CEO Todd Olson advises IT businesses to build resilience now by being more efficient and utilizing what makes the product unique.

Every morning it seems like we confront the same gloomy reports and forecasts, huge inflation, and a downturn in the world economy. On the horizon is a full-fledged recession, with IT businesses bearing particularly harsh consequences. It is simple to get complacent and fatalistic in the face of a down market that shows no indications of progress when you are constantly overwhelmed with such terrible stories. The good news is that your business may take measures to not only survive but also prosper in these circumstances. It all boils down to improving efficiency to increase resiliency, and the best way to achieve this is to capitalize on what makes you unique from the competition—your product.

CUSTOMER AND EMPLOYEE TURNOVER MUST BE REDUCED IN A RADICAL WAY

Maintaining the current customers in good spirits during a recession is particularly crucial. The cost and resource requirements of obtaining potential customers are always higher than keeping the current ones. The workforce talent and workers have the same characteristics. With that, maintaining employee satisfaction reduces turnover, new hire, and onboarding expenses, which are currently unaffordable for firms given that there was a tight labor market and the Great Resignation (the COVID-19 pandemic-related trend of massive voluntary job resignations that is sometimes referred to as the Big Quit and the Great Reshuffle that started in early 2021 and has continued ever since).

Utilizing product analytics (on the software developed for clients and the employees) from both situations might reveal early warning indications of users encountering complexity and dissatisfaction. So with these data, businesses can respond quickly to support these clients, assist them in getting beyond any obstacles they may encounter with the product, and generally enable them to get the most out of their digital tools. Utilizing in-app surveys and feedback also makes it easier to monitor client sentiment and stay informed about any possible problems they may experience. In a nutshell, the clients will be more satisfied and hence will help improve the business performance.

CREATE THE BEST POSSIBLE DECISIONS

Tech businesses' engineering and development skills are one of their most valuable resources so you may not want to be wasting these workers' time. However, the sad fact is that up to 80% of its features are never used. How can you be certain that the effort of your development team that was put into it has a genuine impact and meets actual demands and needs?

Again, the solution is in the product offering. By proactively asking consumers for feedback within the app, you'll gain knowledge of their needs and criticisms at the point that they are most relevant (i.e., while they're using the product in question). To further guide your product plan, you can also use analytics to figure out what features customers use most frequently and which tasks they spend the most time on. Therefore, the development team’s work will be inclined toward the clients’ value.

ESTABLISH A GOOD COMMUNICATION WITH THE CLIENTS

 It's a common practice to inform your clients and employees about product updates using conventional methods like email. However, this type of communication carries the risk of certain changes being overlooked due to background noise. Users may miss out on the product’s fresh value due to the sluggish and poor acceptance of these new features.

 The good news is that businesses can utilize in-app messaging and communications to inform users about critical updates, releases, and enhancements. Additionally, they may categorize such messages based on user characteristics and behavior to ensure that they only reach the intended audience without annoying anybody else. As a result, a faster and a valuable service will be provided to the clients.

 MAXIMIZE GROWTH AND EXPANSION

The sales cycle, particularly for large enterprise-level prospects and clients, may extend for a long time—anywhere from 6 to 18 months—which frequently slows down businesses as they work to increase growth.

 Companies must utilize their products to generate leads and prospects to free up the human resources of the sales and marketing teams. They may achieve this by using strategies such as freemium versions, self-guided tours, and free trial strategies that enable prospects to investigate and comprehend the product value-add without the assistance of a salesperson. By targeting existing customers with new features and plans that are pertinent to their requirements through in-app messaging and segmentation, businesses can simultaneously earn a cross-sell and upscale wins at scale. The end effect would be increased productivity in your sales and marketing organizations, all without adding to the workload of team members.

 DEFLECT SUPPORT CALLS AND TICKETS IN ADVANCE

 All of us have been through monotonous in-person training sessions, wherein 90% were unrelated to our daily tasks, only to forget what we learned and get lost and perplexed when we need to utilize a new tool or procedure. As a consequence, help centers got flooded with calls and tickets.

 Through in-app messages and tutorials, businesses can now effectively assist and direct clients through new approaches to the usage and utilization of a product. They may also incorporate instructional materials and documentation into the app, giving users access to assistance whenever they need it. By automating these support functions, IT and support teams may divert their attention from repetitive issues, resolve tickets and focus on more important responsibilities. Therefore, users will get the relevant data quickly and resolve issues they may be having.

In the following months, leveraging your product to boost organizational efficiency will be a crucial distinction. However, in a period of market uncertainty, knowing that your product is giving the most value to your clients and your business will have a pivotal role.