1) Understand the changing nature of business pain points and objectives
Companies will continue to justify spending on important projects no matter what the economic climate is. However, this is a great time to double down and focus on cost-take-out solutions rather than other big projects. If you’re a tech services company, consider focusing on solutions that will ultimately reduce organizational spend for your clients rather than large innovation projects they might not see the ROI from for a longer period of time.
2) Focus on building relationships
This is a time to establish relationships with your existing customers as well as potential ones. Focus on deepening relationships. This can include taking time to understand your clients’ unique needs and how their business is changing during uncertain times. This also includes being willing to take meetings and discuss with potential new clients who may not be ready to commit to any projects quite yet. Being thoughtful about your relationships now can help you immensely in the future when they decide they’re ready to take on new spend.
3) Revisit your pricing models
If you have the ability to be creative in your pricing, now is a great time to revisit it. If you can lower the barrier to entry for your products, it can pay off in the long run. Maybe you switch to monthly subscription pricing, offset the up-front costs of a project or offer short term discounts for long-term relationships. If you give an inch now, your clients will most certainly remember it in the future. It will depend on your product, but this is a great time to get creative with your pricing.
4) Focus on training and building new offerings for the future
A downtime is a great time to focus on training your teams as well as developing new offerings and products. This is a good time to take stock of your go-to-market and consider new sales routes and opportunities. While these efforts don’t necessarily lead to sales revenue, they certainly pay off in the long run.
5) Turn to recession proof industries
While all industries are impacted by recessions, some are much more affected than others. While start-ups, tech companies, retail, and others will likely continue some spending, they’re probably going to have tighter spending during a recessionary period. Turn to sectors like healthcare, banking, government, utilities, etc. These industries are less likely to be impacted by the ups and downs of the market. If you aren’t working with these industries yet, consider how your products and services could help them.
6) Play the long-game
Lastly, it’s important to acknowledge that you just might not sell as much during a downturn. That doesn't mean the meetings you’re having and relationships you’re building right now are a waste, think of it as a marathon and not a sprint. During a downturn, you need to think long-term. So, take meetings even if you don’t think you can sell right now. People will remember you for having stuck by them during a difficult time. Invest now in your relationships and you will almost certainly reap the benefits of it down the road.
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Read more about tech services:
How GenAI will change the tech services model, an interview with Saurabh Gupta
Resume tips for sales & go-to-market professionals, Team Meytier