How to Pivot B2B Marketing Strategies During Economic Uncertainty to Drive Growth
Authors
Chris Salazar
Innovative marketing executive with a 18+ year proven track record of driving market expansion, increasing revenue, and elevating market awareness for Fortune 500 companies.
In this article
Introduction
With unpredictable global economies and fierce competitors, today’s B2B marketer faces daunting challenges. Savvy leaders know to frequently reevaluate their B2B marketing strategies, especially during economic uncertainty. Now is that time.
I realize that the road ahead may seem impossible, with budget cuts, extended deal cycles, and shifting consumer behaviours. But as other companies in your markets follow conventional wisdom, they are making ill-considered reductions in their marketing spending.
I am convinced that this period presents an opportunity for you to rethink your marketing strategies and position your company for long-term success.
It comes down to this: The cost of your share of voice in your markets decreases when your competitors cut back. In other words, you get more power in every dollar you spend when everyone else spends less.
Let’s work with that fact.
As many companies have recently shifted to post-pandemic strategies, the market forecasts on my desk predict that the B2B industry is set to grow at a compound annual growth rate (CAGR) of 18.70% between 2020 and 2026. However, I also see that Gartner finds average marketing budgets have fallen by 15% in 2024.
This disparity makes it essential for marketers to navigate the complexities of an economic slowdown with precision. Let me suggest how you can do that.
Face Economic Uncertainty Head-On
The 2024 economic environment is tough for many sectors, and B2B marketing is no exception. Major analysts, including McKinsey, Gartner, and Deloitte, document significant budget cutbacks:
- Cuts as high as 20% have slashed marketing budgets.
- 71% of CMOs believe insufficient budgets or resources are hampering their efforts.
- 52% of companies have reduced marketing spending.
These figures demonstrate the importance of continued marketing investment, even when the instinct may be to scale back.
Turn Financial Uncertainty into Marketing Opportunity
During precarious times, B2B marketers have a unique opportunity to innovate and refine strategies in their marketing during an economic slowdown. My suggestion is that you don’t view budget cuts and elongated deal cycles as insurmountable obstacles.
Instead, I urge you to focus on adapting to the new landscape. You can transform B2B marketing’s role from being considered by some as a fragile formality to proving that it’s an agile asset that helps pull your company through uncertain times.
1. Maintain or Increase Marketing Spend
In the context of marketing trends during economic downturns, historical data shows that companies who continue to invest in marketing outperform those who cut back. Top marketing companies in consumer goods know this well.
Procter & Gamble, for instance, increased its marketing spend during the 2009 Great Recession and the 2020 pandemic, and gained market share from its competitors who pulled back.
Brands like Reckitt Benckiser, Starbucks, and Toyota pursued similar strategies and reaped long-term rewards. For B2B marketers, maintaining or even increasing spending can position your company for growth as competitors scale down their efforts.
2. Focus on ROI and High-Impact Channels
An economic slowdown spurs top marketers to spend more strategically. Allocate resources to channels with high marketing ROI, like digital marketing, account-based marketing (ABM), and performance-based models. Ensure that every dollar you spend works harder.
Understand Shifting Customer Mindsets in a Recession
Economic uncertainty often alters the way B2B buyers evaluate their options. In this environment, decision-making processes are longer. Buyers prioritize essential solutions that offer clear cost savings and efficiency gains.
I recommend that you take this opportunity to emphasize flexibility, value, stability and trust in your messaging.
1. Highlight Cost Savings and Efficiency
Clearly show how your solutions can help your customers save money or improve operational efficiency. Concrete examples of ROI will resonate with your budget-conscious buyers – especially now, during economic instability.
2. Offer Flexible Pricing Models
As your customers increasingly look for flexibility, subscription-based, pay-as-you-go or modular pricing models become more attractive. You can make a significant difference in closing deals when you offer scalable solutions that allow buyers to start small and grow as their needs evolve .
3. Showcase Stability and Reliability
B2B buyers in uncertain times gravitate toward proven solutions from vendors they trust. By enhancing your brand and highlighting your company’s track record, financial stability, and the reliability of your solutions, you can build confidence among potential customers who are risk averse.
Navigate Economic Uncertainty with Resilience
Economic instability can feel overwhelming. But it’s also your opportunity to build resilience and ready your organization for sustainable growth. Prepare for the future with strategies that address your immediate challenges and set a foundation for the long-term.
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Adopt AI and Automation
As companies look for ways to do more with less, automation and AI are becoming indispensable tools for marketers. From automating email sequences to refining digital campaigns, AI can help you achieve more significant results with limited resources. The key is to integrate these tools strategically to enhance efficiency and deliver personalized experiences at scale. -
Strengthen Customer Relations
Keeping existing customers is usually more cost-effective than acquiring new customers. Solidify your relationships with your customers to establish long-term loyalty and recurring business. For example, an investment in a customer data platform lets you unify your customer data from many sources and develop very precise audience segments. -
Track and Measure Impact
Uncertain times put all spending under a microscope. Marketing’s business contributions must be clear and measurable. Naturally, CMOs should develop metrics that show marketing’s impact on pipeline generation. But don’t forget to show its demonstrable influence on employee engagement, customer satisfaction, and long-term business growth. By tracking results and proving value, you can justify the budget you need to drive future success. -
Choose Agile Strategies
B2B marketing strategies during economic downturns should consider programs that employ account-based marketing (ABM), apply intent data to lead management, and align sales and marketing teams to efficiently work together. Focus on investment strategies, targeting closely defined markets, retargeting and repurposing existing content.
Resilience Is a Winning Strategy
Many B2B marketers have succeeded despite economic uncertainty by adapting their strategies and offerings. Here are some that inspire me:
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Salesforce
- Offerings: Introduced flexible pricing and showed how its CRM could help businesses adapt to changing conditions.
- Content: Invested in educational content, webinars, and virtual events to support remote work and digital transformation.
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Microsoft
- Focus: Emphasized cloud services like Azure and Microsoft 365 as cost-saving, efficient solutions.
- Value: Highlighted how their integrated tools streamline operations and remote work.
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DocuSign
- Emphasis: Positioned e-signature and contract solutions as essential for remote work and digital processes.
- ROI: Focused on cost savings and efficiency gains with digital documents.
Seize the High Ground in an Economic Downturn
Economic uncertainty can certainly threaten your marketing efforts, but it’s also an opportunity for your marketing organization to innovate, adapt, and grow. Embrace long-term thinking, focus on high-impact strategies and use the many B2B marketing tools.
You can turn this period of instability to strengthen your brand and emerge stronger. Maintain marketing spend, accelerate deal cycles, and demonstrate clear ROI to help your company stay competitive and drive growth even in the toughest times. The key is not just to survive—but to think it through and thrive.
Listen to UnboundB2B’s expert insights on surviving the shifting economy in our informative podcast. Learn valuable strategies and gain tips to navigate your challenges to drive results.
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