Be more resilient in 2023
Every year, globally, we seem to encounter more and more ‘once in a lifetime’ events that throw us off balance and create uncertainty within our ever-changing climate; Brexit, the pandemic, political instability, financial downturns and more.
All of these challenges have created disruptions in our supply chains, changes in customer behaviour and their spending habits which in term has created an impact on the bottom line of many businesses.
The only thing marketers can really be certain of is that change is inevitable and they should be proactive in anticipating these potential disruptions and adapting quickly when they are placed in our way.
In other words, B2B marketers should understand how to be more resilient in 2023.
What is resilience and how can data and technology help?
Everyone interprets resilience somewhat differently; most have natural resilience through their disposition or past experiences, while others view it more strategically – harnessing its power for adapting to future changes quickly and effectively.
Recently, our CEO Steve Kemish spoke on a panel that explored the future of businesses and the result of Dun & Bradstreet’s report on the use of data to drive resilience .
“At the heart of it, building true resilience requires a community which must be cultivated through fostering relationships,” he adds. “It’s a team sport to be truly resilient, not a solo pursuit, but unlike sports, it can’t be taught. No one ever calms down by being told to calm down and being told to be resilient is not enough.”
Steve believes that building resilience within an organisation involves creating a culture of mutual understanding between managers and employees. The key to this is recognising the motivations behind each individual’s work and by better understanding the individuals within, you tend to build a stronger team. This better enables you to collectively face change together rather than alone or disparately.
Resilience is a valuable attribute that is seen differently by each individual. Some believe resilience can be compared to a rubber band; stretching, never breaking and bouncing back every time and others say that it is like a rock, strong enough to withstand any storm.
For Steve, it is about making more of what you have got. UK businesses are navigating a challenging landscape as the skills gap collides with increasing unemployment and with limited resources available, organisations must find ways to optimise existing solutions and digital tools – making sure they get maximum value from their existing tech.
“Growth doesn’t always come from getting more, it might be doing more with what you’ve got, or even less. And that could be resource, it could be technology, it could be all the costs of your organisation.”
As a B2B marketer, drawing on data and technology can be invaluable assets in building resilience. By incorporating analytics into business strategies, companies can effectively mitigate risk factors while monitoring progress to keep the brand going during a downturn. Data-driven decision making also helps ensure businesses stay on the path towards recovery with confidence and clarity.
“It’s not just about having data,” he says. “It’s about the pairing of good data with rich analysis, which provides nuances that allow you to change direction and reach audiences you might have otherwise missed.”
Data and technology are very closely interlinked as technology is used to collect, store, process and analyse data and data is used to train and improve your current technology. When data and technology join hands, they are able to create a dependable infrastructure that can weather any storms of change or instability. However, if the strength of one falls short, the two cannot work together accurately and efficiently.
“If you’ve got great technology and bad data, guess what? You’re going to get bad results – whether it’s your marketing campaign or the direction you travel strategically – because you were relying on bad input.”
While technology can be a powerful tool for businesses attempting to bolster resilience, relying too heavily on it can also be detrimental. Steve warned that there should be a balance between technology and human intervention and believes technology to be an enabler, but if we go too far down the technology, the humanity is lost. Data and technology can give us some of the missing pieces but not everything.
While data and technology offer invaluable insights and help businesses become more resilient, it is important to remember that there are certain limitations to relying solely on technological solutions. In order for businesses to make the most of their existing tools, they must also consider other aspects such as human capital and strategic planning to ensure that their resilience strategies are comprehensive and effective.
By taking a proactive stance and embracing data and technology, B2B marketers will have the best chance of developing resilience strategies that anticipate potential disruptions and enable them to react quickly and effectively in an ever-changing climate.
The success of any business lies in its willingness to stay agile and act upon the changing needs of the market, while leveraging data and technology to support long-term growth that stands the test of time.