Looking up in a downturn

Is a downturn coming?

That depends on where you live…

Is there an economic and technological upheaval underway?

Certainly seems so.

Many companies – startups, mid-sized and large – are all facing tough times.

News of layoffs, slowdown in hiring, AI causing job losses is scaring people.

What do you do if you are a tech business – startup or large?

  1. Customer focus

Whether you call it your target segment or ICP (Ideal customer profile),

You need to get closer to your core customers,

Understand their needs and changes in needs,

Adapt product and positioning as required,

It’s ok to slow down or skip engaging with segments you have not done business with;

That will save time and money in the short run.

  1. Creative ways to market and sell

If budgets are getting tighter, you may not be able to get the same amount of leads as earlier.

This is where creativity can play a role.

Whether its social media, tactical partnerships, or timely wave riding,

Look at ways to draw attention while spending less than before,

  1. If you have the cash – seek to build a stronger team

This is a big if, but if you are able to do this and don’t have to answer to large investors, it could be a great time to find excellent talent. Many capable people will be leaving or getting bugged with the changes in their companies.

Fresher hiring will also slow down, so you have the ability to train, then you could be preparing for when things look up.