A Sales Strategy to Overcome Economic Uncertainty
If you have ever considered developing a Government market for your technology, now may be the ideal time. With the chance of an economic recession increasing (some would argue we are already in a recession), companies are hard at work developing strategies to overcome the potential loss in revenue and the effects this could have on their business growth and operations. A sales strategy that includes the US Government, which is the largest purchaser of software and IT services in the world, with a budget for FY 2023 estimated to be $65B, may be an option for you to consider.
While commercial market outlooks forecast IT expenditures to remain flat or decrease over the next fiscal year, US Governmental agencies are forecasted to increase their IT spend by 11% for FY 2023. (Biden calls for 11% boost in federal IT budget, $10.9B for cyber (fedscoop.com)
A few of the key areas of focus for Government spending in FY 2023 include:
Cybersecurity
Zero Trust
Digitization Services
AI
To increase your likelihood of success in pursuing Government contracts, we recommend businesses take a targeted and methodical approach to their sales and marketing activities. From our experience a sure fire way to fail is to take the approach of "just getting meetings". Marion Square recommends starting your Government go to market with a thorough market assessment. Understanding key items such as:
Which agencies are buying or have budgeted for technologies like yours?
Which system integrators play and are winning contracts in you space?
Are their SBIR's or BAA's that are a fit for your technology?
Are their specific contract vehicles required?
Will enable you to spend time and resources in areas that will yield the greatest return in the shortest timeframe.
With the Government new fiscal year starting October 1st, now is the time to begin pulling together your Government market assessment and developing your go to market strategy in order to hit the ground running October 1. Marion Square provides a complete set of services and various engagements focused on Market Assessments and Government go to market, if you are interested in learning more please contact us.