13 Nov 2023
13 Nov 2023
Leading a tech company in New Zealand is a remarkable challenge, and being a tech CEO is no easy feat, especially in the current breakneck pace of of the evolving tech industry. Tech CEOs in New Zealand face a unique set of challenges as they strive to grow their businesses offshore while remaining agile, earning a place in the global market, adapting to new technologies, navigating uncertain external factors, and addressing capital needs.
In this blog, we’ll delve into these challenges and explore strategies to overcome them.
Let’s dive in!
In the fast-paced world of the technology sector, maintaining agility is not just beneficial—it’s essential. The industry’s rapid evolution demands a nimble approach, particularly when it comes to carving out a global marketing footprint with a lean investment. This shift requires a radical departure from traditional marketing approaches, towards more adaptive strategies.
We believe that central to this journey is the adoption of a “Marketing is Business” philosophy. This perspective requires the integration of seasoned marketing expertise to facilitate capturing and creating demand to generate revenue . However, this integration should not be permanent; it should be flexible, empowering the leadership team to cultivate a marketing-centric mindset rather than a mere marketing department.
For Tech CEOs, this is a rally call to redefine the role of marketing within their organisation. It’s about merging business acumen with a capacity for adaptability, setting the stage for exponential growth, innovation, and business success. By swiftly navigating the ever-changing landscape and cutting through the noise, CEOs can position their companies for scalable success and forward momentum.
The sector velocity and continuous evolution is the norm, and for CEOs, keeping up with new technologies is a non-negotiable aspect of staying competitive. The landscape has witnessed even more rapid transformation due to the COVID-19 pandemic, with collaboration tools, automation, and cloud computing experiencing unprecedented growth. For tech CEOs, staying agile and responsive to these changes is crucial, and having a well-defined technology adoption strategy is the key to success.
Amid the dynamic shifts in the industry, marketing emerges as a valuable ally in this endeavour. By working closely with the CEO and cross-functional teams, marketing plays a pivotal role in crafting a robust technology adoption strategy. Through careful evaluation of emerging technologies, they help identify opportunities to seamlessly integrate innovation into the company's products, services, and internal processes, marketing emerges as valuable ally in this endeavour.
Businesses face a continuous barrage of unforeseen external events that can significantly impact their businesses. The current global climate, characterised by heightened tensions and the lingering effects of the COVID-19 pandemic, demands heightened awareness and preparedness. In such unpredictable times, tech leaders must be adept at anticipating sudden changes and maintaining agility in their responses.
One notable side effect of the uncertainties we face is "The Great Resignation," a phenomenon triggered by individuals reevaluating their priorities and life choices amidst precarious circumstances. This trend is not confined to specific industries; the tech sector, too, is experiencing a higher rate of voluntary employee attrition this year.
Amidst these challenges, there emerges a potential solution – Fractional executive leadership positions. These roles offer a fractional and flexible arrangement, enabling businesses to access experienced professionals who can set up, evaluate, and bring a cadence to critical business activities without requiring long-term commitments.
This strategic approach empowers tech companies to maintain pace and continuity in their operations, regardless of the fluctuations in the job market. This is the new way to scale.
Marketing and the Fractional Plus CMO - is a valuable cross-functional ally. The role of marketing transcends understanding and delivery. It is about application and scalability. It is about taking all the insights, the strategies, and the profound understanding of customer journeys, and applying them in a manner that scales.
In this case marketing becomes the driving force that transforms technological potential into business success. It ensures that the use and adoption of new technologies is not just about tooling up and keeping up, but about leading and setting the pace in ways that contribute to the generation of new leads, the reduction of customer churn, and the acceleration of pipeline velocity.
This is the new paradigm for CEOs and their teams – a paradigm where marketing and technology go hand in hand, driving innovation, unparalleled customer experiences and ultimately revenue.
In the intricate landscape of capital raising, marketing emerges as a pivotal force, addressing key challenges head-on to secure financial stability and growth. Building investor trust is paramount, and this is where a strong, well-established brand strategy, narratives and visual language, crafted meticulously by marketing leaders, plays a critical role.
Moreover by employing data-driven strategies, great marketing ensures that the company attracts the right investors, whose interests and investment preferences align with the company’s objectives, mitigating the risk of misaligned financial partnerships.
Many CEOs we work with experience significant challenges in managing the runway post a raise, often lacking the visibility and clarity to understand where monies would be best deployed.
Marketing can help support efficient budget allocation, with a focus not on delivery but on zero waste. Through strong strategic alignment budgets can be allocated where they yield maximum returns, and implement robust performance measurement systems to track the success of various initiatives. This meticulous approach to resource optimisation and risk management safeguards the company’s capital, ensuring its productive use. In their strategic planning efforts, marketing leaders set a clear direction for sustainable growth, aligning long-term goals with the company’s financial capabilities.
Before embarking on a capital raise think about how you can create noise in the market to attract potential investors. Think client wins, major product developments, significant new hires, entering new markets, appointment of a new board member.
If you’re facing challenges on resources and budgets head on - don’t let that hold you back your marketing, you can still keep the lights on through options like Fractional and Virtual marketing services. You can tap into a world of senior marketing knowledge and expertise to help you navigate times of uncertainties, as and when you need it. It’s a more flexible, cost-effective and low-stress course of action towards sustainable growth and success, especially during times of economic uncertainties.
Learn more about Sway Tech’s Fractional Executive Services.