Buyer Behavior in a Recession
About a month ago, I participated in an webinar titled Buyer Behavior in a Recession, presented by Scott Albro, the president and CEO of Tippit. In this seminar, Scott presented some of the findings of their research,Recession Marketing for B2B Vendors, highlighting how the recession is impacting business’ purchasing behavior and what
vendors can do to better target buyers in a difficult economy.
Some key insights from the webinar:
- Attention is more scarce than ever during a recession
- Buyers ARE still making B2B purchases, but the process has changed primarily because budgets are lower and there is greater scrutiny on every expense.
- In this environment, ease of use, integration flexibility, and price are the top factors driving decisions.
What this means is that B2B marketers need to change their marketing strategies during a recession. Some of the tips include:
- Plan your campaigns for attention scarcity; this means having a very wide funnel at the top-end by being very open with your information, and then building trust over time with lead nurturing
- Simplify you marketing and your messages as much as possible; attention scarcity creates a desire for simplicity
- Retool your value propositions for bad times, focused on value and time to value