How to Increase Brand Value of B2B Businesses in a Recession: Three Ways
It's only natural for B2B businesses to cut back and minimize expenses during lean times.
To increase brand value in a B2B business, focus on building strong, long-term relationships with your clients by providing exceptional customer service and personalized solutions. Invest in creating high-quality, informative content that showcases your expertise and addresses the specific needs of your target audience.
The amount of economic uncertainty in the United States is at its greatest point in more than 40 years. Over November 1981, the consumer price index climbed by more than 9% since the prior year, driving up inflation to its greatest level. And according to Bloomberg, there is a 38% possibility that a recession will occur over the next 12 months. These days, B2B buyers are extremely conscious about their spending.
Customers want to be certain they get the most value for their money. But with operational costs currently at an all-time high, providing the goods and services that today’s consumers want is more expensive than ever. As a result, while consumers have cut back on expensive purchases and tightened their belts, businesses have raised prices to offset their rising overhead expenses.
Herein lies the dilemma: how can B2B businesses demonstrate value and preserve client relationships in a market characterized by economic ambiguity? Here are five key tips to follow:
1. Understand Customer Goals for B2B Businesses
Customers seek out trustworthy businesses during difficult economic circumstances, so it’s critical for B2B corporations to show genuine concern for their target prospects’ requirements, issues, and strategic objectives.
These insights can be used by sales and marketing teams to develop cost-effective, solution-focused messaging that enhances brand knowledge, dependability, and value. The more businesses that can lead with empathy, the better.
2. Maintain Marketing Spend for B2B Businesses
It’s only natural for B2B businesses to cut back and minimize expenses during lean times. However, it’s equally crucial that businesses don’t decrease expenditure too much. Marketing groups with tight budgets face the danger of damaging a company’s reputation.
Companies should keep spending what they are now doing and focus more on providing price-conscious customers with relevant, value-based messaging. Take it from Reach Insights’ CEO and founder, Matt Kleinschmit:
“Brands that emotionally and culturally connect with consumers can boost mind share and sales, while those that stop advertising are often excluded from purchasing decisions,” says the study.
Now is ideal to add personalized content to your marketing strategy that aligns with your audience’s interests. A strong content strategy can also increase quality B2B leads.
3. Create a Value-Based Strategy
B2B businesses, take note: clients want to know their purchases will be worthwhile in the long run in addition to the short term. So, think about giving potential customers a longer trial time or introducing a “freemium” option – a price structure that provides free access to a specific product but charges extra for further features that ultimately increase product usefulness.
Customers might pay incrementally more under this value-based model for continuing to use a product, which may present the potential for customer upsells in the future.
Concluding Remarks
Yes, operating costs are rising, inflation is at an all-time high, and customers are more price and risk conscious than ever. But even in a market plagued by uncertainty, B2B businesses can prove their worth and capture significant market share by adopting a few essential, cost-effective techniques.
