BlogCovid-19: your guide to recession-proof prospecting
Covid-19: your guide to recession-proof prospecting
Posted on: September 29, 2020
Reading Time: 6 minutes
Covid-19: Your guide to recession-proof prospecting
Six months after the UK’s initial lockdown was announced, the government have made the decision to reverse the gradual easing of restrictions and introduce new measures.
With workers encouraged to avoid offices once more, the ‘rule of six’, and increased limits on events, businesses are understandably worried about what this means.
While the economic reality is undoubtedly harsh for many businesses, there are also many reasons for a level of optimism and a clear path through troubled times.
The first thing to note is society has got better at this than we initially were. Better treatment and increased survival rates means a repeat of total lockdown is unlikely. Supply chains have been strengthened, people and businesses have adjusted and reliance has been reduced on the industries less able to function.
Our unwavering capacity to adjust in real-time to a new reality is just as well: the indications are that we might be living under COVID for a long time. The UK government says these latest rules could be in place for six months.
So if we can’t just wait it out, how do businesses ensure they are surviving, and even thriving amidst the chaos?
The recession aggression lesson
Taking a look at different strategies of businesses during previous recessions provides stark evidence of the best strategy to adopt.
The lesson has three facets:
Advertising and marketing have long term impacts.
Inexperienced or nervous competitors will cut ad spend in challenging circumstances.
Share of voice and market share will increase as a result.
Following the 2008 recession, the biggest businesses saw the same dip that all companies saw. But these brands, with their strong brand equity and ability to maintain or increase spending, saw a recovery that far outstripped those brands that did not, or could not, spend. Over the following ten years, these brands saw a 317% increase in their share price. The global average was below 60%.
The 1981 recession provides another lesson. By 1985, the companies that maintained or increased advertising spend during the recession saw sales 256% higher than those that decreased spend.
The Great Depression of the 1930s is yet another example. A steady hand in that recession is responsible for us eating Kelloggs’ delicious Crunchy Nut for breakfast, and not… well… whatever cereal Post used to produce.
While market leader Post cut their expenditure and advertising spend, Kelloggs went on the offensive and doubled its ad budget, even introducing a new product in Rice Krispies. In the middle of the worst recession ever seen, Kelloggs grew revenues by 30% and become the market leader, a position they still enjoy.
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How to approach prospecting in a recession
Even if continued or increased marketing is the way forward, realities have changed and sales approaches should too.
We’ve put together a whole host of research and resources, each with practical information on how to approach marketing and prospecting in the age of COVID and during the associated recession.
Content, SEO, PPC, Website, Social Media and Prospecting were the only channels to come out of the assessment as viable channels. However, some have longer lead times (I’m looking at you, SEO) or take bigger teams to implement (webinars or content marketing), so are not likely to move the needle sufficiently for many.
Prospecting can have a more immediate impact for all, and using a service like SoPro means you get experts grafting for you, whatever the size of your team, delivering sales opportunities today, tomorrow and next week, rather than this time next year.
Do you really think this is top of my list right now?
Thanks but I have far more pressing issues with the COVID situation right now.
How can you possibly be asking if I need help with recruitment right now?
A simple polite response can ensure that won’t negatively affect your brand:
Please accept my apologies if I caught you at a bad time. Totally understandable. I’ll put this on ice for 3 months.
And you will still be marketing, driving vital revenue and increasing brand share while nervous competitors cut their spend. The risk of pausing marketing and sales activity is far greater than the risk of an upset prospect.
If you are not sure if prospecting is right for your business at this time, chat with my team and we’ll share some success stories so you can avoid any minimal risks and reliably shore up the pipeline.
It’s time to turn this uncertainty into an opportunity.