The downturn is starting to bite. Of technology marketing leaders Insight Partners recently surveyed, 89% are feeling at least “somewhat prepared” for it.
What are they doing to prepare? Mutiny founder Jaleh Rezaei and finance leader Henry Martz spoke with Insight Partners Operating Partner Gary Survis about it in a webinar last month. They discussed key actions CMOs should take to sense and adjust for headwinds. Here’s the upshot:
Evaluate the strength of your product-market fit along with the impact the downturn is having on demand for your product in the market. For instance, if you’ve got a strong product-market fit and are experiencing little negative impact on market demand, exploit your advantage. Conversely, if demand is softening and you haven’t quite nailed your fit, “cut for today and preserve for tomorrow.”
Monitor KPIs that are warning signs of deterioration in your marketing program and your business. i.e., if your funnel conversion rates are decreasing or your CAC payback period is lengthening, investigate and take action. What do these red flags look like? See our post for benchmarks taken from our portfolio companies.
Better yet, prep mitigative steps for contingencies now. 34% of survey respondents aren’t making changes to their budget today. (In fact, many are increasing investment in bright spots to drive differentiation.) But, you should identify now the initiatives you’d first dial back, should the need arise. Consider how that’ll impact your staff, demand generation initiatives, events, and messaging.
Marketers can see the survey results and where they stack up against KPI benchmarks in Insight Partners’ latest post.