When you hear the words ‘lead generation’ and ‘recession’, I highly doubt that you think they belong in the same book, let alone the same page, let alone the same sentence.
I also highly doubt that you are thrilled to be reading yet another article to do with that ghastly ‘R’ word – which is why we’re instead going to talk about what we do best… lead generation!
So, you may be thinking how on earth do they fit into the same category, and how does lead generation have anything to do with the recession?
To put it bluntly, lead generation is the key component to see your business during the next few months:
A) Sink
B) Float
C) Swim
From speaking to other businesses, we’ve been able to distinguish a key trend when discussing budget cuts.
The first one to go? Marketing.
And can we ask you a question?
WHY DO YOU THINK IT IS A GOOD IDEA TO CUT YOUR MARKETING BUDGET?
Think of it this way: if you’ve got less money coming in and more going out, cutting your marketing budget – the blood, sweat and tears of your entire marketing strategy, will be a recipe for complete and utter disaster.
To keep a steady flow of revenue coming into the business, you absolutely must be actively trying to bring in new leads, prospects and projects – which requires (as we all know) time and investment.
Cutting your marketing budget is going to do 2 things for you.
- Reduce your chances of getting new customers.
- Reduce your amount of returning customers.
So, another question: how do you think you’re going to make it through a recession without customers?
Your marketing is the key to having a successful business; effective marketing leads to good customer relationships, a high retention rate, more brand awareness, increased sales, business development and growth.
Yes, cutting your marketing budget may help you out slightly in the immediate future, however long-term, it can have a highly detrimental impact on your business.
Don’t cut your budget – just change how you are using your budget.
At current, many businesses are cutting back on headcount and spending; and it makes sense. However, right now is not the time to press pause on your lead generation process as doing so is only going to place you at a disadvantage. We can assure you that many other companies in your industry will be doubling down on their B2B lead generation.
Yes, your leads may not be ready and prepared to buy right now, but they will be once things calm down. Without a doubt, you will be in a much stronger position when the economy recovers.
Interesting enough, if you look back at previous recessions, there is proof that those organisations who continued to market during a recession saw the greatest and most profitable growth.
A Harvard Business Review looked at 4,700 public companies’ performance during the 80’s, 90’s and 2000 recessions, finding that the companies that actually increased marketing and sales spending, while still cutting costs and improving productivity, had the most success during and after the recession.
What we’re saying is that if you’re looking to cut your spending whilst still benefiting from marketing, outsourcing is the best way to go.
By outsourcing your lead generation, your in-house team can concentrate on targeting those leads and turning them into sales; it is a cost-effective way to enhance your strategy and get high-quality results.
We have helped countless amounts of organisations over the years excel in their lead generation process and generate numerous business opportunities to transform their business growth.
Whether it is during or after the recession, we are begging you to not cut your marketing budget.
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So what option are you going to pick? A, B or C?
If you want to learn more about outsourcing your lead generation and how it can save your business during the recession, get in touch.
