113: Recession Proof Your B2B Marketing
Shakespeare once wrote, “To thine own self, be true.” In that spirit, RTU host Drew Neisser did something a little out of the ordinary.
Now, some people might consider talking to yourself for 30+ minutes to be a little crazy, but not Drew Neisser. In one of the most unusual Renegade Thinkers Unite episodes to date, Drew interviews none other than himself.
On this episode, the dynamic duo of Drew and Drew continually push the conversation to exciting territories. The discussion touches on key insights Drew has learned over the course of his 300 CMO interviews, the challenges 2019 will bring for marketers, and more. Don’t miss it!
Catch Drew’s insights here.
What You’ll Learn
Employees are a key part of marketing
You need to have dedicated employees on board with your brand and with your product. Employees purchasing what you’re selling as a marketer is highly linked to the success of a product. If they are behind the product enough to purchase it, they are likely to understand and promote it. If the employees buy the brand story, they can be tremendous advocates. They can share their real experiences and use social proof to spread the word about your brand in a cost-effective way. Especially in a downturn, employees buying in with a brand and sharing content is key. It’s free media, and you can’t live without it.
How to prepare your B2B marketing plan for the recession
Drew shares that it is vital to prepare a B2B marketing plan for the recession. Great marketers will shine during the recession, but weaker marketers will not survive. A smart marketer will recognize a good strategy and will work on all communication channels, marketing to employees, customers, and prospects alike. Drew tells the audience to prepare for budget cuts in preparation for the recession. Figure out what part of the budget will drive demand generation, because those dollars spent will yield successful business results. These parts of the budget can be defended, but defending the portion of a budget focussed on building one’s brand on will be at risk. Drew shares that a B2B organization needs to have a brand health tracking study in place before a recession, so that if a budget cut arises, marketers can still know how their brand is performing.”
Why you should secure customers before the recession
With a recession, all companies will likely experience budget cuts and potential losses. Drew explains that businesses should think about securing customers as the recession draws near. Focus should be put on keeping current customers happy. These current customers will also have problems linked to a recession, so Drew says to be prepared to answer how your specific product or service can help customers grow their business even in an economic downturn.
- [1:02] Renegade Rapidfire
- [12:19] Why talk about the recession now?
- [15:37] Why employees are vital in marketing
- [17:51] What smart marketers will prepare for with a recession in mind
- [24:28] What marketers can do in an economic downturn to make them different
- [28:42] Other CMO’s opinions on what should be 2019’s focus