Significant economic changes are coming sooner than we'd like. Even so, MarTech budgets are expanding due to increased online spending over the past few years, and this demand will increase even more as the macroeconomic storm develops. However, this budget expansion only deals with keeping up and isn't geared toward getting ahead of the curve. Being asked to do much more with much less will be your new situation, and the story will not change no matter where you go.
Maintaining a competitive edge this holiday season, for example, will be even more challenging due to economic pressures. Retailers and eCommerce websites are especially vulnerable. Earnings are melting, margins are shrinking, and revenue is being chipped away. It's never been more critical to optimize the digital customer experience and eliminate known causes of end user frustration so you can weather the economic storm and come out ahead.
Are you prepared for what's already knocking at your door?
The optimists post articles about how eCommerce and digital need to "evolve quickly or be left behind." That's true, but the current situation is now dire regarding transforming efficiency and optimization into top-line revenue. Having the discipline and foresight to be prudent and wise with technology during these times will require the ability to prove the ROI of each of your toolsets accurately.
Let's explore a timeless concept, overly discussed and rarely embraced when times are "too good" but desperately needed when conversion rates and margins are shrinking. In these times, just a few percentage points difference may mean snowballing downhill financially or sustaining business and strengthening your brand.
The commercial internet is only about 25 years old. But the recent spike in energy prices increased FED interest rates (U.S.) back in Q1 of 2022 to 8%+, plus an inverted yield curve (that has preceded every recession in the U.S. since 1955) are all reasons to prepare for leaner times.
Former Treasurer Secretary Larry Summers recently analyzed the central bank's response to higher inflation. For over a year now, Summers has been warning about the economy we appear to be entering. He understated the current circumstances by stating, "the odds on a hard landing within the next two years are certainly better than half, and quite possibly two-thirds or more."
Consumer and producer prices are now at levels we haven't seen since the early 1980s. The consumer price index recently hit 9.1% in June, and the producer price index is above 10%. The National Federation of Independent Business's index of small businesses recently revealed that confidence is now at its lowest level since the pandemic. Price increases are not transitory; consumers feel it, which means your business will be impacted.
Leverage a Digital Experience Optimization (DEO) Platform like Blue Triangle to transform your business from "guessing to knowing" which projects will move the needle in your business.
Use DEO to create a revenue opportunity baseline now for your current business and allow you to manage your business line of sight between executives and digital operations.
Utilize DEO as a holistic decision-making mechanism for producing multiples of site optimization ROI, creating verifiable ROI receipts to justify future digital projects, and turning a cost center into a revenue center by moving from DevOps to RevOps.