Demand Gen Daily – Ep 31: Pushing your advantage in Q1
There’s a lot happening in the marketplace and the economy with inflation and increasing interest rates and we’ve talked about how this is impacting businesses in previous episodes. The thing to keep in mind is that there is always a way to find a strategic advantage in navigating different shifts in the market.
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TL;DR: Now is the time to push your advantage – if you have the ability to increase your budgets or take advantage of other companies pulling back their spending, do it – it’ll help you gain market share.
We’ve seen a lot more verbal closes happening in the market but then potential clients are ghosting from signing the actual contract. This can be because they are checking with finance to get the go-ahead as finance has likely been updating budgets based on interest rates, even though the Q1 budget was set in October of the previous year.
There is a lot of supply in the market right now and distributors are holding on to a lot of products so they are having to put holds on orders with their manufacturers, causing the manufacturers to stop creating products to sell. We went from a supply shortage to a surplus very quickly so that’s having a lot of impacts.
This is going to be the cheapest market share you’re going to acquire, ever (at least from an ad-buying perspective). Find the niches that your business serves that are less affected by what’s happening and push hard there.
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