In just the first four months of 2023, high-profile technology brands laid off nearly 170,000 employees. Now, the next cohort in line for the shock of the downturn are the B2B technology vendors whose products and services keep those high-profile tech brands running. Contracts are up for renewal, and renewal decisions will be heavily scrutinized. It’s going to be a bumpy ride, especially for mid-market companies whose pockets aren’t as deep as their enterprise counterparts.
How Mid-Market Tech Vendors Can Retain Customers During a Downturn
When times are good, many B2B products are considered mission-critical. This year, as many businesses’ ambitions and forecasts recede, and goals pivot, that term rings hollow. Value is now measured carefully against changing business goals. As a mid-market technology vendor, you might be considering aggressive discounting, or cutting your own costs to the bone. In the long-term, however, these approaches can lock a mid-market business, whose brand may be less well-established than a larger enterprise, into a race to the bottom. In the best of times, it takes a lot to save accounts that are at risk of churning. When the risk is widespread, and customers’ emotions are running high both personally and organizationally, it takes far more. This article discusses three strategies that will help you save your accounts. When executed with a spirit of partnership and empathy, plenty of hard work, and a little improvisation, mid-market tech vendors can keep more of the customers on whom their future growth depends.