While the economic situation has become more challenging, and securing new financing is increasingly difficult, there are foreseeable trends evident at Slush 2023. In this blog post, we shed light on the best learnings for B2B companies.
Slush 2023, one of the largest gatherings in Northern Europe for startups, technology, and innovation, was a hub where people came together to make new connections and stay informed about business trends. This year's Slush took place during a challenging economic period when the way businesses secure funding was changing. Looking at the key aspects of Slush 2023, it becomes clear that the event not only showcased current happenings in startups, tech, and innovation but also revealed an industry maturing and addressing important issues while exploring new approaches. Now, let's explore the insights from Slush 2023 and how they can benefit B2B marketing and sales.
Build flywheels
Creating a good product is not enough. You need to craft a coherent customer experience from marketing to sales and from customer service to billing. B2B customer behaviour is becoming more digital. Hence, B2B companies are challenged to create experiences that facilitate an immersive experience for both new and existing customers.
Companies need to create a flywheel-like movement where they reduce friction from the customer’s process and exert more force on the flywheel by creating a better experience for customers. In this endeavour, customer-facing teams need to enhance cooperation and remove friction points from customer handovers, such as from sales to customer service.
Milton Friedman was wrong
It's not only about raising high investment rounds but achieving success that is not merely quantified by profit margins. New metrics such as carbon neutrality, inclusivity, and social responsibility are becoming paramount factors not only for startups but also for big corporates. Thus, we need to take care of PESTEL factors in business success: political, economic, social, technological, environmental, legal. By achieving high marks in these areas, companies can create meaningful and purpose-driven brands that excel beyond corporate interests based on sheer financial gains.
Get your GTM shit together
Especially compared to Swedes, Finns tend to go overboard with their product when entering new markets. By going overboard, we mean that Finnish companies have the tendency to emphasise the product when entering a new market and, in hindsight, underutilise customer and target market insights. To succeed in the go-to-market (GTM) motion, commercial teams need to test and analyse the target market and customers and craft GTM engines that comprise tailored products, messaging, and brand-building motions that create cutting-edge customer experiences.
Dashboards are not the stairways to heaven
There is a growing number of dashboards, but do we use them? This valid point was raised at Slush, where there was a notion that companies nowadays have several dashboards but don’t use them enough. Therefore, companies need to create processes that empower the utilisation of data and dashboards in making correct decisions.
Watch the interview discussing the dynamic partnership and exponential growth of DoorDash & Wolt.
Be a flower to talent bees
Talented individuals are hard to find due to increased demand. Companies need to be like flowers to bees, attracting and engaging talents in a way that makes them stay. Especially in today’s age, millennials and Gen Z are more purpose-driven individuals who value organisations that have strong sustainable, inclusive, and socially responsible values in their DNA.
In conclusion
Slush 2023 has unveiled trends and insights that signal the event's shift towards maturity. The challenges presented by a difficult economic environment and the growing importance of sustainable, inclusive, and socially responsible practices have become increasingly apparent. From the imperative of building seamless customer experiences and redefining success beyond profit margins to the need for a balanced and informed approach in entering new markets, the lessons from Slush 2023 are invaluable for B2B marketers.
The call to action is clear: embrace purpose-driven strategies, leverage data effectively, and foster environments that attract and retain talent with a commitment to shared values. Slush has not only reflected the present challenges but has also shown the path forward for businesses seeking longevity and meaningful impact.
