Leading in a Downturn: Insights from Zoominfo and Lacework CMOs

You can either drown or rise above to ride the waves.

Dealing with economic downturns is frightening and can cause panic in all departments, especially in global marketing divisions. Even though marketing is at the heart of every business venture and product launch, it's also likely to have the most budget cuts during tough times as companies adjust their business plans and spending. p>

Our CMO, Amanda Malko, sat down with top marketers in the SaaS space to understand how their teams are coping with the current economic downturn at our immersive virtual conference, G2 Reach. The panel included Bryan Law, CMO at ZoomInfo, and Meagen Eisenberg, CMO at Lacework - both leaders in their respective software categories on G2.

4 key areas to focus on to stay afloat

The conversation with our panelists began by discussing the similarities between business closures during the pandemic and the current economic environment. Everyone agrees that although the two scenarios are very different in terms of the extent of the disruption, the forecast time frame, and the impact on the business, they both illustrate massive changes in organizational and customer priorities.

Be quick on your feet and in your thinking

Eisenberg dove into the hard truths as he referenced his stint at TripActions and how the company's revenue plummeted 90% during shutdowns as people traveled less. The company had to pivot quickly to focus on its core business: employees and existing customers. relieve people's fear.

Law walked a mixed memory lane while talking about his time at Tableau and shared that uncertain times during COVID-19 have proven to be good for the company. The company saw a 20-30% increase in traffic, which it was able to leverage and sustain for the long term.

The ZoomInfo manager highlighted his then-team's strategy of changing the tone of the business from selling to providing accurate data and making the product available for everyone can use it. This strategy has been valuable because it has placed the company in a unique position to help non-governmental organizations (NGOs) and government organizations, improving pipeline conduct and positive business impact.

Invest in product innovation and iteration

Every marketer wonders how they will lead, adapt and change during a recession. Our panelists answer the first part of the question with a resounding answer: empathy, there is no other way.

To cope with change, CMOs are convinced that investing in the product is the way to go.

Experiment with ideas, scroll through them to see if they work, and lead with an adaptive mindset to set teams up for success. Now is a great time to think about what parts of the product need tweaking and make those iterative gains over time for the future when things pick up speed.

"Don't panic, lose intrigue, or try everything at once. Be thoughtful, invested, and focused on the voice of your customers. Make agile product decisions using solid data to fuel growth."

Bryan LawCMO at ZoomInfo Reassess the time and resources spent

Customers are increasingly engaging in product research on third-party review sites such as G2. When panic mounts, it can be difficult to identify how to get buyers into the buying process earlier. Marketing experts agree that to make timely decisions, leaders must use data insights to make consistent, actionable decisions across departments.

Eisenberg has a simple mantra: you can't do it all, so look at buyer intent data signals and activity to communicate accurate stories to sales teams about why now is important.

Make ROI your focus and show how you can cut costs, grow...