In the past few months, the entire world has come to an unavoidable standstill. With this, the impact has reached far and wide, influencing every industry in its wake. Running a successful business during a pandemic is one of the hardest challenges companies are faced with. And revenues are slashed by large percentages.
For the technology sector, the impact can be said to be both positive and negative. On the bleak side, there have been negative impacts on raw material supply, the electronics value chain, and an inflationary risk on products.
The ray of sunshine has been the acceleration of remote working. Leading to a multitude of organisations increasing the level of their technical infrastructure.
As a tech CEO, the immediate focus for you would have been on taking care of the human capital. Ensuring operations are smooth in a remote working environment. Post that, retention of current customers would have taken precedence.
Now, it is time to rise like a phoenix from the ashes, and grab opportunities. However, these opportunities will not be in the same places you would find them earlier.
Optimising your strategy to this “new normal” will take 6 simple steps, and help you prepare for future growth.
Step # 1: Narrow down your segmentation
It is extremely important to be laser-focused on the right market segment. The pandemic has hit each industry differently, and it is vital to understand the stage of recovery each industry is in at the moment. Therefore, the right approach will be to target the industries that have already started to show signs of recovery. And secondly, those that are able to sustain growth during this time.
Step # 2: Focused marketing and sales teams
Now is the time to ensure that you have marketing and sales teams that are laser-focused towards conveying your messaging to the right audience. Decide on the specific opportunities that you want to go after and allocate resources in a condensed manner.
Step # 3: Update your messaging
Being in the “new normal” should reflect in the new messaging you put out there. Currently, most organisations are focused on optimising their businesses, and your focus should be on supporting them with this optimisation.
For instance, make sure to be explicit in all your communications. Specifically about how your offerings can add value to theirs, in the timeliest fashion.
Step # 4: Address your buyers’ concerns
One of the biggest impacts of a buyer’s behaviour is market uncertainty and risk. And this is at an all-time high at the moment, which has led to an increased focus on the risks associated with a new purchase. Not only in terms of the returns on the investment but also in terms of the value add versus the time taken.
Communications to prospective buyers need to address these concerns in the most direct manner.
Step # 5: Stand out from the crowd
Brands have adapted to reaching out to their customers digitally extremely fast. The rate at which brands’ digital messaging has increased is phenomenal. What you need to do is stand out in all this digital static. And how you do this is by staying relevant.
In conclusion, more than ever this is the time to narrow down your audience and reach out to them with content that is personalised and relevant to them.
Step # 6: Cut down the width, not depth
These are tough times, and tough decisions are needed. However, it is important to make these decisions strategically. When making cuts, cut down on the width – number of markets and segments you are going after – and not the depth. The depth is required for you to be relevant and stand out.
Economies and industries have started showing signs of recovery. Slowly, the world is adapting to the new normal that we are faced with. As a tech CEO, it is important that you recover with the world, supporting it with your strategic decisions.
At CHASM, we help emerging tech providers optimize their growth and Go-to-Market strategies, applying industry leading frameworks in a hands-on approach that will deliver instant results. Reach out to us at email@example.com