Get rid of customers? A list of what business needs to do during economic uncertainty
07/14/09 06:50 AM Filed in: Customer
Service
Here is what companies should be doing while we are in the midst of this economic downturn:
1. Crisis creates opportunity because your competitors may falter or fail to invest for the long term thus invest in initiatives that can help you lower costs by telling you more about your prospects and your current customers. Let sales and marketing intelligence inform your research and development.
2. Innovation is more important than product(s). You business model needs to evolve and you need to innovate to stay healthy. Consumers have changed their purchasing behavior and they will never go back to their free spending ways.
3. Invest in tools that present real-time metrics so that you can effectively scenario plan your options.
4. Speed up decision making so that you can capitalize on opportunities quickly. Can the revisions and constant need for Power Point decks and revisions and getting on someone’s calendar. Speed is still a competitive advantage.
5. Stop thinking of marketing as a process and start thinking as using it to solve customers problems with your brand or product.
6. Identify the triggers & ropes to more business or a pullback in sales. Be ready to implement programs on a dime and also to cancel them if they don’t work. Don’t use the “time” model to get ROI.
7. Integrate and listen: Your middle managers are on the front line everyday and know what works and what doesn’t work. Devise a way to identify their key feedback and take action on it quickly. Reward those that take action to solve issues rather than just saying “we have a problem”.