Industry indicators forecast that spending on technology products and services by US businesses and government agencies will jump 7.5 percent in 2012 and 8.3 percent in 2013. This exponential pace of technological change is one of the biggest challenges facing industry executives today. In a market of economic uncertainty, technology companies are changing their business strategies in order to adapt and ultimately set themselves up for success. After all, doesn’t the information technology sector depend on the health of consumer spending?
Consumer spending is a force that can be dealt with through casting customer demands. Leaders in the technology industry make smarter, more resourceful decisions when they possess more accurate and reliable forecast of future consumer demand. There are a few ways to achieve this desired outcome:
Demand a more comprehensive view of shifting demand
As technology constantly evolves, executives must take in consideration evaluating relevant adjacent industry sectors as well. For example, if you are in the business of providing electronic cell phone chargers, look to adjacent industries to predict consumer spending such as cell phones, batteries, etc. These projections will allow you to better understand the level of current demand.
Leverage the latest scientific advances in demand projection
Since we live in an era where we are provided with extensive information, information technology capabilities and analytics, there is more room to discover how consumers are discovering, debating and consuming your products and services. These methods may include SEO, online shopping, social media, blogs, emails, lead nurturing and forums.
Leverage your product through utilizing all the resources that are available to your particular target market.
Since selling to the masses is not ideal for most product, target markets must be pinpointed and continually engaged to keep them interested and purchasing a product. Through utilizing the latest resources, consumers relationships can not only be ignited but maintained.
Create a culture of true liability
Measuring results of your marketing campaign is of the utmost importance. What isn’t measured isn’t managed. Measuring capabilities include analyzing content performance, monitoring number of visitors and traffic, success of landing pages as well as how many visits eventually convert into leads. Executives also look to past forecasts and alter them to fit current situations and realities in today’s market. This will ultimately boost forecast accuracy.
During hard economic times, customers can postpone their technological purchases until markets stabilize. Since technology products are often updates of older versions, they can be the first to go when a company cuts its budget. It has become crucial to first properly forecast customer demands before devising a sound marketing campaign.