Apart from rising fuel price, the increase in the costs of imported goods and raw materials, and inflation leading to calls for higher wages, how is email marketing going for you? If you deal mainly with SMEs you must be aware of how the current situation is hurting them as much as us. The fact it is just as difficult for our competitors is not much compensation.
I mentioned three increases in costs, but you could add a number of other specific challenges, depending on your product or business. Construction costs have soared, unlike my extension. Further, many businesses have, rather sensibly, taken steps to secure raw materials and manufactured products by buying in greater quantities. It doesn’t take me to point out that stockpiling ties up a considerable amount of available investment. What can you do?
When the trading conditions are generally poor and, with a litre of fuel now retailing at around £2, poor seems to be a gross understatement, many companies will be reconsidering their plans. Expanding into new markets is seen by many to be too much of a risk. Thankfully, email marketing, as ever, requires little in the way of investment to expand and with our competitors, hopefully, cutting back, there will be gaps available for exploitation.
There is the temptation to buy products at greater amounts and higher cost than you have in the past, if only to have something to sell later on in the year. There is little to argue against this as long as your acquisitions are targeted. History tends to indicate that those with sufficient stocks to meet a change in demand will reap tremendous benefits.
Ask yourself what you currently fear will be the fallout from the current range of challenges. The odds are the companies you sell to will feel the same. They will be looking for safeguards, perhaps stock to see them through, and you should be looking for ways to provide for their needs.
Testing is the way to discover what they believe they want. Split test your email marketing lists, perhaps including click-throughs to discover what concerns them. You could, of course, wait to see which way the market for your range of products veers, but by that time your competitors will be trying to sell the same products as you to the same customers.
There’s nothing new about this new recession. Most of us have been through a few and there’s little to suggest this one will be different. B2B email marketing will probably change to a significant extent in the short/medium term, but in a similar way to before. Some companies will retrench; others will try something different. Both provide opportunities.
In a world were borrowing will become more expensive, especially after us being spoiled by the low rates over recent years, new habits will be quick to form, but if you identify those companies likely to guess right, you can join them in their successes. Email marketing can show us which of our customers are succeeding. Keep your eyes open and be ready to pounce.