Once a business is hit by external factors such as market conditions, the first thing deemed to be cut is ‘Marketing’. This knee jerk reaction from business owners, is a quick way to batten down the hatches. In order to prepare for a period of uncertainty, costs need to be reduced to protect revenue. The reality of it is, that an intelligent move would not be to cut marketing costs! Instead, why not take a step back and rationally consider what it is, the market needs.
By doing this, you can calmly re-evaluate your position as a supplier. You will be able to reconsider economic downturns, and take them as opportunities to evolve, instead of threats that shatter. It’s fair to say that it’s wise to consider the following points for SEO, PPC or Content Marketing revisions you’re planning to make.
How Much Risk You Are At Of Your Operations Shrinking / Being Affected
During these unprecedented times, you must manage your own business through chaotic times. Considering your risk profile is crucial in having trust in continuing to invest and operate in new customer acquisition. Model your finances and truly consider, the impact against your services and products. Can you continue to operate through the downturn with little to no negative impact? Consider this process and be informed. Embrace the process with optimism and use what you uncover, to inform your direction ahead.
How relevant your products/services are to the current climate
We’ve found that our PPC services were not necessarily a viable solution for several business, due to its nature. Many clients had in fact, paused their PPC activity as users’ buying habits had shrunk. Since we are now seeing an ease in lockdown and shops are reopening, PPC spend is on the uptake.
During the lockdown, we did not advise on PPC as a viable route for businesses to invest in. In place of PPC, we focused our attention on the benefits of SEO, more specifically how this channel will help them to get through the pandemic. When the demand does return, they could in place, be ready for new customers. Since we have been providing this advice as a specialist B2B SEO Agency, it meant customers and prospects listened. Subsequently, they were able to act.
How Effective You Are As A Supplier
During a resilient market, you might find yourself to be a great supplier that provides great customer service and are easy to deal with. As a B2B SEO agency, we have found our fundamental method of communications lie within Microsoft Teams, Zoom etc.
This pandemic has truly changed the everyday norm in a very big way. Majority of the UK workforce have found themselves residing at home, and utilising tools such as Zoom to connect with other people. Has your business been setup to operate remotely/digitally? Was it challenging to transition your processes and business to work in this way? Evaluate the efficiency of your business during these times, and truly consider how you can continue to be as effective as a supplier moving forward.
If Your Pricing Structure Is Viable
Our learnings from a B2B SEO agency, is that your pricing structure in this situation can be your downfall. Budgets are potentially not what they once were, for many customer segments. Reviewing your pricing structure to ensure it is in fact viable, is a great way to remain efficient.
Be sure to take into consideration what your competitors’ strategy might be (if you talk). Alternatively, you can visit their site to see what they’re doing to remain viable. Temporary promotional offers or rate cards are a simple way to enable your customers to still buy from you, without risking your long-term pricing strategy.
Who Your Target Audience Is Now
You may find that your target audience are not who they used to be. To recognise your new audience, consider other markets and audience profiles. If you can repackage or repurpose your offering, to simply cater for them during a downturn, you may have been able to identify a new segment. This new segment may potentially remain when the economy picks back up again! Consistent reviews into your target audience can prove to be a effective way to help distinguish the CTR’s from the conversions.
What Does Customer Commitment Look Like?
Commitment is challenging for most businesses. However, during a slump, it is even more critical that businesses not be tied into lengthy contracts. Review any commitment demands and take a moment to consider whether they are a significant barrier. More specifically in dealing with you and if they need to be adapted. For instance, if you offer annual contracts, try to switch to rolling contracts and see if this positively impacts your win rate.
Taking these ideas into account will allow you to revaluate your business. Keeping this in mind, be sure to revaluate your business in a structure that will mean you have a list of actions that can help you ensure your business remains viable and relevant. Our experience within a B2B SEO Agency has shown to be a great way to gain exposure into business’ behavioural patterns.
BIO: Polaris is an award-winning SEO agency in London, specialising in e-commerce, B2B, and the healthcare industry. Find out more about our services and how we can help you here.