Despite economic uncertainty, enterprise companies have not pulled back on buying software. The pace may even be accelerating.
But is accelerating now wise? Ask these questions to validate your martech adoption/replacement plans.
Before you replace or add technology, ask yourself whether you maxed out your current functionality. Marketers use 20% to 30% of an applications features, by some estimates. Look at what you're paying for now but not using before looking for something new.
Remember when, at the height of COVID, email saved ecommerce? Many companies rediscovered how well email drives sales and revenue and builds customer relationships, especially during a crisis.But even if it just kept on keepin’ on, you should still have a plan for the next few months that lays out your options and how you could use them against a downturn.
Look at your targeting. Consider your segmentation program. Review your price structure on promotions. What should it look like to stimulate more sales?Identify segments that can be more lucrative to target, such as regular buyers, people who buy at full price instead of waiting for sales and shoppers who send you clear purchase or upgrade intent signals.
Be informed so that when your CEO asks for your advice, you can report what’s happening in your market.Watch the news every day. Educate yourself about what’s happening in the broader economy. Spend at least an hour a week reading what’s happening in email, social media and mobile marketing, privacy legislation and customer expectations.
Recessions are marked by what we saw during COVID: fast-reaction pivots that scale to new market conditions. Recession don’t have to be scary. But now is not the time to rely on the adage that email is recession-proof.Think back to November 2019. How would you have prepared if you had known that the world would shut down three months later? You have that time now. What’s your plan?