RevOps Co-op Weekly # 121 - How Product-Led Sales can Improve your Revenue During an Economic Downturn
Learn how US tech companies can adapt to a tough economy with PLG & PLS strategies in this article by Creator Guild member Stephen Moock.
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How Product-Led Sales can Improve your Revenue During an Economic Downturn
In this article by Creator Guild member Stephen Moock, Head of Sales and Success at Calixa, he discusses how companies in the US tech sector can adapt to the current economic climate through the Product-Led Growth (PLG) strategy and the new sales motion, Product-Led Sales (PLS). Let’s explore how these strategies can help companies survive and thrive in a difficult economic environment.
It’s clear that the U.S. tech sector is feeling the pressure in the current economic climate. In 2023 so far, over 21,000 workers in the industry have lost their jobs as companies look to cut costs and weather the storm, according to CrunchBase News. Staffing is only one of the ways that companies may trim costs as the threat of a recession looms.
With the possibility of cuts in technology spending, the goal for SaaS companies in this climate is to find ways to do more with less. Over the last ten years, the Product-Led Growth (PLG) category has created new ways to engage and more quickly build a user and customer base by transforming the way software is distributed and adopted. And recently, a new sales motion to support Product-Led Growth is giving companies smart tools to help sales teams deliver new sources of revenue.
In collaboration with our community partner Everstage, we surveyed 100+ SaaS companies about the impact of the economic downturn on their business. Here’s what we learned:
1️⃣ Quota attainment was down in 1H 2022, and only got worse in 2H 2022
2️⃣ Sales cycles are getting longer 🥱
3️⃣ Pipeline generation is getting harder, especially via outbound 🚫 📧
4️⃣ Churn is going up
5️⃣ Budgets are getting cut, with marketing and software costs being the first to get the axe 🪓
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RevOps Co-op provides resources, content and community for those who ❤️ revenue operations. This weekly newsletter features collected tweets, posts and thoughts on a variety of RevOps topics. We also have a private Slack community with > 7,000+ RevOps pro’s from companies like Slack, Lyft, Clari, Miro and more 👉🏻 click here to join.
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