The year 2020 will go down in history as a challenging one and much of the blame will point to a deadly virus. Euromonitor predicts that with the exception of fresh food, packaged food, and home care, COVID-19 will have a negative impact on all consumer markets.
However, there are marketing strategies your company can take to stay resilient and competitive. According to PIMS and the Strategic Planning Institute (SPI), B2B companies that spend on advertising during a recession recover three times faster when the economy stabilizes.
Here are some tips to help you stay positive and move your business forward:
DON’T GO DARK
ARF studies show that if you go silent without marketing and advertising, it can be nearly impossible to regain the market share you lost.
A GOOD PRICE
Because B2B media spending plummets during recessions, the cost to purchase media also goes down, giving companies a clear advantage.
A STRONG BOND
Marketing helps your sales team form relationships with customers, and it matters both now and in the future.
CHIVALRY IS NOT DEAD
Charitable efforts radiate from your workers out into the community. Customers also want to put their spending behind companies who make a difference. Be sure to let them know about your good deeds.
E-COMMERCE IS HERE TO STAY
B2B buying online is the new norm. Look for e-commerce opportunities in your business, such as identifying ingredients suitable for online buying and creating a web sales platform.
YOUR FAN BASE
Your customers have gotten you through tough times. Shower them with thanks through rewards programs, giveaways, and other acts of kindness and gratefulness.
MAKE A PLAN
Now that you somewhat have a handle on marketing during a pandemic and recession, review your strategies and plan for the next one. As the Scouts say, always be prepared.
As a marketer, it's so much easier to track ROI through measurable data. But data can't replace non-measurable benefits that build rapport with your customers. From compelling ad copy and stand out creative to great customer service and knowledgeable staff, prospects place a high value on their experiences with your company and how you make them feel.
TMC is the premier marketing agency devoted to the marketing needs of the chemical and specialty ingredient industry. We help manufacturers and distributors market their ingredients to brands worldwide. Our expertise spans across 7 sectors, including food, pharma & life sciences, paints & coatings, beauty & personal care, agro, water treatment and HI&I. We focus on innovator companies who lead the way in creating ingredients for today’s demanding consumers.