Lead generation, in particular, tends to be neglected by companies during difficult economic times. However, when fewer leads are generated, revenue quickly suffers as a result.
That’s why it’s important to have a strategy that will help you generate more customer inquiries even during an economic downturn. Learn how to stay focused on successful lead generation.
Why focus on lead generation?
When economic growth is slowing, marketing and sales teams need to be proactive—even if that means spending a significantly larger portion of the budget on leads. Like many other things, leads are more expensive during an economic downturn.
However, with an effective lead generation strategy, you can generate qualified leads and maintain your sales pipeline even during times of crisis. Such a strategy will still help you generate more customer inquiries. And once you’re in contact with more potential customers, this also creates opportunities for cross-selling.
By using a CRM system and automation processes, you’ll also gain concrete metrics that provide valuable insights. The data collected contains important information about your target audiences. If you evaluate and analyze this data correctly, you’ll be able to respond more quickly to changes in the market.
6 Tips for Effective Lead Generation in Tough Times
Effective Collaboration Between Marketing and Sales
Solidarity is especially important in difficult times. To generate more customer inquiries, marketing and sales should be well coordinated. For efficient collaboration, all processes and strategies must be clear to both teams.
Here’s how marketing and sales benefit from each other:
Vertriebsteam | Marketingteam |
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There should be a lively exchange between marketing and sales regarding the leads generated and new customer requirements. Sales representatives can Provide feedback on how qualified the leads really are. You can also offer insights into how marketing campaigns can be improved to reach relevant prospects.
Since the sales department is closer to the customers, this feedback can be used to work in a more targeted manner. Similarly, sales employees benefit from the data collected by the marketing department.
Offer your customers relevant content
It’s during a recession—if not sooner—that it becomes clear which companies know their customers best. If you want to remain relevant to prospective and existing customers even in these times, you need to know exactly who your target audience is and what problems your company can solve for them.
Refer to your buyer personas and their customer journeys here. Now is the right time to remind yourself exactly who you can reach and how.
As you do this, think about your customers’ challenges and problems. The information you gather will make it easier for marketing and sales to target personas with the right content.
Save Time and Money with Automation
With helpful content and automation software, you can stay top of mind with customers even during an economic downturn. Offer resources such as white papers, e-books, or checklists that customers can download in exchange for their email address.
With these newly collected email addresses, you can send follow-ups using an automation tool like HubSpot. Customers’ problems and pain points intensify during difficult times. Make an impression here with helpful and relevant content.
In the Ads section, you have the option to launch a so-called retargeting campaign. This allows you to show targeted ads to customers who have already visited your website.
Invest in Outbound Initiatives
Allocate your budget wisely so that you can continue to invest in marketing and proactively reach out to potential customers even when economic growth slows. There are many ways to generate leads through outbound initiatives:
- Telemarketing
Calling customers is a traditional method of making contact that still works well. Use telemarketing for customer acquisition and re-engagement.
- Social Media Ads
Even in difficult times, make sure you maintain a presence on the social networks that are relevant to your buyer personas. The algorithms on social media platforms can be easily tailored to specific target audiences. That’s why social media ads are so effective.
- Pay-Per-Click (PPC)
Just like social media platforms, search engine providers offer a platform where you can run targeted ads. These include text ads that appear above the organic search results. Or you can choose so-called display ads. These follow potential customers as banner ads after they’ve visited your website. Here, too, you benefit from a well-functioning algorithm.
Focus on industries you know well
Take a look at your existing customers and the industries you already know well and have served successfully. Use these challenging times as an opportunity to reconnect more closely with your existing network.
Here, you already know what works and how best to provide added value. Use this valuable knowledge to generate leads with less effort.
Lead Generation as a Way to Prepare for Better Times
View a recession as an opportunity to improve and prepare for the good times ahead. It’s important to think long-term here.
Resources you create now will pay off later. For example, prospective customers will download helpful content such as e-books or white papers. When the time is right to make a purchase, they’ll be more likely to think of you than of a competitor who hasn’t provided any content.
Grow Your Business Through Lead Generation, Even in Tough Times
Growing your business even during a recession is no easy task. However, if you invest more in proactive lead generation, you’ll create more opportunities for your business in the long run.
Effective collaboration between marketing and sales, combined with automation and increased outbound marketing, boosts the success of lead generation. This improves the teams’ efficiency, enabling your company to better weather challenges.
Create helpful content that’s optimized for your personas and search engines. This will help people find you online, provide added value, and make a lasting impression on potential customers. That way, you’ll really take off once the economic downturn is over.
