Keys to Growth in an Uncertain Economy

Growth in uncertain times is absolutely possible as long as you focus on what’s most important.

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Just when we all thought that the global pandemic was nearing the end, 2022 has gotten off to a rocky start. Cases are rising (as are restrictions), and the forecast is grim at best (at least for the foreseeable future). No one can dispute that times are uncertain and it’s impossible to predict with accuracy what’s in store for the economy this year. But 2021 taught us some valuable lessons on how to ensure growth even in challenging times. Here are a few key tips to keep in mind as we head into Q1.

Diversification

If there’s one thing that 2021 taught us all, it’s not to put all your eggs in one basket. Many mono-industry-focused companies were literally wiped out of business, so the diversification of your offer is vital. Creating new use-cases for your solution and expanding into different industries is a great first step. Of course, this takes some imagination, and may also mean modifying your product (or creating new ones), but the benefits will ensure future growth.

Build Strategic Partnerships

Another key area of growth for software vendors this year is with ISV-OEM partnerships. By embedding your solution into another, you are creating recurring revenue streams without any additional work. This is a highly lucrative activity that more and more ISV’s are focusing on (and with good reason). It’s yet another way to diversify your offer and not be entirely dependent on only one source of income.

Focus on Adding Even More Value

When your customer is at the center of everything you do, you can step into their shoes to better understand the challenges they face each day. Software solutions are purchased and implemented to ease those pains, so how is your application faring the weather over time? Are there other ways that you could provide even more value to your end-user customer? By running a customer satisfaction survey you can find out precisely how happy your clients are, and use that data to help you improve your offer. This is a sure-fire way to ensure that your customers remain loyal to you for years to come.

Increase Marketing Budgets

The first budgets that usually get cut during a crisis are marketing ones, but nowadays, that is probably the worst strategic business decision you could make. If anything, marketing budgets should be increased! The buyer journey is changing drastically as customers have fast and easy access to scores of information; not to mention the fact that the market for B2B software solutions is plagued by new players who enter the scene every day! Market leaders can no longer take it for granted that their (historic) edge will ward off the competition forever. It’s more important than ever to create visibility for your brand across channels so that your message can cut through the noise. By having a holistic approach to marketing (creating always-on campaigns both on and offline) using a combination of organic outreach and paid advertising, you can ensure your company’s growth trajectory in 2022.

Up-level Your Skill-Set

Investing in continued education (for you and your team) is an important way to stay on top of your game. With the explosion of online learning, there is no better time to tap into the hundreds of courses that now exist to help you up-level your skill-set. Continued learning and growth are like two peas in a pod—they naturally go together. By attending a Masterclass you can learn from the experts and implement their teachings to get outstanding results.

Revue Expenses and Leverage Outsourcing

While most companies review expenses and plan budgets at the end of each fiscal year, it’s important to regularly monitor expenditures and constantly look at ways to maximize budgets. Leveraging reliable outsourcing companies (whether that be to cut development costs, improve marketing outreach efforts, or tap into new talent), is an important way to scale without exponentially increasing overhead. It’s important to continually review your options and explore new venues to reduce costs and improve efficiency.

Conclusion

Growth in uncertain times is absolutely possible as long as you focus on what’s most important. Ensuring customer satisfaction, continually evolving your offer to provide even more value, and tapping into external resources as needed in order to achieve your mission, are the fundamental ways to get you there.

Liz Lemarchand

Liz Lemarchand is the Chief Operating Officer of MediaDev, a global IT marketing firm. She has 20 years of marketing experience and provides strategic counsel to software vendors both large and small.


Liz Lemarchand is the Chief Operating Officer of MediaDev, a global IT marketing firm. She has 20 years of marketing experience and provides strategic counsel to software vendors both large and small.