Weathering Through Market Challenges and Uncertainty in 2022
By Peggy Tierney Galvin, Chief Strategy Officer, Force4 Technology Communications
Everything old is new again in tech: e-commerce, automation, and of course, economic uncertainty.
The tech industry has navigated these periods of economic uncertainty before – in 2001 and again in 2008. They are not easy, and never fun. But they do clarify what matters.
Here are the lessons we’ve learned from previous market downturns that have helped our clients come out stronger on the other side.
1. Be the safe bet.
Investors are skittish, customers are wary. Solutions that may have seemed “bleeding edge” or “exciting” in more go-go times will seem untested and risky now. Focus on showing how your solution helps partners grow margins, how it helps customers do more with less, and how it represents a solid profit driver for investors. As the saying goes, “No one ever got fired for buying IBM.”
2. Connect everything to driving sales.
With budgets under the microscope, every marketing expenditure needs to be firmly tied to driving sales. Considering a booth at an event? Do you know for a fact that prospects are attending this show? It might be better to walk the floor, meet with partners and have interviews with press and analysts instead. Is the sales team using your marketing materials to close deals? Check in with your counterparts to confirm, and while you’re talking, ask what the feedback on the messaging and value prop has been from prospects so you can make sure your marketing plan is tied to what customers are asking about today.
3. Land and expand
For your existing customers, lean in on your relationship as a trusted advisor. Show how your knowledge of their needs, technology stack and industry has resulted in measurable business benefits. It’s significantly easier to maintain existing revenue than to bring in new revenue, so preserving existing licenses and giving them reasons to expand their contracts with you is a win-win. Remember, everyone’s looking for a safe bet (see #1). All else being equal, your customers already prefer to stay with you rather than roll the dice on the open market.
Successful tech vendors have been able to weather several economic storms because they use these lessons. By continuing to focus on your business and your customers’ needs, you’ll be able to get through to the other side of this one too.
If you’re interested in learning how PR and marketing can help your business weather market uncertainty, reach out and we will set up a call.