The Road to B2B Revenue Recovery
Know Where You Stand
One thing that 2020 has taught us all is that even the most reliable business forecasters sometimes get it all wrong. Yes, there were early warning signs of a global pandemic. But even people who were sounding alarms did not predict the unparalleled toll the crisis has taken on the economy and a range of businesses.
Right now, we all seem to be stuck waiting to find out what recovery is going to look like and when it might start. While certain aspects of our lives are inching toward normalcy, we don’t know what is around the corner for the next few months. And certainly, all of us in the world of B2B are waiting for revenue recovery.
However, there are things you can do right now to prepare for the eventual day when the world—and business—get back to normal.
How can your business move forward, or at least put things in place now to be ready when the B2B revenue recovery comes your way?
Where to Start
Depending on who you listen to, this situation is going to continue well into next year or wrap by the end of November. You can’t simply hide our head in the sand and wait until everything blows over, nor can you barrel ahead and try to conduct business as usual. While no one really knows what the future may bring, there are certain indicators you can trust to at least tell you where your business lies today. Because the road to B2B revenue recovery has to start somewhere.
Look to Industry Sectors as Revenue Recovery Indicators
Regardless of what business you’re in, there are certain industry sectors that serve as important barometers of the health of your industry overall.
For example, let’s take a look at heavy equipment manufacturing. According to Metal Center News, for the equipment manufacturers, the health of their business depends on the well-being of three industries that they rely on—construction, mining, and agriculture.
Knowing how these industry leaders are faring, the manufacturers of heavy equipment may be able to get a peek into the revenue recovery timeline for their industry. Because B2B manufacturing is often a spiral of suppliers, this is true for both direct equipment suppliers for construction, mining, and agriculture and smaller companies that supply the manufacturers.
At Nichols Brand Stories, our advice is to pay close attention to companies up and down your company’s supply chain, so you can begin to get a clearer picture of where your industry as a whole stands. Once you have an indication of where you’re at, it becomes a bit easier to set a path for revenue recovery.
Pay Attention to B2B Marketing
One of the most devastating ways the coronavirus negatively affected B2Bs is to drastically lower demand. Normally, that would mean a marketing push. But, as we have seen, business, as usual, isn’t cutting it these days.
Trade shows are one of the leading marketing tools of B2Bs. As recently as last year, trade shows were being touted as extremely valuable for B2B marketers. Trade shows ticked all the boxes with reasons ranging from the new technology of today’s tradeshows to ROI effectiveness measurability and internal teambuilding that tradeshows provide.
The stay at home orders of early in 2020 and continued social distancing measures have essentially shut down tradeshows. Traditionally, the trade show season wraps up in late October. However, large shows that are usually “can’t miss” events for B2B companies in a wide range of industries have already been canceled through the end of the year. What’s more, the status of shows scheduled for 2021 are currently in limbo.
Once again, this doesn’t necessarily mean a catastrophe. You don’t have to sit idly by waiting for the return of big trade shows. By knowing what is going on with marketing tools you usually rely on, you can shift your marketing budget elsewhere. Or, find creative ways to reach your audience in a new manner, including virtual tradeshows.
Plan Your Path to Revenue Recovery
Now is the time to look around and take a hard look at where your company is at this moment. Only then can you begin to plan the next steps toward B2B recovery. Look for my next blog on finding your way in the post-recovery landscape.
In the meantime, if you want to talk about ways to find your footing or anything else related to your B2B, feel free to reach out to me anytime. By working together, we’ll find our way through this crisis.
If you need help or want to chat with experts, send me an email anytime at barmbruster@WeTellYourStory.com