November 14, 2022 – Recessions tend to be synonymous with budget cuts. However, your healthcare marketing is one area that you shouldn’t cut. Marketing during recessions affords unique opportunities to keep your business healthy despite the economic upheaval. Then you can come out the other side stronger than when the recession began.
Explore opportunities for marketing during a recession and how these opportunities can benefit your company.
When times get rough, and budgets get tight, healthcare businesses want to focus all available resources on practices that yield direct financial return while reducing spending significantly in all other areas. Unfortunately, many healthcare businesses don’t see marketing as one of those areas with a high return.
Ironically, sales investments often remain within the budget. However, there are no sales without marketing, as marketing makes up most of the B2B healthcare buyer’s journey. Customers agree with this funnel, as 80% say they don’t want a sales agent to contact them until at least 80% of the way through the sales process.
What’s happening in the first three-quarters of the journey? These are the marketing stages where a business introduces itself to potential clients, turns them into leads, then slowly builds trust and presents its products.
The sales team doesn’t see those leads until the leads have nearly made up their mind to purchase a product. However, when businesses cut marketing, they also cut sales, as the sales team won’t see even a fraction of the leads when sales work with marketing.