Read this article to discover how you can generate new B2B business during a downturn in the UK economy.
By nature, marketers are generally ‘optimists’, although it can be difficult to maintain a ‘can do’ outlook when the economy is conspiring against you. Finding new B2B business at a time of severe economic challenges can be tough. Budgets for your products or services will probably have to be squeezed, or possibly suspended, or perhaps even scrapped altogether.
It’s also quite possible that loyal customers may even have to shop around more. In addition, the available new customer base will be more limited, leading to increased competition and pressure on prices. And all of this will mean smaller profit margins. You may even discover that tried and tested techniques for generating new business may not deliver as they did previously.
Recent trends in B2B marketing techniques may be contributing to the challenges. Organic search, thought leadership and social media may be impacted by fewer prospective purchasers. Paid search is hotly contested, with the winners being those with the deepest pockets.
Additionally, these techniques rely upon the prospective purchaser tracking down your information, ‘liking it’ and then trusting you enough to initiate communications. However, this model does not suit every prospective customer.
So how can direct marketing deliver improved results? And how does direct marketing complement your existing promotional techniques?
Taking a different route
Some prospective customers simply prefer a different approach, and direct marketing will enable you to reach those who haven’t been discovered already.
Support your messages to increase credibility
For those who require a little more reassurance, the ability of a company to distribute their messaging via other channels, is likely to create a greater feeling of ‘apparent reliability’.
As you monitor results, you can modify your messages. This, in turn, will allow you to refine your content which should help deliver better results.
Control when you get results
Sometimes you need results in a hurry. Direct marketing will enable you to regain some control over this process by adjusting the volume of your outbound messages.
Reliable, repeatable results
Having found a formula that works, you can be confident of delivering broadly similar results going forward. As an added bonus, you should be able to use the same content to a different segment of your potential audience.
As the downturn continues, and marketing budgets are squeezed, it becomes important to drive value in all areas. Here are some pointers to ensure direct marketing delivers results – and on budget too.
Make certain your data is suitable
If you possess an in-house database then use it. This will help to keep costs down and those listed within this database will be aware of your existence already. However, your lists could still be out-of-date. They might also contain duplicates or be difficult to manage. A reputable data supplier will enable you to clean up your in-house data, as well as supply additional relevant information – and ultimately reach new potential clients and customers.
Test the data
Test your data on a regular basis to make certain it will reach suitable people. Reputable data suppliers will provide you with samples of their data – free of charge – enabling you to carry out a test. If you are comparing data suppliers, then test one against another. And to ensure reliable results, when testing this data, keep all of your messages identical.
Avoid ‘free data’ or prices that are simply ‘too good to be true’
There is an abundance of online offerings that are either free or cheap. Accept neither. Most are unlikely to deliver good results and some may even land you in hot water. Always carry out due diligence. Corpdata will assist you by providing a helpful list of questions you may wish to ask.
Always be aware of data protection
It is vital to understand the role of GDPR (General Data Protection Regulation) and how it has changed the world of marketing. With the dust finally settled, we can now ask that all-important question: ‘Which is the best way to ensure that direct marketing can be achieved both safely and better’? And the answer: ‘By adopting good data protection techniques’. Reputable data suppliers will guide you through data protection regulations and their implications, while helping you to deliver the results you need.
This article comes courtesy of Corpdata Limited, specialists in legally-compliant B2B marketing data that you can trust to achieve exceptional results.