The temptation for businesses to cut back on their marketing and advertising during tough economic times is understandable, but history has shown it’s not a very wise decision.
As far back as at least the 1920s, companies that were proactive during economic dips or a downturn have fared much better than those that remained passive.
According to a century of historical indicators compiled by the Advertising Specialty Institute:
- Companies that continued to advertise through the 1923 recession came out 20% ahead of where they were before the recession (Harvard Business Review)
- Companies that cut back their advertising during the recessions of ’40s, ’50s, and ’60s saw their sales and profits drop, and they continued to lag behind competitors in the years that followed (Buchen Advertising)
- A McGraw-Hill Research analysis of 600 B2B companies during the recession of the early ’80s found that companies who advertised aggressively grew 275% more than those who didn’t
- A MarketSense study in the 1990s concluded that the best strategy for coping with a recession is balancing long-term branding with short-term performance programs
VSA understands the importance of meeting economic challenges head-on. That’s why we’re taking a proactive and longer-term approach to overcome the hardships currently affecting the market. We know that the more equipped we are to deal with these challenges, the better position we’ll be in to help our clients meet their own sales and marketing goals and grow their businesses.
In a recent blog post, we shared proven lead-generation strategies for outperforming dips in the economy, and the ways we help our clients execute these strategies and stay profitable. But as the old saying goes, you can’t help others without helping yourself first.
Here are four of the steps we’re taking to address the recent economic challenges and ensure we continue to provide our clients with the best possible service:
1. Partnering with another digital marketing agency
Every marketing company brings something different to the table, so it makes smart business sense to pool multiple lead-generation resources. Collaborating closely with an outside digital marketing firm, we’ve developed a fully integrated approach to outbound lead generation that ensures no viable prospect slips through the cracks, resulting in more scheduled meetings and fuller pipelines to keep a consistent growth rate.
Too often, salespeople fail to follow up with prospects. Statistics show that 70% of salespeople give up after the first unanswered email, and 50% after the first unanswered call. This is untenable, especially during tough times.
We’ve always known the importance of follow-ups and are more equipped than ever to reach out to prospects who “raise their hand” to express interest. Our digital marketing partnership has resulted in a targeted, multi-touch approach that marries a digital campaign with an immediate calling campaign, ensuring that interested prospects never have to wait long to have a conversation with a live person.
2. Growing our lead gen expertise
Over our 21 years as a best-in-class lead generation and appointment-setting company, we’ve seen plenty of different business trends and technologies come and go. The “latest and greatest” one year might be “yesterday’s news” the next, so it’s vital to keep up with the newest industry developments and learn how to implement them on behalf of our clients.
That’s why we’ve been getting much more involved in local and national conferences and networking events and remain heavily invested in expanding our industry knowledge. Recent events such as the Pace Annual Convention & Expo (for contact center and Customer Experience professionals) and the 5th Annual Ascent Conference (for SaaS executives) have allowed us to learn from industry and market experts and make valuable new contacts.
3. Building a larger referral network
Much of VSA’s growth over the last 21 years can be attributed to our referral partners. It’s always easier to build a relationship with a potential client when we’re endorsed by a mutual connection, as opposed to competing for business as a complete unknown.
Lately, we’ve made a concerted effort to expand our network of referral partners and channel partners, developing a multi-touch outreach program specifically targeting companies we believe align with our core values.
Whether we’re making an introduction on another company’s behalf or they’re doing the same for us, we’ve always found these referral partnerships to be mutually beneficial relationships. Even if a referral doesn’t directly lead to new clients, it creates a sense of camaraderie, enhanced reputation, and good feelings that can pay off in business opportunities down the road.
4. Expanding our inbound services
Of all our recent business initiatives, the expansion of our inbound services might be the most significant. While VSA has offered inbound customer service from its Philadelphia office for the last five years, as well as inbound call center services for a core set of clients, 2022 marks the first time VSA can deliver full-time inbound programs for any client that requires them.
The investment in our inbound call center capabilities includes the decision to use virtual agents, allowing us to take advantage of a national pool of high-quality customer service representatives. Previously, our inbound call center services were handled by on-premise employees.
VSA’s inbound services offer a wide range of benefits. Our dedicated and shared agent options allow for 24/7 or business-hour call center support. Our empathetic and trained representatives are U.S.-based, accent-neutral, native English speakers. Most importantly, our agents act as an extension of your company, committed to delivering a seamless customer experience on every phone call.
Conclusion
It’s natural for business leaders to want to take a wait-and-see approach in the face of economic challenges and especially since the COVID-19 pandemic, when many companies experienced a slowdown, labor force disruption, and productivity pressure and challenges. Even during good times, there’s a tendency to avoid risk. Vanessa Shaw, CEO of the Arizona-based Business Growth Academy, says that 90% of business owners she talks to admit they’ve taken a passive approach to grow their companies.
That’s never been VSA’s attitude, and we’re certainly not going to start now. We’re always looking for new and innovative ways to grow, which in turn allows us to take stock, strengthen, and better serve our clients’ business needs.
If you’re looking for ways to keep thriving during these difficult times approaching 2023, give us a call. We promise we’ll never back down from a challenge.