Marketing tactics for growing and retaining customers in a downturn

Now that the economy is in danger of going into recession, companies should modify their marketing plans to put more emphasis on keeping and expanding their current clientele. A strategy that prioritizes current clients over new ones is more effective at creating growth when businesses attempt to control their spending.

Several B2B marketers have already acted, per a recent report by The Marketing Practice. Here are the top five answers to the question, “How has your marketing responded to recent economic expectations for inflation and recession?”

46% concentrate on attracting new clients or transferring them to more lucrative services. Because now is a fantastic opportunity to acquire a voice, 37% of businesses increase their budget allocation to branding. This is the ideal time to increase your market share, therefore, increase your marketing spend by 35 percent. 33 Shorter time frames for the introduction of new goods and services that can assist clients in reacting to the market. 29% shifted the focus of their marketing to demeaning subjects like productivity

Is your marketing plan built to expand and keep consumers in lean economic times? If not, now is the ideal moment to broaden your horizons in this area, as businesses that have demonstrated their capacity to raise Annual Recurring Revenue (ARR) and enhance Net Revenue Retention Rate (NRR) are becoming more and more well-liked by investors.