Elliot Schimel is the CEO of Mission Control Marketing , a strategic marketing agency that provides business solutions for B2B companies.
We are facing a difficult economic climate. Rising interest rates, inflation and fear of a future recession are on the minds of small business owners as they speculate on how long this recession will last. As a result, many B2B companies are understandably reluctant to spend right now.
However, by strategically focusing on specific areas, it is possible to increase sales during times of economic uncertainty. In marketing, this means optimizing your sales funnel for maximum efficiency and promoting products and services with the shortest sales cycles. It also means prioritizing marketing channels that meet three important criteria:
1. They have proven to be profitable.
2. They complement each other.
3. They guide the buying process.
Is it time to transition your business to a marketing campaign that can profitably increase sales? Here are three channels that can deliver the best ROI this year.
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It's a decade-old sales adage that it's five to 25 times more expensive to acquire a new customer than to retain an existing one. And while marketing strategies such as account-based marketing and the use of advanced analytics can fill this gap, helping us deliver a more personalized and relevant experience to all customers, there are reasons to pull take advantage of the assets you already have. Something new
Email marketing pays off because you don't have to buy new contacts and you've created an audience of subscribers who know your brand and your selling points. This year, use email to inform potential customers of specific products and solutions that meet their immediate needs. You can get this insight by creating specific buyer profiles and mapping customer journeys. The time you invest in nurturing your existing customers will pay off when your targeted email reach drives sales. To do this, make sure you also have landing pages in your campaigns that can connect to purchases.
Search and digital advertising
Digital and search ads often attract potential customers entering the buying process. You have a need and are actively looking for a solution. Since these prospects are in a buying position, the sales cycle can be shorter. Again, make sure you have landing pages with relevant information and calls to action when those potential buyers click through, whether you're encouraging them to make a purchase or nudging them down the funnel by inviting to sign up for emails from your website.
Online advertising could be particularly profitable this year, as other brands cut ad spend and make more ad inventory available at a lower cost.
public relation
Because PR is earned media, it is generally more cost-effective than other paid marketing channels, with the added benefit of third-party recognition and validation of your brand. However, in today's chaotic media landscape, it's important to reach your audience through strategic placements in trusted outlets and ensure your story is seen by potential buyers. In other words, a million social media posts won't increase sales if they don't reach the right people.
It talks about understanding your buyers and how to incorporate public relations into other aspects of your marketing campaigns. Besides being a profitable channel in difficult economic times, public relations can also be used in other marketing channels. For example, using earned media messages in your email marketing campaigns can ensure that potential customers see them, increasing the value of an article far beyond its publication.
Marketing often provides vital complementary support throughout the organization. While that may not be possible this year, I also don't think companies should cut marketing to a minimum. There is one certainty in an economic downturn, and that is that recovery will eventually come. Don't be caught off guard and miss growth opportunities when the economy picks up because you need to rebuild your marketing engine from the ground up. Instead, go back to basics and invest strategically in campaigns that leverage the profitable channels discussed here to drive revenue.
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