Welcome to the “New World!” In case you haven’t noticed, there is no turning back! As your technology company resumes business after these unprecedented past few months, it is now facing a new “next normal”.
For those of you operating in a B2B context, this will be characterised by:
- Increased number of decision makers
- Purchased decisions made by consensus
- Tighter budgets
- Highly demanding, risk-averse buyers
- Selling virtually
With 2021 quickly approaching, it’s time now to begin to plan as to how your technology company will move forward.
Your company’s roadmap to business recovery and business growth in the “Next Normal” will consist of 3 steps: Refocus, Reignite and Rise.
REFOCUS: Determine Where You Can Win
Get clear as to which industries, markets and business clients you will focus on.
To identify where your company should focus, undertake the following:
- Make sure your leadership team is aligned as to the company’s goals and mission
- Review your company’s performance and understand:
- Its Key strengths and capabilities
- The industries and companies where there has been success
- Understand the trends, characteristics and economic conditions of those industries and markets where you have had success and intend to operate. These may have changed significantly over the past several months.
- Meet with your leadership and team members and determine:
- Can your company respond to these new trends and market conditions?
- What new investments and/or changes will be required by the company? Is this feasible? Do you want to pursue?
- Talk to customers
- Try to speak with a cross-section including those who:
- Love your company
- Hate your company
- Stopped doing business with you
- Have never bought from you
- During these discussions, gain an understanding of:
- Who are now the decision makers?
- Where is their business at now?
- Where the business is headed?
- What are their key priorities, challenges and requirements?
- What are their most pressing needs?
- Tip: Be sure you have these discussions with those involved in the purchase decision for your product or service
- Try to speak with a cross-section including those who:
- Consolidate the insights you have gained from your:
- Internal company analysis
- Industry/market review
- Client feedback
- Establish a cross-functional team and conduct workshops to identify the industries, markets and companies that will be the focus of your business recovery and business growth efforts
REIGNITE: Determine How You Will Win
Identify what changes, improvements or introductions must be implemented in order to meet the needs of your target industries, markets and customers.
Such improvements or introductions are referred to as business innovations and can occur in one or more of the following areas of your business:
- Products and Services
- Organisational methods
- Marketing Practices
- Business Processes
As you identify opportunities to innovate across the business, you will need to prioritise which opportunities to pursue. Some prioritisation criteria include:
- Do these innovations address the needs of your most valuable customers?
- Do you have the knowledge and resources to implement the innovation?
- Do they align with your company’s goals and future aspirations?
RISE
Develop and implement the B2B marketing and sales activities that will drive your technology company’s revenue generation and business recovery.
The cornerstone of your firm’s B2B business recovery and growth should be client retention and expansion.
This strategy leverages your company’s strengths such as:
- Solid client relationships,
- High degree of trust,
- Easier access to obtain input and feedback
Key components of your B2B Recovery Strategy engine should include:
- Client Retention via
- Cross-sells
- Upsells
- Client Expansion via
- Referral
- References
- Client Advocacy Programs
SO, WHAT ARE YOU WAITING FOR?
TAKE ACTION NOW!
Meet with your team and start planning how your company will Reignite, Refocus and Rise to recovery, growth and future success!
If your SME is stuck, help is one step away
Click the button below to find out more