It's no news that the global economy is in turmoil. As the pandemic-stricken communities are getting back on their feet, stock markets worldwide are going through a much-needed correction. And while there may not be a sign of recession, in the long run, the tumultuous markets have businesses worldwide in a vice grip as uncertainty looms.
Whether recession or short-lived downturn, B2B businesses are the first to feel the pinch. Sales slow down, customers tighten their belts, and everyone is looking for ways to save money. But even in these difficult times, there are opportunities for businesses that know how to market themselves effectively. In this article, we will take a closer look at these opportunities and how the B2B segment can strategize around them to maximize value. Read on.
Understanding your customer base
Often the immediate reaction that B2B enterprises have towards an economic downturn is to focus on their products. But this strategy frequently backfires as there is no alignment between demand and supply. To hit the right spot, it is better to take a proactive approach toward identifying the category that your ideal customer belongs to. There are 5 such categories:
- Price-sensitive customers: Always looking for ways to save money, more likely to switch suppliers if they feel like they are not getting the best deal.
- Need-based customers are more likely to buy products they see as essential, even if it means cutting back on other areas of their life.
- Value-conscious customers: Always looking for ways to get more for their money, willing to pay a premium for products that offer superior value.
- Risk-averse customers: More likely to stick with tried-and-true brands that they know and trust, even if it means paying a little bit more.
- Growth-minded customers: Looking for new opportunities, more likely to invest in products and services that offer them the chance to grow their business.
Given how varied customer preferences are at the centre of enterprise marketing, delivering personalized experiences becomes imperative to ensure your business stays connected with the customer and, thus, afloat in turbulent times. But how do get started?
Digital is the Way
In a recent interview, Salesforce co-CEO Bret Taylor said the cloud company's digital business was "recession-resilient" owing to its "unparalleled ecosystem." Taylor added that "the diversified portfolio across regions, industries, and lines of businesses" made the company durable in the face of any economic cycle.
Now, coming right from the cloud CRM giant, these claims cement one notion for sure: B2B entities leveraging digital transformation for their marketing initiatives are bound to break the mould. With tonnes of data and tools at hand, digital- and cloud-powered marketing will be the way to keep B2B businesses buoyant and thriving. Here are a few marketing strategies that use a digital transformation that B2B players can use to strengthen their guard against economic downturn.
A/B testing your content
To ensure that your content pieces resonate with your audience, you must test different versions. A/B testing compares two versions of a web page or a content piece to see which performs better. The aim is to improve the page's conversion rate by making changes to its design, copy, or CTA. With Salesforce Marketing Cloud, you can easily set up and track your A/B tests to see which version is getting more clicks, views, or downloads.
Review your customer journey maps
Customer journey maps present a visual representation of the steps your customers take to achieve their goals. It helps you understand what they think and feel at each stage of their journey. Based on your target customer, it makes sense to tweak and refine your customer journey maps for maximum engagement. With Salesforce Marketing Cloud, you can easily create customer Journey maps with the help of tools like Journey Builder. This way, you can quickly identify the touchpoints where you can engage with your customers and deliver a personalized experience. With tools like Contact Builder and Data Studio, you can provide the right message to the right people at the right time.
Delivering personalized experiences
Personalization is all about delivering relevant and targeted content to your audience. With Salesforce Marketing Cloud, you can easily personalize your marketing campaigns using tools like Predictive Intelligence and Social Studio. This way, you can deliver relevant and targeted content that is more likely to resonate with your audience.
Doing more with your data
Data is the key to understanding your customers and delivering personalized experiences. With Salesforce Marketing Cloud, you can easily collect and analyze your data using tools like Reporting and Analytics. This way, you can gain insights into your customers' behaviour and preferences and use this information to deliver personalized experiences.
Digital transformation is the way forward for B2B marketing. By leveraging the power of cloud CRM tools like Salesforce, you can quickly implement these strategies to deliver personalized experiences and stay ahead of the curve. So, what are you waiting for? Get started today!
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