When the market comes back, you typically see that centralized budget plus back into the field. So that’s the color I could give you. I can also tell you, if you look at the total customer count panel, the revenue, I think the overall revenue per customer was actually up slightly in 2023 versus 2022. And again, it’s another sign. When we talked about it in November. We’re saying no major surprises right now. And this is what we’re seeing right now. We’re navigating it. And we don’t see things follow up, and we don’t see big catalysts sprucing up right now and into the first half of 2024.
Andrew Marok: Really appreciate the color. That’s very helpful. And one more, if I could. I mean, I understand that it’s very early days right now, and this may not even be that much of a client-facing effort at this point, but has there been any meaningful feedback from your clients so far in terms of the reaction to the announcement of the Informa deal?
Mike Cotoia: No, not really. I mean we’re not really allowed to discuss. But we’re really focused on business as usual here and making sure we’re doing the right things for the business. But listen, I will tell you this, in my own view, I think it’s a pretty — like, when we talked about our M&A strategy for the last 3 years, I don’t think that it’s a really big high get it factor. And that’s, again, from my own point of view. We talked about our strategy of driving our first-party purchase-intent data, permission-based audience and content. And so we’ve been very clear over the last few years and also getting into adjacent markets. So we’ve been discussing this publicly over the last couple of years as part of our road map strategy, and this is the announcement that we put in front of everyone, and they can interpret it how they want it, but we can’t really share what we hear for feedback.
Operator: Next question is from the line of Bruce Goldfarb with Lake Street.
Bruce Goldfarb: With Google Chrome’s new treatment of cookies, have you seen any increased lift in budget from longtime customers allocating more to TechTarget spend versus legacy cookie-driven spend?
Mike Cotoia: So as we all know, Google announced the phasing out of cookies starting in January and accelerating that throughout the end of the year. It was just announced in terms of them putting that in action, it’s definitely part of our playbook. I mean we are all first-party data, both at the prospect level and as well as at the account level. We’re going to take advantage of that in terms of our go-to-market strategy and making sure that customers and we believe even part of some of our product strategy, which you’ll see us announce in Q1, will be in Q1, account-only insights. You got to remember, Bruce, most of our customers have always bought prospect-level intelligence from us, and we’ve identified the accounts that those prospects work in.
We have a lot of accounts that buy, a lot of our customers also want modeling, propensity modeling, ABM strategies with account-only information. So as part of our road map strategy and our product launches, you’re going to see some announcements around our account insight fees, which would be at the account level only, and tying that into our first-party data versus Google phasing out third-party cookies. We see that as a pretty big competitive advantage.
Bruce Goldfarb: I don’t know if you can answer this, but post-Informa/Tech combination, should we expect a new Board Chairman to be elected from the post-close directors, or could it be a new director?
Mike Cotoia: I mean it could be a new director.
Bruce Goldfarb: It could be. Okay. And then lastly, when do you expect demand in the legacy business to stop contracting? Do you think like Q2 or Q3 or Q4?
Mike Cotoia: Yes. I mean, like you said it, I mean the numbers in the guidance we gave this year are relatively flat, up 2%. Heading into 2024, we still on the tech industry, on the enterprise B2B tech industry, we still have high inflation, high interest rates and a lot of layoffs right now. That’s how they get settled. What I do know on this is, we’ve seen pullbacks before. And we’re seeing customers who spent a lot of money, invest a lot of money in R&D. We also see technology initiatives such as AI, we’ve seen it with virtualization and cloud and other things before, that create a pent-up demand. And it’s not a matter of if, it’s a matter of when the market turns around, where customers turn from, hey, I got to watch everything I do on cost, to, I really need to focus on growth, through sales and marketing efforts regionally and globally.
And when that turns, and I wish I had a crystal ball on that. I mean we’ve seen some signs like I mentioned in the last couple of quarters to stabilization, when that turns, there will be a quick recovery, in my opinion and we’ve seen that in the past. And when we see that recovery and whether that’s Q3 ’24, Q4 ’24 or the beginning of 2025, our goal is to be ready for that recovery to take the upside in that. And as you can see, some of the investments we’ve made, the announcements that we’ve made, that is a real focus for us right now.
Operator: Thank you for your question. There are no additional questions waiting at this time. So that will conclude the conference call. Thank you for your participation. You may now disconnect your lines.
