What the Hell Happened to the Tech Industry? — Juan Mendoza // The MarTech Weekly

Juan Mendoza, Founder and Editor of The Martech Weekly, talks about this month's MarTech news. The martech industry is facing a downturn with companies like Salesforce resorting to layoffs and downsizing their expenditure, partly due to the impact of the COVID-19 pandemic. Likewise, marketers are returning to fundamentals like CRM and marketing automation to drive growth. Today, Juan discusses what the hell is happening with the tech industry.
About the speaker

Juan Mendoza

The MarTech Weekly

 - The MarTech Weekly

Juan is the Founder and Editor of The Martech Weekly

Show Notes

  • 02:00
    What is happening with the tech industry
    The tech industry is in a downturn right now with Salesforce recently laying off 10% of its staff and downsizing its annual expenditure. Salesforce is a pacesetter for the martech industry, and their troubles indicate that the tech industry may not yet be out of the downturn.
  • 03:27
    Reasons for the downturn in the tech industry
    Now that interest rates have gone up, its harder for companies to raise money and acquire new companies. Additionally, many people are taking a break from their online lives after the pandemic.
  • 06:07
    The shift toward responsible capital allocation in the tech industry
    Tech companies are focusing on sales, product-led growth, and customer retention. In general, companies are questioning the value of their investments in technology and the challenge for companies like Salesforce is convincing customers that their software is worth the investment.
  • 08:23
    The impact of the downturn of the tech industry on marketing
    There is a shift in marketing towards capturing attention in physical spaces through out-of-home and digital out-of-home advertising. Ultimately, marketers are focusing on growth and conversions by qualifying leads, customers, and driving the right pipeline into their business.
  • 10:04
    Marketing tactics likely to be successful in 2023
    There will likely be a return to fundamentals in marketing, such as CRM and marketing automation, to drive growth and get more value out of customers. Retail media is another area that is poised for growth due to the current privacy landscape.

Quotes

  • "We've been through at least six months of downturn in the broader tech industry, not just in martech. But, it almost feels like it's accelerating coming into the new year." -Juan Mendoza, Founder, The Martech Weekly

  • "Salesforce just laid off 10% of their staff. They've got staff in the 10s of 1000s, so it's a massive tranche of employees being let go." -Juan Mendoza, Founder, The Martech Weekly

  • "Salesforce is downsizing their expenditure from about three to $5 billion a year, which is about six to 7% of their total spending in 2022." -Juan Mendoza, Founder, The Martech Weekly

  • "I'm seeing a bigger trend towards out-of-home and digital out-of-home advertising, because there are just more people out in the crowds." -Juan Mendoza, Founder, The Martech Weekly

About the speaker

Juan Mendoza

The MarTech Weekly

 - The MarTech Weekly

Juan is the Founder and Editor of The Martech Weekly

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