e recession-defeating marketing strategies

I get asked at least three times a week by someone whether our agency business has suffered from economic uncertainty. My answer is no. Enterprise companies have not slowed or pulled back. They are actually accelerating.

According to the 2023 State Report on the ESP RFP, 17% of companies plan RFPs for this year. It might seem like a lot, but that is only if you multiply that number by industries. This doesn’t seem like a pullback.

We see more clients who request technology platforms to help them innovate and execute faster. They want to know how they can be more resilient against the economic downturn if they happen by being agile and innovative.

These smart business decisions can help you improve your business regardless of whether the economy is going south or not.

1. Rethink the RFP

Ask yourself if you have used all of your existing functionality before you start replacing or adding technology. When I get asked to open an RFP, the first question I ask is “Are your current capabilities sufficient?”

Get deeper: Marketers will need to reevaluate their ad purchases more often in 2023.

According to a rule of thumb, marketers only use 20%-30% of the tech platform’s offerings. Perhaps they didn’t have the time or patience to learn how to use all of the cool stuff. The vendor might not offer training. They couldn’t integrate the platform with external data sources. It doesn’t always matter how innovative a platform is. There are many other issues that make it difficult to switch.

The RFP process is much more difficult in today’s vendor marketplace if you don’t have someone to help. Consider what you are paying now, but don’t use before starting the tedious and disruptive process of searching for something new.

2. Plan to change your marketing priorities

Do you remember when email saved ecommerce at the height COVID? It’s not an exaggeration. Email is a powerful tool that can help companies increase sales and revenue, and build customer relationships during crisis situations.

This might be something your CEO may recall. What would you tell the CEO if he asked how the company could improve its marketing approach?

Your email program has been the hero of your company for many years. It’s more likely that your CEO will ask you for your opinion. Even if your email program just kept going, you need to have a plan for next few months that lists all of your options and shows you how you could market against downturns.

What should you put in your plan

It should not start and end with “Send More Email”; if your customers don’t have the funds to purchase more frequently or fill larger carts, more emails won’t make a difference in revenue.

Take a look at your targeting. Consider your segmentation program. Reexamine your pricing structure for promotions. How should your price structure look to encourage more sales?

Get more out of your tech stack

Target segments that are more profitable to target such as regular buyers who pay full price rather than waiting for sales, and shoppers who send clear upgrade or purchase intent signals.

You should look for the propensity to buy. Consider developing a next-logical-purchase plan that moves beyond cross-selling or upselling.

Your CEO may ask for your opinion. Be ready to leap. Do not stop thinking about the process. You should be able to quickly respond with a plan.

This could look something like this: “We must structure campaigns around the propensity of our best customers to buy in these lines.” These are the email campaigns that would look like.

You can start planning now and have it ready for when the CEO or other high-ranking executive calls. Even if it never does, you can still prepare your plan and have it ready to go if the recession ever happens. If your customers continue buying, why not implement your plan instead of continuing business as usual. This is a great opportunity to think strategically, without being distracted or bogged down by tactics.

An email audit can help you determine where to begin if you aren’t sure where to start. This will help you identify any weaknesses in your messaging strategy. (Read more in the MarTech column 10 questions you should ask to audit your email program.

3. Reach out to your community and educate yourself

Consider all the advice that was given during the pandemic, whether it was in columns on MarTech or in white papers or guides. If the economy slows, expect the same.

These thought leaders are not the only ones you have access to for ideas and advice. Because members can share their knowledge and support each other, these communities are thriving.

Every day, watch the news. Get up to date on what’s going on in the wider economy. Although you may not have been directly affected by the mass layoffs in the tech industry, the repercussions could have an impact on your company or industry.

Spend at least one hour per week researching everything happening in email, mobile marketing, privacy legislation, and customer expectations. This is not to mention the wealth of information available about consumer behavior changes, unemployment rates, and possible economic impacts.

You should be informed so that your CEO can ask for your opinion. While CEOs may be able to call upon higher-level business forecasters, you are the expert on your local market conditions.

Wrapping up

These suggestions can help you get started. You can tap into the additional functionalities that a vendor can offer to increase your business. Implementing propensity may be the best strategy for improving your marketing results.

One thing that can indicate a possible recession is what we witnessed during COVID: rapid-reaction pivots that scaled to a new market situation. It doesn’t need to be frightening. However, now is not a time to believe that email is immune from recession.

Keep your eyes on the future. Recall November 2019. What would you have done if you knew that the world would close three months later? That time is now. What is your plan?

The post 3 debilitating marketing strategies was first published on MarTech.