MarketStar Blog

Key Takeaways

• Both AdTech and MarTech industries are all set to grow rapidly in the years to come

• By staying updated with the latest trends in AdTech and MarTech industries, you can ensure that your company stays on top of the game

• As it grows, artificial intelligence will become more widely used in the MarTech industry 

• The recent boom in new AdTech products/companies has led to a need for AdTech companies to differentiate themselves 

• The AdTech and MarTech industries are both booming right now. But with an upcoming recession, what does the future hold for these industries? 

The AdTech market was valued at $438 billion in 2021 and will grow at a CAGR of more than 9% from 2021-2030. 

The MarTech industry is also growing rapidly, and according to reports, the MarTech market in the UK and North America is worth $149.7 billion. The global market was estimated to be worth $344 billion in 2021. 

Given their consistent growth throughout the years, it is safe to say that both industries will continue to expand despite a recession.

The Current State of AdTech & MarTech Industries

AdTech

What is AdTech? 

“Advertising technology,” or “AdTech,” refers to a broad category of software and tools advertisers use to deliver and track their digital advertising campaigns and target audiences. 

AdTech software platforms assist agencies and brands in buying advertising space and enable publishers to set ad space’s price and sell it. 

AdTech is a rapidly growing industry that is constantly evolving.  

We have seen a boom in new AdTech companies and products in the past few years. This has led to a more competitive landscape and a need for AdTech companies to differentiate themselves. 

Despite the challenges, the AdTech industry is still growing strong. The continued rise of digital advertising and the growing popularity of programmatic advertising drive the expansion. 

With the AdTech industry constantly changing, it can take time to keep up with the latest trends. But by staying up-to-date on the latest news and developments along with focusing on customer obsession, you can ensure that your company stays ahead of the curve. 

MarTech

What is MarTech? 

MarTech refers to any software or tools marketers use to plan and execute their marketing activities offline and online.

Marketers use MarTech solutions for various marketing activities, including social media marketing, email marketing, marketing campaigns, marketing strategy, marketing automation, retargeting, and more.

The MarTech industry is currently in a state of flux.

For years, marketers have relied on various technologies to help them reach their target audiences. But with the ever-changing landscape of the digital world, it can take time to keep up with the latest trends and technologies.

This is where MarTech comes in.

MarTech is the term used to describe the intersection of marketing and technology. It is the process of using technology to solve marketing problems. 

With the help of MarTech, marketers can automate their tasks, personalize their messages, and better track their results.  

MarTech is constantly evolving, and it can take much work to keep up with the latest trends. But by staying informed, marketers can ensure they are always using the best tools to reach their audiences.

Are AdTech & MarTech Prepared for a Recession?

The global economy is showing signs of slowing down, and many experts predict a recession shortly.  

Advertisers and marketers are already feeling the pinch, with ad spend growth slowing down in recent months. So the big question is: are AdTech and MarTech prepared for a recession? 

There are a few things to consider in the AdTech industry. 

• AdTech is a highly competitive industry. During the last recession, ad spending increased as brands sought to cut costs and be more efficient with their advertising budgets.

• A recession could be good for AdTech. As brands look to cut costs, they’ll be looking for more efficient ways to reach their audiences, and AdTech can offer that. 

In recent years, there has been an explosion in the MarTech industry.  

With new tools and platforms being created daily, it takes time to keep up with the latest and greatest. However, with the global economy heading towards a recession, it’s important to ask: is MarTech prepared for an economic downturn? 

While it’s impossible to predict the future, there are a few things we can look at to see if the MarTech industry is prepared for a recession: 

• Most MarTech platforms are subscription-based, which can be easily scaled back or cancelled if necessary.

• Many MarTech companies offer pay-as-you-go pricing models, which can be helpful for cash-strapped companies. 

• Specific MarTech platforms offer free or low-cost trial periods, so companies can test them before committing.

The Future

AdTech

Advertising is evolving; consumer behavior and how we consume media is changing. Advertisers are now turning to AdTech to target and reach consumers in new and innovative ways. 

AdTech includes various technologies and platforms to deliver, measure, and optimize advertising. This includes programmatic advertising, ad exchanges, and even data management platforms.  

AdTech is constantly evolving, and it shows no signs of slowing down. As consumer behavior changes, so too must advertising. AdTech will play a pivotal role in the future of advertising, and it is poised to revolutionize the industry. 

Although we are heading towards a recession, the future of AdTech looks bright. And there are several reasons to be optimistic about the future of AdTech. Here are the top three positive aspects: 

• AdTech is becoming more efficient

• AdTech is becoming more automated

• AdTech is becoming more AI-oriented

These three trends suggest that companies that invest in the latest technologies will weather the storm and come out stronger on the other side of the recession.

MarTech

The MarTech industry is changing rapidly. New technologies are emerging and transforming the way businesses operate. Here’s a look at some of the latest trends in MarTech and what they mean for the industry’s future. 

One of the biggest trends in MarTech is the move towards artificial intelligence (AI).  

AI is already used in various applications, from customer service to marketing. And as AI technology develops, it will become even more widely used in MarTech. 

Another big trend is the increasing use of data.  

Businesses are collecting more data than ever before and using it to drive their marketing decisions. As data becomes more accessible and easy to use, companies will continue to use it to form their marketing strategies. 

MarTech is becoming more and more accessible to companies of all sizes, thanks to the rise of cloud-based solutions and pay-as-you-go pricing models.  

And as MarTech continues to evolve, we expect to see even more innovations to help businesses market more effectively and efficiently. So if you’re worried about the future of your MarTech, don’t be. The future of MarTech is bright, regardless of the current economic climate. 

To Wrap Things Up

The global economy is forecasted to enter a recession soon. This might impact various industries.

However, AdTech and MarTech are driven by data and technology, which are two areas still expanding even in times of recession. As long as companies are willing to invest in data and technology, AdTech and MarTech will continue to grow.

Key Takeaways

• Despite the apparent differences in job descriptions between sales and support teams, a collaborative effort shortens the sales cycle. 

• Collaboration between sales and support teams can help consider customer preferences and issues

• Aligning inter-departmental goals and prioritizing information sharing can strengthen the collaborative efforts

Introduction 

‘Success is best when it’s shared.’ 

One of the most outstanding indicators of business success is growing sustainable revenue. 

A business can achieve such growth by optimizing its asset utilization, debt ratios and customer success. However, experts believe that without internal collaboration between the various departments, sustaining such growth rates is impossible.  

Sales representatives who had engaged in collaborative efforts with other departments could achieve 82% of their sales quotas.  

Stop treating sales as an individual body; keep reading to understand how collaborative efforts can positively affect revenue generation. 

Why is Sales-Support Collaboration of Crucial Importance? 

Data suggest that companies undergo 250% growth when they share their best practices across different levels. But how are information sharing or collaboration between various channels related to revenue generation? 

Collaboration stimulates creativity and increases productivity, yet it remains one of the most underutilized tools.  

More than 75% of employers believe that synergy between sales and support teams can boost productivity. 

Let us look at why collaboration is an important requisite for business success. 

1. Boosting Brand Loyalty

Sales and support collaboration can significantly boost brand loyalty by providing customers with a seamless and positive experience throughout the customer journey.  

When sales and support teams work together, they can share valuable information about the customer’s needs, preferences, and history, which can help ensure that each interaction with the brand is consistent and relevant.  

This type of collaboration can also help resolve any issues or concerns that the customer may have quickly and effectively, fostering a sense of trust and loyalty.  

Additionally, when sales and support teams share common goals and work towards a unified purpose, they can create a strong, cohesive brand experience that resonates with customers and builds lasting relationships.

2. Reduction in Sales Cycles

Shorter sales cycles imply that sales teams must close a deal faster and move quickly through the sales process.

Sales and customer support collaboration can significantly reduce sales cycles by streamlining the process for potential customers.

When sales and customer support teams work together, they can quickly address any questions or concerns that customers may have, allowing them to make informed purchasing decisions more quickly.

This can lead to shorter sales cycles, as customers are less likely to delay or reconsider their decision.

In addition, the combination of sales and customer support expertise can also help identify and resolve any technical or logistical barriers that might be holding up the sales process. 

3. Better Customer Experience (CX)

Collaboration between sales and customer support teams can result in a better customer experience in several ways.  

First, by sharing information about customer interactions and feedback, both teams can better understand each customer and their needs. This allows them to provide more personalized and relevant support, resulting in a better customer experience.  

Secondly, by working together, sales and customer support teams can provide a seamless transition from the sales process to ongoing support, reducing customer frustration and improving the overall experience. 

Finally, a culture of collaboration between sales and customer support teams promotes a customer-centric approach, where both teams focus on providing the best possible experience for the customer rather than just achieving their own departmental goals.

This results in a positive, memorable experience for the customer

4. New Avenues for Upselling & Cross Selling

Cooperation between sales and support teams helps businesses understand customer demands and address pain points.

The support team, for example, may have observed that an advanced version of the product/service can resolve a particular customer issue. The sales team can then apply this information with a potential upsell opportunity.

Upselling and cross-selling opportunities can also arrive when sales teams are informed about precise customer demands from support teams. 

The 5 Key Strategies for Sales & Support Collaboration

Flexibility, adaptability and a customer-centric approach are three crucial factors on which your profitability primarily depends.

Misalignment between the various departments of an organization can eventually damage your financial performance.

Here are some customized strategies that can help establish clear communication between sales and support teams to ensure a more harmonious working relationship.

1. Symmetry in Communication

Experts believe that symmetry in information between the various departments can help avoid a moral hazard.

When communication is symmetrical, sales and support teams can easily exchange information, ideas and feedback, leading to improved collaboration and problem-solving.

In a symmetrical communication approach, both sales and customer support teams actively listen to and engage with each other and share information about customer interactions transparently and equitably.

This helps build trust and fosters collaboration between both teams, allowing them to work together more effectively to meet customer needs.

Symmetrical communication also helps eliminate misunderstandings and ensures that both teams are aligned in their approach to serving customers.

Regular check-ins, team meetings, collaboration tools such as shared calendars, project management software, and unrestricted access to information databases help facilitate communication and ensure everyone works together. 

2. Synergy in Objectives

When sales and support teams have aligned objectives, they can work together more effectively towards a common goal.

Research shows that 82% of employees from sales or support teams agree that transparency in understanding mutual goals boost productivity. It helps break down inter-departmental silos and helps build better team morale.

Synergy in objectives can be achieved by establishing clear, mutually agreed upon goals and regularly reviewing progress towards those goals. This can help both teams stay aligned and focused on what’s important and ensure that they are working together to provide the best possible customer experience.

By fostering a culture of collaboration and teamwork, both sales and customer support teams can work together more effectively to achieve their shared objectives, which can result in increased customer satisfaction, sales, and long-term success for the company. 

3. Sharing Customer Information

For any business, harnessing and analyzing customer data provides valuable insights. However, data is not meant only for product development or sales teams alone.

Sharing customer data and insights between sales and support teams can help the business make relevant changes in product development, marketing and sales strategies.

Inter-departmental information sharing helps either team to provide a more consistent and personalized customer experience.

The support team can use the information provided by the sales team to understand the customer’s purchase history allowing them to provide more relevant support.

Similarly, by sharing information such as customer preferences, previous interactions, and pain points, the sales team can better understand the customer’s needs and tailor their approach accordingly.

Information sharing also gets rid of duplicated effort and eases the sales process. 

4. Joint Training

Joint training can also help to ensure that all team members have a consistent and comprehensive understanding of the company’s products, services, and policies.

As of 2022, US-based companies have spent around $70 billion on sales and support training.

When sales and customer support teams are trained together, they learn about the products and services in the same context, leading to a better understanding of the company’s offerings.

This can result in a more efficient and effective sales process, as sales reps can answer customer questions with more confidence and accuracy, and customer support teams can provide a higher level of service.

Additionally, joint training allows both teams to understand and map the customer journey, including pain points and challenges. This knowledge helps the teams work together to identify and solve customer issues quickly, leading to better customer satisfaction and retention.

By collaborating in training, sales and customer support teams can also build stronger relationships, leading to better communication and a more collaborative working environment. This can result in increased productivity, better goal alignment, and a higher level of teamwork. 

5. Celebrate Success Together

Celebrating the success of the sales and support teams can help build a strong sense of team spirit and reinforce the importance of collaboration.

It can help build trust and respect between sales and support teams, as they acknowledge and appreciate each other’s contributions to the organization’s success.

This can improve communication and collaboration, leading to more effective and efficient operations.

Activities that foster collaborative efforts include team-building activities, recognition programs, and the regular celebration of milestones and achievements. 

Bottom Line 

The departmental goals of the sales and support teams in a business are technically dissimilar.

Striking relationships with customers is the principal goal of sales teams while support teams are more concerned with resolving issues.

Despite the fundamental difference between the two departments, effective communication can mend the gaps in customer experience.

A conscious collaboration between sales and support teams implies capturing better sales opportunities and delivering on promises.

Key Insights

Customers expect a good experience when they pay for a product or service. This makes customer onboarding the most important stage of the customer lifecycle. When you get new users started with your product on the right foot, it sets the tone for their relationship with your company. 

Key Insights

• The fashion industry is under enormous pressure to provide better shopping experiences, requiring a thorough evaluation of strategies and models to improve customer journeys efficiently and cost-effectively

• Data and immersive technologies can pave the way for more interactive experiences and help brands pivot their business strategies

• Closing the customer experience gap is an ongoing process, one which every business must consider for long-term success

The consumer psyche is changing rapidly.

When it comes to improving customer experience, tech companies have taken the lead, raised customer expectations of speed and convenience and streamlined the customer decision journey. 

But retail customer experience lags. Across industry, the process is far more fragmented. 

Customers often struggle to shop based on their ideas, desire, or inspirations. 

A survey by Qualtrics highlights that while 75% of consumers have high expectations for digital shopping experiences, only 63% believe that brands are delivering on them. 

Solving the many CX challenges requires brands to digitize and reassess how it would foster better customer relationships.

What is Digitization in Fashion?

Many experts feel digitization is primarily a social phenomenon, offering domains through which we can restructure our digital communications. 

Others take a more business-centric approach where digitization comes with the potential of changing the business model and providing new revenue and value-producing opportunities. 

In the case of retail customer experience, both these analogies are applicable. 

Digitization has opened new ways for consumers to interact and engage with their favorite brands. It has also enabled brands to change their ways of retail execution to adapt to the new realities as well as new restrictions.

What are the Challenges in the Retail Fashion Market?

The global fashion industry continues to be the largest industry in the B2C e-commerce market with an estimated global size of just over $750 billion (as of 2020). 

To succeed, it is incumbent for fashion retailers to close the customer experience gap by anticipating and delivering on customer preferences at every touchpoint. 

From addressing changing consumer preferences to mergers and acquisitions, there’s a lot in store for companies in the fashion and apparel industry to tackle as they move forward. 

Below, we have highlighted the top 5 CX challenges for the fashion and retail segment. 

1. Rise of D2C E-commerce

It is likely that consumers will continue shopping online in 2022 even with pandemic restrictions being eased and marketplaces reopening to normal capacity. 

For many fashion brands that have traditionally relied on their department store channel to reach out to customers, it means a change in strategy and a move towards a direct-to-consumer model. 

While e-commerce provided brands a pathway to better understand their customers’ preferences and uncover pain points, they would need to re-evaluate their sales channels and recalibrate their relationships with legacy brick-and-mortar stores.

2. Bringing in Social Values

A study by Euromonitor International highlights that more and more consumers expect brands to be purpose-driven. In simple terms, brands should support the “triple bottom line”- people, planet, and profits. 

Leading a fashion company and providing a stellar retail customer experience in a post-pandemic world requires a broader mindset to create strategies that drive environmental, charitable, and other social causes. 

Closing the customer experience gap would be incomplete without organizations capitalizing on the transparency of their socially conscious, environmentally friendly, and ethical sourcing practices.

3. Leveraging Immersive Tech

The pandemic pushed brands to engage and experiment with immersive technologies to provide customers with a physical experience they used to enjoy at stores, and in the process, close the CX gap. 

Virtual clothing, digital catwalks, and online showrooms came into play. 

Going forward, brands must maximize such opportunities. Digital technologies offer a quick route for apparel companies to create a collection and present it. 

The digital fashion campaign by Selfridges (a UK-based chain of high-end department stores) is a prime example of how immersive tech can be employed to rethink the future of fashion and retail radically. 

The campaign explores the domain through the medium of digital art, created by 3D digital fashion designer, Cat Taylor. 

4. Boosting the Buying Experience

It’s a hypercompetitive market for any sector. 

Fashion companies will need to be creative in the way they offer their goods. With the D2C model becoming more dominant, it is incumbent for this industry to develop online shopping capabilities and use AR and VR in more ways. 

Additionally, brands must look at leveraging digital transformation solutions for processes such as delivery and returns for better speed and accuracy. 

Adding to their arsenal will be social media. 

Brands that don’t capitalize on it would be left behind in striking long-lasting customer relationships and building brand loyalty. 

5. Overcoming the After Sales Barrier

A macro-challenge for fashion companies to address to enhance retail customer experience is the after-sales process. 

Organizations need to facilitate smooth exchange and return processes as well as institute open communication policies if they want to build better relationships with customers. 

This is where conversational commerce comes into play. While born with the primary objective of stimulating sales, it is not restricted to that role. 

How Do You Improve Customer Experience (CX) in Fashion and Retail?

While the pandemic disrupted the industry, forcing sales to drop to zero in months, there is a positive side to look forward to. 

The challenging period has also offered a learning curve to the sector to understand how to employ technology and maximize benefits from the minimum. 

We have listed five strategic steps that the industry should take to close the customer experience gap. 

Step #1. Make Way for a Stronger Foundation

It is time to simplify processes and consolidate your core systems to improve customer experience and achieve success in today’s digital competitive marketplace. 

Your first step is to eliminate data fragmentation and duplication to create efficiency and deliver real-time information. 

Take a one-system approach by putting your back-end Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), and order & inventory systems into one platform. 

Step #2. Build Your Digital Platform

Now that your foundation is in place, you can seamlessly connect more modern channels with any part of your business. Unified with your back-end systems, an e-commerce platform will serve as the base for your digital platform. 

With instant access to inventory, you will provide accurate inventory levels to shoppers while delivering relevant cross-sell and upsell merchandising offers. 

Step #3. Make Use of Data-Driven Insights 

You cannot manage if you don’t measure it. 

Fashion and retail companies that have integrated data into their planning, merchandising, and supply chain processes are not only witnessing tangible results but are also closing the customer experience gap. 

In fact, data-driven strategies for stock and sales optimization led to a 10% increase in sales, according to McKinsey research. The same study highlights how data-centric models have streamlined inventory management, improved returns forecasting, and optimized transport networks. 

Step #4. Extend Your Digital Capabilities to the Store and Beyond 

Your e-commerce platform, which is now tied to your back-end systems, will also unify your online and offline channels by supporting a modern Point of Sale (POS) system. 

This essentially means that your customer journeys can easily transition between online and offline platforms. Sales associates can quickly leverage inventory and product data for an enhanced in-store experience. 

Other channels, such as pop-up stores, catalogs, and call centers, will also seamlessly connect with your back-end systems, allowing your shoppers to truly buy from any touchpoint. 

Step #5. Personalize It

A survey by Twilio Segment highlights that only 60% of consumers find their retail shopping experience to be personalized. 

While e-commerce does offer a way ahead for brands to customize their customer journeys, such strategies usually focus on improving the shopper’s current visit. 

But technological innovation is giving a whole new dimension to personalization. Retailers can utilize a customer’s current shopping behavior to generate profiles, complete with their brand affinities, to point towards their future purchasing habits. 

Putting Customers at the Center

Customer behavior and preferences keep evolving, but the pandemic has created a revolutionary change in their purchasing habits.

Convenience takes the top spot on the list. In fact, 73% of customers are ready to spend a premium on convenience, according to Deloitte’s Global State of Consumer Tracker.

While the tide of digital innovation does not mean the permanent closure of in-store experiences, it does require brands to focus on building customer-centric strategies for a more immersive omnichannel approach. 

B2B businesses should have instant access to the data of every customer and transaction. It’s necessary to find out who is buying what and the drivers for such decisions.

Key Takeaways:

• The risk of recession is slowly but surely rising as global turbulence continues.

• B2B businesses are more likely to realize outsized gains before, during, and after a recession if they prepare to take advantage of opportunities, particularly in periods of more volatility.

• As terrifying as it may seem, some great sales strategies can be implemented to ensure your business is recession-proof and in a better position to move forward quickly when growth returns.

The next recession may be on the horizon.

By August 2023, it is projected that there is a 25.15% of probability that the United States will fall into another economic recession. 

That doesn’t mean your business must suffer. Following the right sales strategy can keep your business afloat – and even grow during a recession.

This blog post will explore how a recession can affect sales and provide some recession-proof strategies for B2B businesses.

By the end, you’ll have a game plan for tackling a recession – and coming out on top.

Is the Next Recession a Threat to B2B Businesses?

In the US, the last recession officially ended in June 2009. However, many businesses felt the effects long after that. Some companies are still struggling to recover.

So, is the next recession a threat to B2B businesses?

There are several factors to consider when evaluating this threat. First, let’s look at what causes recessions.

According to the National Bureau of Economic Research, recessions are caused by “a significant decline in economic activity spread across the economy, lasting more than a few months.” This can be caused by various factors, such as an increase in interest rates, a decrease in consumer confidence, or an increase in oil prices.

Any of these factors could have a significant impact on B2B businesses.

For example, an increase in interest rates would make it more expensive for companies to borrow money for inventory or expansion. A decrease in consumer confidence could lead to a reduction in demand for products and services. And an increase in oil prices would likely lead to a rise in transportation costs.

Of course, not all recessions are alike. Some are more severe than others.

The last recession was particularly brutal, with many companies going out of business altogether. It’s important to remember that even during less severe recessions, some companies struggle while others thrive.

So, what can B2B businesses do to recession-proof their organizations?

Most organizations do not prepare for an upcoming recession. According to a Bain survey,

• Only 43% of sales organizations develop plans for a recession well in advance

• Some 86% of companies that create a plan well in advance focus on using the downturn to gain market share

• 50% of companies make their plan shortly after the recession hits

The fact that many businesses survived the last recession did not happen by chance; when necessary, the companies shifted course and their approaches to weather the downturn.

Businesses that are adaptable, future-ready, and willing to change will be able to survive any economic downturn. There is no one-size-fits-all answer, but there are some strategies that can help.

First, it’s essential to have a clear understanding of your customer base and your place in the market.

During a recession, customers may be more price-sensitive and less likely to make large purchases. Knowing your most loyal customers and their needs during tough economic times is essential.

It’s also essential to have a flexible pricing strategy.

During a recession, you may need to offer discounts or promotions to compete on price. But be careful not to cut costs too deeply – you don’t want to erode your profits or damage your brand image in the long run.

Finally, despite the economic environment, focus on generating sales, even during recessionary times. The response from the consumers may be slow and delayed; however, the demand for the goods will always be there, so don’t cut back on your sales operations. 

These measures can help ensure that your business will weather any future economic storms.

How Does a Recession Affect Sales?

A recession can significantly impact sales, as businesses are typically more conservative with their spending during economic downturns. This can lead to reduced demand for goods and services, leading to layoffs and other cost-cutting measures.

While a recession doesn’t necessarily mean people will stop spending money altogether, they may be more selective about where they spend their money. This is where having the right sales strategy for business growth can make all the difference.

If your business can offer products or services that are seen as essential or that offer good value for money, you may weather the storm of a recession better than those who don’t have such an offer.

Of course, it’s not always easy to change your sales strategy mid-recession. But if you’re able to adapt and adjust to the current climate, you may be able to come out of the recession stronger than ever before. 

7 Successful Recession-Proof Strategies for B2B Businesses

1. Diversify Your Products & Services

Investing in diverse products and services is crucial for any business.

By spreading your risk across different areas, you can protect yourself from potential downturns in any one particular area. Diversification can also help you to tap into new markets and reach new customers.

By offering various products and services, you can appeal to a wider range of people, increase your chances of success, and increase sales during recession.

It might also mean cutting down on some of your less profitable products and services to focus on the ones doing better.

Recessions can be challenging for businesses, but diversifying your offerings can increase your chances of weathering the storm.

2. Review Your Pricing Strategy

When reviewing your pricing strategy during a recession, you should keep a few things in mind.

First, you need to make sure your prices are still competitive. This means you may need to lower your expenses to stay competitive with other businesses in your industry.

Second, you must ensure your prices align with your costs. If your expenses have gone down, you may be able to lower your prices without sacrificing your profits.

Finally, you need to make sure your prices are still sustainable. This means you need to be sure you can still make a profit even after lowering your costs.

It’s also worth considering offering discounts or promotions to boost sales.

3. Gather Customer Reviews & Testimonials

As the world economy shows signs of a recession, it’s more important than ever to ensure your business is in good shape. One way to do this is to gather customer reviews and testimonials.

Customer reviews are a great way to show potential customers that your business is reputable and trustworthy.

They also help to boost your search engine rankings, which can help you attract even more customers. And during a recession, customers are more likely to research businesses before making a purchase, so having positive reviews can help you stand out from the competition.

If you don’t have customer reviews or testimonials, now is the time to start collecting them. You can post a call for reviews on your website and social media channels or reach out to customers directly and ask them to leave a review.

4. Invest in Data-Driven Insights

Now is the time to rethink your business strategy and make data-driven decisions to help you survive and thrive during the next recession.

Investing in solid insights will give you a competitive advantage when the recession hits. Keep your team focused on making data-driven decisions before, during, and after the recession. This can be accomplished by reinforcing a data-driven approach throughout business interactions.

Data-driven insights are an effective way of creating growth strategies by identifying trends and patterns among customers.

So what are you waiting for? Start investing in data-driven insights and position your business for success in the next recession.

5. Increase Your Marketing Spending

Some businesses immediately cut marketing spend when they see a recession on the horizon.

However, this can be a mistake. While it’s true that discretionary spending is usually the first to go during tough economic times, businesses that maintain or even increase their marketing spend during a recession can see significant growth.

During a recession, customers are more likely to be value-conscious and look for deals. Your marketing campaigns should reflect this by emphasizing your company’s value proposition.

You can also use targeted marketing to reach new audiences who may be looking for products or services like yours.

Lastly, don’t forget that your competition will likely cut back on their marketing spend. This presents an opportunity for you to gain market share and improve your position in the marketplace.

6. Focus on Customer Retention & Success

According to Business.com, returning customers spend 67% more than new customers.

As we enter a period of economic recession, businesses must focus on retaining and increasing sales from existing customers and ensuring their success.

Now more than ever, investing in your existing customer base is crucial and ensures they remain loyal to your brand.

So how can you keep your customers happy and engaged during a recession? Here are a few tips:

Keep communication lines open. Let your customers know what’s going on with your business and how you plan to weather the economic downturn.

Offer discounts and specials. When budgets are tight, customers are looking for deals. If you can offer incentives that help your customers save money, they’ll be more likely to stick with you during tough times.

Go above and beyond. Excellent customer service is even more critical during a recession. Go out of your way.

By focusing on your customers and their success, you can weather the storm of a recession and come out stronger on the other side.

7. Build Your Email List

Adding more quality leads to your email list should always be a priority, regardless of whether we’re in an economic recession.

However, it can be challenging to maintain a consistent flow of fresh leads during tough times.

You can use a few strategies to help keep your email list growing during a recession.

First, ensure you consistently create quality content that will attract new subscribers. You can also offer incentives for signing up, such as discounts or freebies.

Finally, stay active on social media and make it easy for people to find your sign-up forms.

Following these tips can help ensure that your email list continues to grow even during a recession.

Final Thoughts on Sales During a Recession

Without being original, competitive, and creative, it’s frequently impossible to expand and scale a firm during a recession.

As a B2B business owner, it’s critical to be ready for crises, economic downturns, and other dangers to your company. Recession-proofing your firm is always a good idea, regardless of whether a new downturn is imminent or you want to be ready “just in case.”

Key Insights

Customer support and expectations in 2022 will leave little room for error. 

Key Takeaways:

• Effective sales pipeline management can help you organize your sales process efficiently and make better business decisions

• A sales pipeline represents the complete journey of a buyer – from coming in as a lead to becoming a customer

• Sales pipeline software helps track each stage of your pipeline, monitor the process, and helps in understanding the next steps

• Sales pipeline CRMs offer customizable pipelines that help manage leads, opportunities, and customer relationships throughout the sales process

• A CRM tool helps you understand if a lead is responsive and if they’re interested in your product or service

In today’s competitive marketing world, businesses need innovative sales strategies to attract leads. And the sales process plays a vital role in attracting those leads and converting them into customers quickly. 

From generating leads and building a contact repo to following up and closing the deal, your sales process requires systematic planning to help the team close the deals faster. 

However, managing it manually can be time-consuming and tedious. To help manage things efficiently, you can empower your team with effective sales pipeline tools.

This blog will cover everything you need to know about sales pipelines and the top tools to manage them.

What is a Sales Pipeline?

A sales pipeline includes several stages, and the leads are moved from one stage to the next as they move through the process. The stages include lead generation, lead nurturing, marketing qualified leads, sales accepted leads, sales qualified leads, closed transactions, and after-sales.

Today, organizations employ technology to move, monitor, or evaluate prospects through the phases of a deal, and this technology is called sales pipeline software. It enables businesses to keep track of their prospects and clients and know where they are in the sales funnel.

With a sales pipeline enabled in your work process, you will know how many deals your salespeople need to close in a given time.

The importance of maintaining your sales pipeline is straightforward – to stay ahead of the game and manage your salespeople. It also helps to improve your sales operations process, get a picture of your targets, and better revenue forecasting. 

Are you looking to be more successful in your business? Identify the changes that can be made within your sales pipeline, so your prospects move from one stage to the next faster.

How to Build an Effective Sales Pipeline?

We’ve listed down the steps to help you build a successful sales pipeline:

• Understanding your target audience is the first step to building an effective sales pipeline.

• Next, set up your sales cadences for the best accounts by identifying and targeting them from your database.

• Group those accounts based on product interest, location, and previous interaction with your brand.

• Finally, set up a successful sales pipeline with the right tools and software.

Read on to explore the best sales pipeline management tools that can help you set up an efficient sales pipeline.

Sales Pipeline Tools

Sales pipeline management tools help you organize your entire selling process.

It gives you a clear view of your pipeline by tracking every stage, streamlining the complete process, enabling your team to function better, and helping in understanding business growth.

These tools can also accurately evaluate your leads, predict sales, and track key metrics. Stay informed of your prospects, enable your sales team to follow up with them, and make better decisions with an effective sales pipeline.

How a Sales Pipeline Tool Can Help Your Business

By using a sales pipeline tool, you can organize all the processes in your pipeline efficiently.

You can understand where your leads are coming from and where they are in the pipeline and automate scheduling meetings, sending emails, and more.

Apart from minimizing human errors and saving time in repetitive tasks, it helps your business with the following:

• Understanding customer behavior: Sales pipeline tools can track conversations and metrics, which helps in understanding your customers and their pain points better.

• Making better decisions: The tool offers insights regarding leads, conversions, and processes, helping you make better decisions and understand where your business is headed.

• Generating more revenue: It helps you understand which leads are cold/potential, and how interested they are in your product/service while translating into more conversions and revenue generation.

The 4 Essential Tools to Manage Your Sales Pipeline

Let’s look at the top sales pipeline management tools, their features & benefits, and why customers prefer using them for managing their sales processes.

1. Salesforce

Salesforce is one of the top CRM software providers as it redefines the way businesses connect with their customers.

It is designed for marketing, sales, and customer service ops to create meaningful customer relationships by understanding their requirements.

This CRM helps in creating an effective sales funnel to nurture customers. It provides excellent automated features and customer service tools to help manage good relationships with your leads/customers.

According to Salesforce customer success, companies that switch over to Salesforce see an average of 25 percent increase in revenue.

Benefits:

• Salesforce helps communicate with customers/leads using automation tools

• Gives a 360-degree view of your customers and engages with them accordingly

• Removes the burden of using various applications by syncing data from them all

• Positively impacts online customer support by providing chat assistance

• It helps your brand have a unified approach with an omnichannel feature

• Collects insights to understand your customers and business better

2. Pipedrive

Pipedrive is a fully functional, cloud-based CRM tool for managing sales effectively throughout the pipeline. It helps you stay focused on hot deals, track leads, and predict business revenue.

Pipedrive offers custom web forms and chatbots to automate repetitive tasks. It helps you get the most important deals fed into your pipeline and track calls/emails/contact history for each deal. Control your sales pipeline through a mobile device and boost your work by integrating Pipedrive with your business tools.

Benefits:

• Pipedrive is easy-to-use and customize

• Can track the number of active deals and give detailed information for each open deal

• Guides you with the deals that need prioritization

• Adaptable and cost-effective plans

• Offers machine learning-powered sales assistant for all plans

• Workflow automation for most plans

• Pipedrive doesn’t have all the features that Salesforce does, but it is perfect for small businesses with smaller budgets.

3. HubSpot CRM

HubSpot CRM is a cloud-based tool that supports sales, marketing, customer service, and content management with better resources and strategies. You can avoid your sales falling through the cracks and easily manage your deals.

HubSpot CRM helps you to design attractive brand profiles and organize all the important communication details with your leads/customers. It allows you to add new deals directly from the CRM with up-to-date details.

Whether you already have an established sales process or are just starting, HubSpot CRM eases your work by creating an ideal process. With HubSpot, you don’t need the help of a technical team to edit, delete, and add deal properties and stages. 

Benefits:

• It allows you to create visual dashboards and design a sales funnel the way you want it.

• It can be connected to your social media handles.

• The website integration feature will notify you when a lead visits your website.

• The features of HubSpot CRM are not as complex as other CRMs’

• It also offers a clear view of all the tasks/activities of the team in a single dashboard

4. Lusha

Lusha is a data enrichment tool that enables you to retrieve phone numbers, email addresses, and other contact information quickly and easily. It helps you to access your leads’ contact details and B2B company info within seconds.

Marketing and sales professionals can use Lusha to drive business growth, boost campaigns, and improve revenue.

Benefits:

• It helps gather accurate B2B contact information

• It allows data enrichment at scale

• One-click CRM integrations

Bottom Line

The goal of any company is to increase revenue and generate leads. However, most leads are lost in the pipeline due to irregular/negligent follow-ups. 

An effective sales pipeline management system can help convert your leads into customers. If you haven’t implemented sales pipeline management for your business, it is high time you do it immediately with expert help. 

That’s where You need MarketStar as your sales and revenue accelerator. MarketStar is a pioneer in the sales outsourcing industry. With over 50+ world-class clients served, we create growth and drive results for companies of all stages and sizes using tailored solutions to help you hit your specific business goals. 

Key Insights

Like all areas of business, telemarketing has undergone rapid changes in the aftermath of the COVID-19 pandemic. 

Call volumes have increased, contact center managers are looking for better tools, and there is a renewed focus on increasing process efficiency. 

A study by the Harvard Business Review highlights how difficult calls saw a 50% uptick during the pandemic.

Key Insights

It is tempting to do everything in-house. The more you can do in-house, the less you pay the third parties. But at a granular level, this approach can prove to be challenging.