Bank of America, JPMorgan, other major US banks reportedly planning to join forces for digital wallet
IPXHOP partners with PUBLISH Ventures to provide 'Listen to Donate' service, by utilizing 'Music Providing System' solution
Top Tools To Let You Build a Recession-Proof Sales Organization
As the likelihood of a recession increases today, it is critical to build a resilient organization that can withstand the impact of a recession. When a recession hits, a company is likely to experience budget cuts due to loss of business, and companies often find it difficult to grow amid challenging macroeconomic conditions. Therefore, necessary steps should be taken to recession-proof the sales channel of a company with the use of advanced planning and technology adoption. By implementing automation and focusing on top priorities, a recession-proof company will always be one step ahead of the competition. Technology facilitates critical success factors such as data analysis, measurement, and monitoring. Organizations can position themselves on the right side of the recession wave by implementing the right technologies. While numerous tech tools have been widely embraced by every organization since the pandemic, the following cutting-edge technologies and software should be considered essential for a company to remain afloat during and after an economic recession.
Building an effective sales experience platform
Preserving profit is a primary focus of recession-proofing, therefore it's critical to keep up marketing efforts and develop effective sales demos. A sales team needs a tool today that makes the process of making sales demos simple, useful, efficient, personalized, and reliable. Walnut is a company that offers software solutions that makes the B2B sales process easier and more efficient. The company has developed a no-code platform that automates and customizes the process of building sales demos. The platform gives sales teams useful information about the problems their customers are experiencing as well as offers solutions based on customers’ journey and interaction data. With Walnut’s SaaS solution, a sales team can quickly create personalized product demos, integrate demos into their sales and marketing process, and then collect information from the demos to enhance the sales experience. Walnut has raised $56M in less than 2 years, and its client list includes Adobe, Dell, Medallia, NetApp, Treasure Data, Funnel, People AI, and ContractBook.
Understanding competitors is a rewarding exercise
As part of recession-proofing, understanding the competition becomes more important. Because of limited market share, recessions tend to eliminate many small businesses for good. For these reasons, it's crucial to gather extensive client data, understand new market trends, and learn about the performance of your product as compared to those of your rivals from the viewpoint of the customer. Extensive market analysis, however, can be costly and time-consuming but companies such as Crayon are making it easier with their Competitive Intelligence Platform. Crayon offers software solutions that help mid-market and corporate businesses recognize opportunities, grasp them, and establish long-lasting competitive advantages. The competitive intelligence platform enables businesses to gather insights that can be quickly accessible and put to use to generate significant, quantifiable impact.
Automated scheduling tools will go a long way to improving efficiency
Slow business and rising costs are already challenging to deal with for many companies around the world. While companies are trying to cut costs, they also do not want to miss out on potential customers because of the time-consuming process of manually scheduling and managing meetings. As technology advances, an organization requires a tool to schedule and manage meeting requests seamlessly. Chili Piper, Inc. is a meeting lifecycle automation platform provider that increases buyer engagement by allowing prospects to book a meeting or call after submitting a form on their website. It helps revenue teams in increasing conversion rates by instantly classifying and distributing leads to the appropriate representatives. This automated process results in more consistent engagement and an increase in productivity by allowing businesses to maintain contact with clients and prospects effectively.
Revenue intelligence platforms play an integral role
Finding ways to improve a product during an economic downturn might save a company from suffering substantial losses. A company can maintain revenue growth and even further penetrate its target market if the management team is aware of its customers’ changing needs, and focus on updating marketing strategies while maximizing customer retention. However, a company needs access to real-time data on the effectiveness of its chosen strategy to penetrate new markets. Gong.io is a SaaS company that uses Artificial Intelligence to capture customer interactions across phone calls, meetings, and e-mails and provide insights that allow businesses to adjust their revenue strategy. Gong’s AI model also identifies the trends and techniques used by top salespeople and helps develop training programs for new team members about lead generation and deal closure.
It is natural for a company of any size or scale to fear a recession because of the long-lasting economic impact of a major recession that could impede its growth. Although recessions cannot be avoided as they are part of the natural business cycle of an economy, companies can deploy various tech-friendly tools to mitigate the impact of a recession.
This article does not necessarily reflect the opinions of the editors or management of EconoTimes