The following is adapted from a webinar Studio North presented during the 2020 virtual HITMC conference. View the full webinar here.
When this situation turns around—and it will—which B2B brands will see their market share, growth rates and earnings surge back strongest?
To answer that question, it’s helpful to look at what happened the last time the world’s economy suffered a devastating downturn—the financial collapse and “Great Recession” of 2007-2009. In a landmark 2010 study, the Harvard Business Review (HBR) found that companies who took a “progressive” approach outperformed all others by at least 10% in both sales and earnings.
What is this “progressive” approach, and how can your brand apply it to own the upside when the economy improves?
The progressive approach involves doubling down on a focused, distinctive new position in your market, and it’s actually the least risky and most profitable approach to coming out of a recession.
Here are three of the components of this approach:
- Understand your true value leaders—not just your favorite or biggest customers.
- Rebuild your marketing budget from the bottom up, based on an analytical understanding of wallet share behavior.
- Hold a biweekly standup—attended by marketing, sales, product management and R & D—to stay agile amidst continual and potentially rapid change.
That’s how progressive brands win the upside when the economy recovers.
StudioNorth is an independent marketing agency based in Chicago. They work with organizations around the corner and across the globe to find human relevance in a commercial world. Their unique H2H (Human to Human) approach leverages customer insights combined with their deep B2B, industry expertise to craft meaningful and memorable experiences between their client’s brands and their audiences.