In today’s ever-changing economy, it’s more important than ever to have a strong marketing strategy. While many people, especially business owners, may be hesitant to use the “r-word” to describe the current state of the economy, there is no denying that these are uncertain times. And in times like these, it’s crucial to both make new connections and maintain existing ones.
That’s where Account-Based Marketing (ABM) comes in. ABM is a marketing approach that focuses on personalized, targeted marketing and sales technique, to transform prospective clients into valuable partners. Read on to explore how ABM can be used to survive – and even thrive – in a recession.
What is Account-Based Marketing (ABM) and why is it perfect for uncertain times like an economic recession?
ABM (Account-based marketing) is about using tightly-targeted, highly-personalized marketing driven by cutting-edge digital solutions and old-school sales techniques to turn the ideal prospective clients of your B2B products and services from prospects into friends and partners.
Recession can be an Opportunity
So, many businesses actually treated recession as an opportunity, continuing marketing outreach and building new partnerships to emerge from an uncertain time in the economy stronger than before. Unfortunately, many did not, and failed as a result.
A study conducted by global management consulting firm Bain & Co., published in 2019, showed that the number of businesses that substantially improved their profits in the “great” recession of ‘07-’09 was 47% higher than during stable economic periods.
But if you’re up for the challenge, if your business provides products or services to other businesses – quality products, top-notch services – and you want to find new clients, new partners, new friends to lean on and lean on you in return, ABM is the way to do it, and it’s only more effective in uncertain economic times like a recession.
Every friendship begins with an introduction that turns into a great first impression that leads to more positive interactions, and that great first impression leading to more chances to impress is ABM’s main focus.
Unfortunately, in uncertain, mysterious, and/or recessionary times, businesses tend to go out and meet other businesses a lot less. It’s a good thing there’s the internet.
The point is, ABM is great for any business or professional in a recession, when the majority of your competition will be cutting their marketing budget. ABM may be able to help you stay safe through some uncertain times yourself, providing a lot of marketing bang for less bucks when you may need to hold some cash on hand for an emergency.
How can ABM help businesses in a recession?
By implementing ABM techniques in your digital and traditional marketing, you’ll be winning friends and influencing people to do business with your business by showing personal interest in and common values with your highest-value prospects.
ABM relies on hand-crafted, personalized content backed by in-depth research, delivered to the right audience. With more business leaders than ever highly active online, every business, no matter how small, has direct access to the decision- makers they need to persuade to consider their offering, and unprecedented amounts of information that can be used to craft a compelling, personalized marketing message.
When your prospect feels like your marketing speaks to them directly, they’re that much more likely to pay attention. Keep reaching out and demonstrate value, turn your prospects into friends, and you’ll soon be building relationships that you and your partners can lean on in even the toughest times or the roughest recession.
How can ABM fit into marketing strategy in uncertain times?
If you’re unsure about how ABM works, please read through the ABM guides and blog posts below:
- A Guide to Account-Based Marketing on LinkedIn
- Why Great Content is Key for ABM Marketing
- What is ABM And why are Businesses Leaning into Account-Based Marketing Strategies?
At LSC Marketing Group, we’ve been putting ABM at the forefront of our marketing for 15 years. We’ve stayed at the forefront of new developments in tech, business law, and consumer behavior for a long time, constantly experimenting and iterating on our techniques to stay ahead of changing times and economic conditions.
In other words, wherever your marketing is at, right now – even if that’s “nonexistent” – LSC can help you implement ABM and whatever else is necessary to power your marketing through even a recession.
LSC Marketing Group is proud to be a friend that partners can lean on in even the hardest times, and our team would be happy to talk with you about your business, account-based marketing, and how we can help with our full suite of plug-and-play marketing solutions. Contact us today for a free consultation.