B2B marketing in a recession: 3 key tips

By Rachel Henry

The martech company Mailchimp has been around the block a few times when it comes to financial uncertainty. The business launched during the 2001 economic downturn and successfully weathered the 2008 financial crisis. Clearly, Mailchimp understands how to leverage B2B marketing in a recession.

Mailchimp’s secret to longevity? The brand isn’t afraid to take risks. For example, some businesses run from the idea of offering freemium service, or basic/limited features at no cost. But Mailchimp embraced this change — and its revenue soared as a result when many users upgraded to paid plans. 

Introducing a freemium plan may not be right for your tech company. However, taking a close look at what your customers need when times are tight will enable you to craft the right strategy for your marketing during a downturn.

In this blog post, we’ll discuss B2B marketing in a recession with Halifax, Nova Scotia financial advisor and money coach Wendy Brookhouse of Black Star Wealth. You’ll learn: 

• Why you must analyze the return on investment of your marketing during a recession

• How brand positioning relates to recession planning

• Where to focus your tech company’s marketing efforts for maximum results

3 ways to strengthen your marketing during a downturn

1. Analyze your return on investment

You may be getting pressure from your boss to cut the budget for your marketing during a recession, however, this isn’t the best approach. Instead, use this opportunity to analyze the effectiveness of your current marketing plan — is it producing results?

Generating a return on investment is more important than ever if you’re feeling a financial crunch, and Wendy highlights the importance of spending $5 to make $10. 

“When you cut your marketing, you don’t feel it in your sales right away, but you will feel it down the road,” she says. “The key is to get more specific about the outcomes you’re expecting for every dollar you spend. By all means, look for alternatives to get better results, but don’t take the money out of your marketing budget.”

Marketing is a critical investment for any company — B2B and B2C alike. While you may need to change your tactics in turbulent economic times, don’t halt your marketing altogether. Figure out which metrics to track to ensure your profitability isn’t taking a hit, and adjust your campaigns to potentially return a higher net profit. 

2. Examine your brand’s positioning 

Implementing and maintaining powerful B2B marketing in a recession requires strategic positioning. When buyers are experiencing financial stress, their needs stay in place while their wants are diminished and conveniences are scrutinized.

Paying a premium for convenience may still be necessary, but buyers need to know without a doubt that your products or services are worth their hard-earned dollars. 

“Especially in a downturn, your customers have to see themselves reflected in your marketing,” Wendy says. “They have to say, ‘That’s me, I need that [product or service].’”

Never stop clarifying for your audience why your B2B tech company is the best option for them, and what sets you apart from the competition to make your offerings a need, not just a want. 

3. Focus on your biggest revenue drivers

Consider which marketing strategies and tactics have been the most effective to find and retain customers in the past. It might be digital advertising, email marketing or webinars — whatever it is, make it your priority. Then, hone in on marketing what Wendy calls your flagship offering.  

“What’s the thing you want to sell first? Be super focused and understand what each offering contributes to your business,” Wendy says. “The total cost of selling can be buried, and we’re not always clear on how much that is.”  

Don’t forget to look into costs that may normally fly under your radar, like martech subscriptions that may be underused, or worse, unused. Finding savings in this area can make a huge difference to your department’s bottom line. 

Don’t let your marketing be a sinking ship

Marketing during a recession requires grit and creativity to stay afloat. Now is not the time for radio silence. Getting your brand’s voice heard by delivering relevant, strategic content will increase awareness of your B2B tech company while supporting your audience at every step along the path to purchase. 

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