The amount of economic uncertainty in the United States is at its greatest point in more than 40 years. Over November 1981, the consumer price index has climbed by more than 9% since the prior year, driving up inflation to its greatest level. And according to Bloomberg, there is a 38% possibility that a recession will occur over the next 12 months. These days, B2B buyers are extremely conscious about their spending.
Customers want to be certain they get the most value for their money. But with operational costs currently at an all-time high, providing the goods and services that today’s consumers want is more expensive than ever. As a result, while consumers have cut back on expensive purchases and tightened their belts, businesses have raised prices to offset their rising overhead expenses.
Herein lies the dilemma: how can B2B businesses demonstrate value and preserve client relationships in a market characterised by economic ambiguity? Here are five key tips to follow:
1. Understand Customer Goals
Customers seek out trustworthy businesses during difficult economic circumstances, so it’s critical for B2B corporations to show genuine concern for their target prospects’ requirements, issues, and strategic objectives. These insights can be used by sales and marketing teams to develop cost-effective, solution-focused messaging that enhances brand knowledge, dependability, and value. The more businesses that can lead with empathy, the better.
2. Maintain Marketing Spend
It’s only natural for B2B businesses to cut back and minimise expenses during lean times. However, it’s equally crucial that businesses don’t decrease expenditure too much. Marketing groups with tight budgets face the danger of damaging a company’s reputation.
Companies should keep spending what they are now doing and focus more on providing price-conscious customers with relevant, value-based messaging. Take it from Reach3 Insights’ CEO and founder, Matt Kleinschmit:
“Brands that continue to connect with consumers in emotionally meaningful, culturally appropriate ways can increase mind share and drive sales, whereas those that restrict or halt their advertising are frequently excluded from purchasing decisions,” says the study.
In light of this, there is no better time than the present to incorporate some personalised content into your marketing strategy that is made to correspond with the interests of your target audience. Additionally, with the correct content strategy in place, marketers may increase the number of high-quality leads among their target B2B customers.
3. Create a Value-Based Strategy
B2B businesses, take note: clients want to know their purchases will be worthwhile in the long run in addition to the short term. So, think about giving potential customers a longer trial time or introducing a “freemium” option—a price structure that provides free access to a specific product but charges extra for further features that ultimately increase product usefulness. Customers might pay incrementally more under this value-based model for continuing to use a product, which may present potential for customer upsells in the future.
Yes, operating costs are rising, inflation is at an all-time high, and customers are more price- and risk-conscious than ever. But even in a market plagued by uncertainty, B2B businesses can prove their worth and capture significant market share by adopting a few essential, cost-effective techniques.