Thriving Despite an Economic Downturn

As more companies evaluate their plans for the rest of the year, focus on being able to definitely answer the question of how much value you're bringing to an organization.

Despite the U.S. economy adding more than 500,000 jobs in January, the tech sector shrunk by more than 120,000 workers! Layoffs.fyi reported over 400 tech companies laid off employees in the first 2 months of 2023! 

Over 1,000 tech companies laid off workers in 2022.

Unsettling times for tech to be sure. Yet despite these challenges, businesses are still expected to grow. Tech companies are still well positioned to help businesses thrive despite an economic downturn—it’s just that doing more with less won’t be a nice-to-have skillset anymore, it’ll be necessary.

Which is why it’s all about providing value in 2023. 

As more companies evaluate their plans for the rest of the year, focus on being able to definitely answer the question of how much value you're bringing to an organization. Even though the word ‘value’ might mean something different for each specific scenario, it’s crucial to demonstrate.

Increase Member Engagement

One way of demonstrating value is by reducing churn. We know it’s cheaper for a business to avoid churn compared to acquiring a new customer. As a way to maintain long-term relationships with your most important customers, make sure you're engaging them with personalized communications.

Healthcare technology providers are designing and deploying solutions specifically for this type of member engagement. From reminder messaging, assessment follow ups or educational resources, the right message at the right time can be a dramatic influence on the customer experience.

Double Down on Core Competencies 

A wise product marketer once told me something that I’m reminded of when considering how to attract more users to my website:

“You’ll always have more success where you’re already successful.” 

We’ve kept this in mind at SmartStory as we go deeper into unchartered territory with the risk of a recession, rate increases and more economic turbulence. The SmartStory Digital Engagement Platform can be embedded into a business with very little IT support. And once fully integrated, the business can easily trigger events to engage members. 

Simply adding more products or services isn’t diversification to us—at best it’s a waste of time and money. Your core offering can be cheapened and the brand reputation can be damaged. We wanted to lean into what we did best—then make the product easy to use! 

Leverage Partners

The right partnership should be a win-win for each side. As one such partner, we’re proud to integrate new accounts as quickly as four weeks. SmartStory is helping improve member outcomes and increase member satisfaction, while lowering the cost to communicate with each member.

With extensive research going into different providers—in addition to competing with multiple requests for proposals (RFP), being selected during the purchasing decision requires the right combination of value-added services and distribution channels. As a provider, we remain nimble and responsive to the changing needs of our customers.

It’s our holistic value proposition, reliability and customer service that keeps us strong in the face of adversity. As a patient engagement platform, SmartStory relies on these values to improve health outcomes and increase patient satisfaction. 

Get started with us today.