Generating leads during uncertain times can be a challenge, especially during an economic downturn. With the recession looming ahead, several businesses have begun to aggressively downsize and cut costs. This has also led to a decrease in their clientele as other brands are also looking for ways to save money.
Your business might also be struggling to meet targets during such dire times. Whether you specialize in B2B or B2C business, customers aren’t willing to make investments for the long run during such times. However, with the right approach to your stakeholder management, it is possible to overcome these challenges and generate leads.
Let’s explain how:
Consider the story of a small business owner named Deepak, who was fired from his previous job. He used to work as a banker but when the COVID-19 pandemic hit, Deepak was faced with a significant drop in sales and a decline in customers. The company began to fire employees when the recession warnings began.
This led Deepak to hunt for new jobs and then become an entrepreneur when no company was willing to hire him. All his potential job searches resulted in companies that were already downsizing employees and didn’t want to hire new ones. Deepak decided to open a corporate gifting agency for businesses.
His business would curate hampers for other businesses to present to their clients and employees during events. His USP was to add some cheer during the pandemic and all the tension during the recession. This selling point worked as many businesses bought his hampers to retain their clients — it added value and conveyed how much businesses cared.
Very soon, Deepak began to earn much more than he did at his corporate job. He began to expand his business and leveraged partnerships with other businesses. His collaborations and marketing strategies helped him gain more clients — yes, his USP itself was born out of the recession!
This story shows us how the recession isn’t always a reason for you to lose clients and notice a sales drop. It could also act as a chance for you to market better and use the recession itself as a USP in your strategy. You can generate better leads and make them last by building relationships of trust and value.
In this article, we will explore the strategies Deepak used to generate leads during uncertain times, and how you can apply them to your own business. Whether you’re facing a recession, a pandemic, or any other economic uncertainty, these tips will help you stay ahead of the curve and generate leads, even in tough times.
Top tips to generate better leads in uncertain times
The best customer success strategy to tackle such uncertain times would be to leverage digital selling and marketing. This is what Deepak suggested and you will notice a recurring trend in all our upcoming suggestions.
While not all of these solutions may help your business, it works to pick the ones that align with your needs. Let’s dive right in!
Refine your target audience
A recent study by MarketingProfs found that businesses that segmented their target audience and personalized their marketing efforts saw a 760% increase in revenue from email marketing.
Another more recent survey by Accenture found that 74% of consumers expected companies to understand their needs and preferences. Moreover, the same percentage of consumers are more likely to purchase from a company that provides them with personalized experiences.
This shows us the importance of understanding our target audience and their specific needs and challenges. It will help businesses tailor their marketing and sales efforts to their customer’s specific needs and preferences.
Utilize digital marketing
With many people spending more time online during uncertain times, digital marketing can be a powerful tool for generating leads. Utilize social media, email marketing, and search engine optimization (SEO) for enhanced stakeholder management and to drive leads.
According to a study by Hubspot, 72% of consumers prefer to receive promotional content through email, compared to 17% who prefer social media. Additionally, Google data shows that the average click-through rate for search ads is around 2%, with top-performing ads receiving a click-through rate of 5-6%.
In uncertain times, people are more likely to focus on their budget and prioritize purchasing decisions based on value. Offer valuable resources, such as educational content, eBooks, webinars, and other content that provides value to your target audience.
This point is further enforced by the Content Marketing Institute. Their recent study revealed that 63% of marketers believe that creating valuable content is the most important factor in successful content marketing. And the best part is how you can use this customer success strategy RIGHT NOW to make an impact!
Leverage partnerships and collaborations
Partnering with other businesses in your industry can help you reach new audiences and generate more leads. Consider collaborating on joint projects, hosting joint webinars, or cross-promoting each other’s products and services.
A study by Marketo found that referral marketing is the highest converting channel, with a conversion rate of 37%. Additionally, a survey by Influitive found that 79% of B2B buyers are more likely to engage with a solution provider that has been recommended by a peer. Leverage the power of referrals and have a good network of connections that will recommend you to prospects.
Optimize your website
Your website is often the first touchpoint for potential leads, so it’s crucial that it provides a positive user experience and is optimized for lead generation. Consider incorporating calls to action, lead magnets, and landing pages designed to convert visitors into leads.
According to a study by Hubspot, 38% of people will stop engaging with a website if its content or layout is unattractive. Additionally, a survey by Unbounce found that 70% of small business owners see a significant increase in conversions when they improve their website’s design.
Utilize content marketing
Content marketing can be a cost-effective way to generate leads and establish your business as a thought leader in your industry. Create and distribute valuable content, such as blog posts, videos, and infographics, that addresses the needs and challenges of your target audience.
The Content Marketing Institute recently uncovered that 60% of B2B marketers use content marketing to generate leads, with 79% of these marketers reporting that their efforts are effective.
Engage with your audience
Don’t just generate leads and hand them over to your sales team to nurture. Take the time and effort to truly engage with clients and build a bond with them. Building strong relationships is key to generating leads and retaining customers. It is this bond that will make them think twice before terminating your contract during tough times.
Encourage engagement through social media, email marketing, and other channels, and respond promptly and professionally to any inquiries or concerns. A recent article featured companies that have dedicated people who respond to customer inquiries on social media within an hour. It is interesting to note how they are nearly twice as likely to retain customers compared to companies that respond within 24 hours.
In conclusion, generating leads during uncertain times requires a strategic and focused approach. Rather than exploring a vast audience, refine your target market. Don’t stick to your age-old principles, instead, try to take a plunge into digital selling.
Keep in mind that your business needs to save money, too. So don’t try to generate many new leads and struggle to maintain them during such times. It isn’t about having more clients and doubling your income.
It is all about forging meaningful bonds during such times and ensuring that even if you have just one client, they stay. Leverage partnerships and engage with your audience to understand their concerns. This is how Deepak realized what was holding back his leads from investing and he could work around it.
Just like Deepak, you too can effectively generate leads and grow your business. You just need to understand your market and trends to change your approach accordingly.