Issue #28 - Welcome to the summer
In This Issue: Vile Rumour & Gossip → Digital Influencers → The MACH Show → The sign of inexperience →
Welcome to this special shortened summer. Our Dutch and Nordic friends are already OOO, in the US you sadly don’t actually get ANY days off apart from the 4th of July, so time to suck in that stomach and get the laptop out on the beach.
Overall, it seems that VCs are starting to make investment choices again. Congrats to Constructor who joined Vercel and Storyblok in the top set, whilst some others are failing to find the next round and are looking to sell.
Vile Rumour & Gossip
The SaaS fire sales have started
The smaller players at this stage, pre-series A. Trade sales are ongoing and it seems mergers amongst more established players will be next. Only the strongest SaaS will rise again, and when they do we'll all learn a lesson to all about how that money is spent.
What next for the series F software firms?
The gossip kings among you are rife with what will happen to those who have outstayed their welcome. Klarna are trying hard to become more efficient having missed their big chance (cutting over 25% of marketing staff), and you’ll all have seen Reuters articles about several vendors who are reported to be seeking a safe exit. In the new world, anyone approaching Series D will be deemed failing... it'll be like the 2000's again.
Customer BAU
Enough about vendors. We’re still seeing many customers fail to sweat the tech platforms they’re renting. One we know has a good mid-market stack from SFCC, Emarsys, MoveableInk etc. But admits to doing little real personalisation either onsite or via email, and despite a sizeable team, needs to work harder within the tools they have. We all play our part.
Digital Influencers - The Role of Rick Watson
The gossip whirlwind in a universe like eCommerce is pretty significant. Two years ago the world was full of commercetools' rise in prominence, but now their star shines less brightly. Why? It seems unfair, they've more customers & more revenue. But is it enough to stop being talked about by RW?
Two years ago Rick was slamming Shopify, but is now doing their PR for them. Equally Big Commerce - long a target of criticism, but suddenly with a few friendly hires some change in tone… Rick likes BC.
Meaningless really, I know and like Rick, a very clever self-effacing dude who cares deeply about the details and does a great job. And he is a powerful voice. His opinion is read and digested by every AE in eCommerce, why is this voice so powerful?
The analysts are weakened, a low bar which Rick and team have risen above. More trustworthy by far than those way out of touch with the market. He is in the market at least.
And there are others of course. On the one hand we criticise the analysts for selling out and being out of touch, so anyone criticising Rick and the rest for data-driven opinion that changes, be careful what you wish for we say 🙂.
The MACH Show
We rarely talk about MACH Alliance here. Our MD Jamie, is on the independent advisory board, and our events team have helped run MACH ONE, TWO and THREE, so a quick summary below with a link to some exclusive commentary that isn’t even on our blog yet, for those with a keen interest.
MACH THREE in NYC was set against a backdrop of many more members (c.120 vs c.75 for MACH TWO), and a new continent where it seemed the term “composable” was far better understood than MACH. As such, we had to slightly restart the education around MACH, but also balance the fact that many businesses are now pretty MACH savvy and require very different content. A tricky balancing act.
Overall, a solid outcome and our own sense is that the USA is a much riper target for MACH than Europe. Why?
Just get us in the room - the sign of inexperience
21 years of running a lead gen business, we can easily tell a prospect or client who has not dabbled in starting relationships systematically. Those leaders who say “We’re successful when we get in the room” are always at the start of their journey. They’ve grown up on introductions from their network, warm and well-qualified partner introductions, plus a relatively simple value proposition. “We worked together” or “I worked with XX” for example.
The world of “cold” is a tough place to enter for the first time. In the past, it was a lonely SDR trying to go from “cold” to “warm”. Today there’s an army of content and tech tools that claim to help. Social too, although the Financial Times recently rightly called out LinkedIn for being cringeworthy in the extreme. So many channels and places for leads to be sourced, while those you target try harder and harder to remain at arms length. At a recent conference, we witnessed the sales team from one vendor running between rooms as a target prospect changed sessions, staying present and waiting for the right time to make a "casual" connection. There's nothing classy there...
As we reflect on how to start the journey from "cold" - it’s simple:
• Do less to start with - Focus and learn your value proposition, take 20 accounts, not 200.
• Practise your pitch - Get familiar with being funny, relevant and concise.
• Personalise - Any non-personal message will be ignored, it's that simple.
More in 3 weeks - onto H2 everyone!
Blatant self-promotion
If you weren't already aware we have an event company Commerce Future, where we host exclusive dinners, breakfasts and conferences for brands giving them a the space to discuss current tech trends, air their software struggles and give you a chance to listen in and make connections.
If you are interest you can download our event calendar to see what's planned for the next year or alternatively get in touch Abbie Young who will be able to help you find the event that fits your needs.
Buyingtime Dictionary
Frequently used (but never about you) phrases from Buyingtime Ltd.
Broken Arrow
/ˈbrəʊk(ə)n/ /ˈarəʊ/
noun
1. Doesn't work and you can't fire him.
″Who IS that guy? He tries telling me what to do, but does fuck all."
"That's Dunning-Kruger. We don't talk about him.″
