Building a new strategy in a downturn
Building a new strategy in a downturn
Photo by Startaê Team on Unsplash
Are we not in a recession, about to be in one, or already in one?
Let the media debate that — your precious time is better spent on coming up with solutions for the challenges your business is already facing, recession or not.
What strategies should you be implementing?
Today’s agenda:
📉 Retaining customers in a downturn
👷 How Americans feel about AI in hiring
🤝 Should you look into a LinkedIn influencer partnership?
💼 Briefly — our quick news roundup
⏱️ Up & coming
SOS: Tips to save your accounts in a downturn
High-profile tech brands such as Google, Meta, and Microsoft have collectively laid off more than 170,000 people already this year.
Next up? The B2B tech vendors supplying these brands.
🧑💻 How to save your accounts, according to the CEO of ChurnZero:
Ask your customers how their goals have changed due to the economy
Coach them on your how your products/services can meet these new goals
Use your product usage data to find and present solutions for underutilization of your product
Discover who is approving your contract, and work with the end-user to influence their decision
If you lack the resources to dig this deep, start with best-fit customers first.
How PR helps SEO
Integrating public relations into your SEO strategy can help you stand out on the web, according to digital marketing and PR expert Jessica Wong.
🤔 Why:
Building online trust and visibility relies heavily on your company’s reputation
Editorial coverage increases trust in a brand
Search engines have become more sophisticated in determining a website’s value
👉 How:
Optimize your PR content by including relevant keywords
Integrate PR and SEO from the start of a campaign for best results
Consider these other content marketing goals
Solve your audience’s problems
Provide solutions
Tell a story
What business goals drive your content marketing strategies?
AI in hiring
Americans are generally wary of AI in the workplace, according to Pew Research Center, but they believe there are instances where it would perform better than humans.
🔑 Key stats from the recent survey:
71% of Americans oppose employers using AI to make final hiring decisions
41% oppose AI for reviewing job applications (28% favor)
43% favor AI monitoring workers’ driving behavior when they make company trips
45% favor using AI to automatically track attendance
🤖 Overall, 66% of Americans say they would not want to apply for a job with an employer that used AI to help with hiring decisions.
How small business owners are using AI
Skynova surveyed 1,000 small business owners to find out how they’re using AI.
26% use it to communicate with clients and customers
22% to improve website experience
21% to post on social media, improve IT processes, improve CRO, and recognize the most urgent customer queries
🪴 Nine in 10 business owners who are using AI tools say it has been essential to their business growth.
See the full infographic here.
More AI
👉 What happens when we run out of data for AI models? A data science expert explores the answers.
👉 Goldman Sachs creates an AI-powered social media startup for employees called Louisa.
How to work with influencers on LinkedIn
LinkedIn is considered the leading platform for lead generation, with twice the buying power of the average online audience and 4 out of 5 members driving business decisions.
Naturally, it’s becoming a popular spot for influencers.
🧑💼 Here’s how you can leverage the power of LinkedIn influencers to get new customers and employees:
Don’t look at follower count, look at high engagement on posts
Look for niche influencers who have expertise and a good reputation
Target to the right audience — and make sure their audience matches who you’re targeting
Work with influencers who align with your company’s values
Above all else, make sure you fully understand who you’re targeting first, and you’re much more likely to succeed.
Briefly
🔎 How to use the vlookup function in Google Sheets
📈 Latest CPI report reveals why the fears of 1970s-style inflation today are unfounded
🚶 Use this template to help you use your website data to visualize the effectiveness of your customer’s journey
🏦 The First Citizens Bank family has watched its wealth double to $2.2 billion since it bought Silicon Valley Bank's assets out of bankruptcy
🐦 Elon Musk names Linda Yaccarino as new CEO of Twitter
👷 What would it take to get a four-day workweek in the U.S.?
Up & Coming
While Treasury Secretary Janet Yellen continues to warn that letting the nation default on its debt should be “unthinkable,” President Biden told reporters he’s expecting to continue talks with congressional leaders today.
The U.S. could hit the debt ceiling as soon as June 1. Biden says he remains optimistic that they’ll reach a solution, but House Speaker Kevin McCarthy (R-Calif.) told reporters that the parties are “far apart” in negotiations.
According to McCarthy, a deal would need to be made by this weekend for it to have enough time to pass through Congress.