To begin with, Covid-19 may have devastated businesses in 2020 but Marketing and Sales leaders of the Tech industry in 2021 must focus on reassessing, strategising business and marketing plans rather than responding to the crisis itself.
The year 2020 has been a challenging year for businesses for a multitude of reasons. From the COVID-19 pandemic, global economic instabilities and political hurdles, the year ahead is not going to be easy. Based on a survey done by Blogspot with over 500 sales leaders, about 40% had missed their revenue target. The SaaS tech industry has had a promising 50 per cent growth in spending in 2020, amid the economic slowdown.
Tech leaders that are looking forward to accelerating their product and have a successful 2021 must create a foundation based on reliable sales strategy.
Tech companies must have to keep their focus on XaaS (Anything as a Service) as IT jobs have evolved and Cloud-based technologies have advanced rapidly in the past decade.
Given the fact of the cloud platform’s development, the XaaS or subscription models has grown into various divisions of businesses. It has become versatile that employees of a firm can choose a particular package and subscribe to new applications.
Firms will have to align their revenue mix for the next 3-5 years which will help evolve their business model, in the case of new players which may take up to 10 years. With this versatile model, focus on the areas of marketing, sales, data collection, embellishment of customer success. With the power of A.I this becomes intrinsic to the firm in generating revenue.
Big Data and data analytics are of tremendous importance for a firm’s Marketing, Sales Strategy, and advertising. Right from E-mail Marketing to social media/multi-platform advertising Big data and analytics provide the vital information/insights to run the most effective campaigns across the web.
Furthermore, a study conducted by McKinsey has provided insights that Data Analytics help in taking better decisions which eventually leads to better profits.
The key takeaway is that Data provides insights, insights turn out as strategies. This gives qualifying leads and to finally establishing a client base.
Data analytics can also give the period of each deal with its respective group of customers. Strong Data analysis will allow one to efficiently migrate a deal completion. Such sales cycles leave analytical traces that will help CSO’s and CMO’s create successful strategies for future product campaigns.
The implication that can be taken away is that there is a myriad of business applications in Data analytics. Right now, Marketing and Sales professionals have only scratched the surface of what data can do in growing an enterprise.
Content is everything:
The importance of Data also means adopting strategic initiatives for a Digital Sales transformation approach in 2021. The use of Big Data and Analytics means using the Internet as a Platform (PaaS).
Augmenting your content by using insights from analytics will level up the engagement rate reducing the stress on buyer personas. Therefore, Data-driven content not only creates more business prospects but also creates a reputation for the brand.
It may be difficult to adapt to the new normal and to strengthen the ever-evolving industry. It could be an uncertain year ahead, but the digital strategy and sales are here to stay.
The areas that have been discussed above are the ones that will most likely help scale and grow your business. In conclusion, emphasising the above areas is not just for the short-term benefit but until the next major disruption occurs in the years to come.
Consider Ingenio Global, we are a market leader who has been helping technology companies grow around the world since 2014. With six years of experience, Ingenio has partnered with the most exciting brands in the tech industry offering a custom experience.
Written by Srinivasan Nagarajan