Now that the economy is in danger of going into recession, companies should modify their marketing plans to put more emphasis on keeping and expanding their current clientele. A strategy that prioritizes current clients over new ones is more effective at creating growth when businesses attempt to control their spending.
Several B2B marketers have already acted, per a recent report by The Marketing Practice. Here are the top five answers to the question, “How has your marketing adapted to recent economic projections for inflation and recession?”
- 46% focus on growing existing customers or moving them to more profitable services.
- 37% spend more of their budget on branding because this is a great time to gain a voice.
- Increase your marketing budget by 35%, because now is the right time to gain market share.
- 33 Accelerated timelines for launching new products/services that can help customers respond to the economy.
- 29% changed their messaging to focus on degrading topics like productivity
Is your marketing plan built to expand and keep consumers in lean economic times? If not, now is the ideal moment to broaden your horizons in this area, as businesses that have demonstrated their capacity to raise Annual Recurring Revenue (ARR) and enhance Net Revenue Retention Rate (NRR) are becoming more and more well-liked by investors.
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