. Track and measure each step of the funnel, identify bottlenecks, and optimize the user journey to increase conversions and decrease cost per lead. The faster a prospect moves from top to bottom, the higher the possibility of closing the sale instead of losing out to the competition.
Low hanging fruit like creating dedicated landing pages that align with your ads and provide a seamless user experience by optimize the layout, design, and content to encourage conversions and minimize bounce rates is one strategy.
Also, streamlining your lead capture forms by minimizing the number of fields required so prospects do not bounce out are two ways businesses can acquire customers efficiently.
These simple adjustments could be the difference between users bouncing out or becoming an MQL.
Content Marketing
Invest in creating high-quality, informative content that aligns with your target audience's interests and pain points. Regularly review and refine your keyword strategy to ensure that you are targeting the most relevant and cost-effective keywords. Use tools to identify high-performing keywords with lower competition and like lead scoring, your digital marketer can create a keyword scoring system based on the same concepts.
Reviews also count as content! Encourage satisfied customers to leave positive reviews or refer your business to their friends and networks. Positive reviews and referrals can significantly impact purchasing decisions, leading to increased revenue from new customers acquired through these channels.
Once high quality content is live, it becomes easier to promote.
Utilize Social Media Advertising
Now that you have content to promote, explore social media advertising platforms like Facebook, Instagram, and LinkedIn to reach your target audience. These platforms offer robust targeting options and cost-effective advertising solutions to generate leads.
Leverage the power of lookalike audiences provided by advertising platforms. These audiences are based on the characteristics of your existing customer base and can help you target users who are likely to be interested in your offerings, resulting in more cost-effective leads.
Also implement remarketing campaigns to target users who have previously engaged with your website or shown interest in your product or service. This also includes any page your customer service team directs current customers during their training sessions!
Conclusion
Being proactive in closing new business during a recession is of the utmost importance for companies aiming to thrive in challenging economic times. By actively seeking out opportunities, adapting strategies, and leveraging available resources, businesses can position themselves for success.
A crucial asset in this endeavor is having a digital marketer on the team that brings specialized knowledge and expertise in utilizing online platforms, social media, and digital advertising to target and engage potential customers.
They can develop effective digital marketing campaigns, optimize online presence, and analyze data to make informed decisions.
With their guidance, companies can effectively reach their target audience, generate leads, and convert them into paying customers. During a recession, where traditional marketing methods may be limited, having a digital marketer's skill set becomes even more valuable as businesses need to explore cost-effective and efficient avenues to connect with prospects.
Ultimately, embracing a proactive approach and harnessing the expertise of a digital marketer can significantly enhance a company's ability to generate new business and thrive during challenging economic times.
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