Being a forward-thinking business professional means understanding how to continue succeeding during a slow economy. Economists note that the coronavirus pandemic is the primary factor likely to cause the sluggishness. Data from Statista projects at least a 2.4% gross domestic product (GDP) loss in most major economies due to the pandemic. That likelihood means adjusting your techniques for generating leads. Here are five tips to get started.
1. Host a Virtual Event
Webinars, workshops and topical discussions are excellent ways to position your company as an informed leader in its industry. The ongoing pandemic means many people must stay at home and connect online. Consider how you can tie into that reality by planning a virtual event.
ZDNet recently reported how Microsoft would take a digital-first approach to its events through the rest of the year. Since several major brands are moving forward that way, you might feel more confident about doing it too.
2. Describe Your Offerings in Ways That Fit the Current Times
People are living in unprecedented times. Thus, many of them have changed their spending behaviors and public interactions, among other things. Evaluate what you offer and determine how you could angle it to be more applicable to what’s happening now.
For example, maybe you sell a business tool with a broad assortment of features, and one of them allows communicating with team members remotely. So many people are working from home now, and some of them for the first time. Highlighting that feature could make people decide they’re ready to try your product. Anything you can do to make what you offer especially relevant should help with generating leads.
3. Focus on Email Marketing
Many lead generation tips concerned email marketing before this economic slowdown, but the option is increasingly important now. Statistics indicate that 81% of B2B customers prefer to contact vendors via email, for example. Even if you primarily serve consumers rather than other enterprises, don’t overlook how accustomed people are to receiving communications while online.
Ramping up your email marketing efforts is also a smart decision in the slow economy because it can be cost-saving. If you primarily connected with potential customers through printed mailers, for example, it’s almost certainly more expensive to produce those than to send out a batch of targeted emails.
4. Emphasize Video to Drive Sales
With so many people dealing with various kinds of uncertainty and unsettled feelings, you cannot trust that the same lead generation tips you’ve used for years will remain effective. Using video more often to introduce people to your company and its products is one way to adapt your approach in these changing times.
For example, instead of having a traditional sales call, ask the potential customer if they’d be open to a video-based one. Then, you’ll have the benefit of seeing a person’s body language and facial expressions, both of which could help you tune into their needs and concerns. Moreover, videoconferencing software often lets you share your screen for a more engaging presentation.
Investigate how you could provide more video content for people to enjoy independently, too. Information from Wyzowl’s 2020 video marketing report found that 95% of marketers said the format helped customers better understand the company’s product or service. Then, 81% of marketers in the same study reported that video increased the average time people spent looking at a page. Demonstrations, company tours, and how-to videos are some examples of what to create.
5. Create Lower-Commitment Offerings
Another useful way to tweak your sales tactics is to minimize the required commitment. Perhaps you previously aimed to get people to sign up for your service for a year. Many potential customers may be working hard to maintain stability in these economic conditions. If so, agreeing to 12 months of service may become too big of an ask.
If people are at risk of losing their jobs or feeling frightened about the future, committing to something new for an extended period is highly unappealing, and it could cause anxiety. Take those things into account and explore how you could give people opportunities to use what you sell with less risk. Launching a three-month plan or offering month-to-month billing are some lead generation tips to try.
Remaining Adaptable Is Essential
Generating leads in a slowed economy is not an impossible goal, but it requires a flexible mindset. Keep track of which approaches work well, but be aware that you may need to adjust them further as economic conditions continue to evolve and people’s needs shift accordingly.