One of the business realities of the past 18 months is pivoting to new environmental factors. Most successful companies in the Covid era — besides those in Covid-advantaged sectors like eCommerce — have pivoted to meet the moment. We dove into this topic at Localogy 2021 today with Podium and Newfold Digital.
— Podium launched a text-based payment platform — sort of like Venmo for SMBs. Based on the touchless needs of the Covid era, it has resonated with SMBs, to the tune of a $3 billion run rate in transaction volume.
— The realization of this need has cultivated new permanent habits among these SMBs, representing a permanent pivot. There’s no “back to normal” for these SMBs in terms of their newfound tech Savvy.
— eCommerce was always a technological shift that left SMBs behind. In the Covid era, they were forced into it, and refined new critical skills to digitize their businesses. This process unfolded in several areas beyond just eCommerce — raising new demand signals that smart SMB SaaS vendors are meeting.
— Some areas popped in the covid era (again, eCommerce), but those levels are sustaining according to Newfold Digital. Now they have to “serve both worlds,” representing a range of SMB personas… but also a larger addressable market opportunity.
Pivoting with Agility
During a dynamic time for the world, we’ve seen tech and media companies rewrite their product road maps, listening to the prioritized needs of their customers. Is the shift to customer-centric development sustainable? Will fast-tracked product development itself reveal new methods to accelerate cycles and speed-to-market?
SVP of Solutions, Product Management
Chief Product Officer