COVID-19 has reshaped the world—and our economy—in fundamental ways. Business leaders and marketers worldwide have been considering how best to position themselves, their products, and their services, not only to survive but also to emerge stronger.
For many, the threat of an economic crisis inspires fear and uncertainty. But research shows that during downturns, 14% of companies actually improve both growth and margins. Thus, strategic, smart wins can still happen if you reframe your messaging and shift your focus onto the right industries.
So, as we face the economic challenges that will inevitably continue to knock on our doors, I'd like to share four marketing tactics that will help you and your organization improve sales and marketing success during a downturn.
1. Pinpoint imperatives for your new marketing strategy and tactics
What we've been experiencing is not business as usual. It is essential to understand precisely how the downturn is affecting not only your own business but also those of your customers.
Doing so demands setting the noise aside and focusing on the key issues and identifying your top priorities—then building new strategies based on exactly how your industry, the sectors in which you sell, and your customers are being affected.
It also means doing your homework, and for that, you have to go deep. Study industry and peer research to assess the impact of the pandemic. Talk to your customers; don't second-guess them. Have conversations so that you understand their challenges and their emerging scenarios.
I recommend speaking to at least 15-20 customers and using that information to confirm (or disprove) your original hypothesis. The interviews should also give you ideas on future directions of travel.
Use the information to produce a list of imperatives:
- Cost-cutting opportunities: how can you cut fat—but not muscle—from your business?
- Operational improvement: where can you release cash while still maintaining operational strength?
- Sales and marketing: how can you strengthen your customer base while also identifying new revenue streams?
- Customers' desired outcomes: What data and insights can you use to resonate with business decision-makers?
Imperatives will differ from one business or sector to another, as will their order of priority.
2. Rethink your product and audience
Once you have gained perspective from prioritizing imperatives, you will need to rethink how you are selling, how you are marketing, how you are positioning your product or service, and whom you are targeting.
Align your product or service with those emerging imperatives and focus on how your product or service will help achieve your customer's business objectives. Focus on the outcome-sell rather than the feature-sell.
Resist the temptation to continue to do what you have always done.
Think about which industries are likely to be least affected by the pandemic recession and how that might affect your approach to the market. For example, your product or service may be highly technical, but could it be the time to reach out to the business decision-maker instead of the IT manager with a message of how your product could help them deliver operational efficiency?
Also, in a recession, mid-market companies tend to move faster than larger ones, so rethink your audience accordingly.
Ensure the outcomes you target are specific to the industries you target: Financial services, manufacturing, and healthcare will all have different outcomes.
