Updated: May 26, 2020
As we all work to navigate our way through the current crisis, it can be tough to find the positives to hold onto. It can be helpful to take comfort in the many ways people are coming together in our country with efforts that are truly unprecedented. Many professional communities and leaders in the industry are taking proactive steps to keep businesses afloat in these tough times. One thing is for certain, though, when it comes to the economic impact on companies and SMEs tackling an economic downturn. History tells us that the most successful companies had a few things in common. They:
Went on the offense early
Found ways – during and after the crisis – to position themselves as winners
Need proof? Check out the graph below charting profitability before, during, and following the 2008 recession.
Now you may be thinking, “Okay, that all sounds great, but how is an company supposed to ‘accelerate profitability’ when they’re experiencing less customer engagement than ever before and have likely had to make major cutbacks, including layoffs and cuts in ad spend?” And while we don’t pretend to have all the answers, we can tell you the perfect place to start – and that’s by implementing an effective MarTech stack to streamline marketing efforts, cut costs, and maximize revenue – for your business and your clients’ businesses. When the economy is down, maximizing every opportunity and converting every lead possible is more critical than ever, and a solid marketing and sales automation platform is a must-have to accomplish that.
Focus on MarTech Stack Essentials During an Economic Downturn
A quick search for what tools are necessary in any MarTech stack will show just how intricate and detailed we can get with data, but just because a shiny new tool exists doesn’t mean it’s necessary.
For example, a retailer has no reason to use appointment software, and a restaurant chain probably has little use for abandoned cart or suggested product emails. The technology needs to be the right fit for the business. Yet, there are some basic marketing data points that every business needs in order to compete in today’s fast-paced, data-driven, and economically uncertain world.
Having a robust analytics tool that can also report on email performance, campaigns, and even map out the life of your leads is non-negotiable.
All marketing strategies hinge on the quality and accuracy of the data.
Content Management System (CMS)
Your CMS is the home base for your business online. It is how content will be managed, uploaded, published, and engaged with, so it’s another super important piece of your tech stack.
When choosing a CMS, it’s incredibly important that the system integrates with all the other tools being used. Your marketing automation and CRM platform goes hand-in-hand with your CMS because it’s the central hub where all data should be funneled to – so if a piece of technology does not work with your CMS and CRM, it likely won’t be helpful.
Customer Relationship Management (CRM)
Speaking of CRM, this is where you’ll track and manage every lead and customer interaction.
Whether the CRM is in place to help the marketing and sales teams manage and distribute leads, or it’s your primary customer service tool to help direct inquiries to the correct department (or both!), companies need some way to manage the relationship with contacts, now more than ever.