Winners and losers in a troubled economy |
|
|
| Written by Martyn Perks, Consultant, cScape | |
| Monday, 10 March 2008 | |
|
Page 2 of 2 Innovate and improve Businesses need to innovate and improve with new ideas, products and services, especially during an economic downturn. With a growing climate of economic pessimism ahead of us, it is all too easy to get bogged down in cut-backs and to focus marketing efforts on activities that have already proven popular. This may seem a safe approach, but in order to remain dynamic, businesses could do well to return to the drawing board and rethink their opportunities. As a reminder, this is what Apple did during the IT-related recession in the late 1990s. They emerged stronger as a company after the groundbreaking innovation of the iPod. It sent shock waves through the market and left the competition standing, unable to bounce back in the same way as Apple has. They stole the march on the competition when least expected. Businesses that are unable to reinvent themselves through new product offering should consider how to extend the value of their products by creating a service around it in order to extend their utility and life span. More detail and transparency online Companies must also seize the potential of their online presence to simplify how customers understand their offering. Customers want more detail and transparency online—not pushy sales information. Also, providing online after-sales support—including offering downloadable warrantees, suppliers listings, product installation instructions answers to frequently asked questions—helps reassure potential buyers. Those who fail to provide clarity and detail will stand out as not understanding what customers need to make informed choices. Such services compliment any marketing activity in creating a well thought-out online business strategy. These are all valued by consumers and businesses that get them right now, when competition is substandard, can use their online presences to make major inroads into customer engagement. At the very least, businesses would have managed to continue a meaningful relationship with a customer base, ready to tap into when the economic climate turns more positive and growth picks up. Martyn Perks is co-author of the book ‘Winners and losers in a global economy’ and a consultant for cScape. The first 1000 to register will receive a free download copy, all registrations after that time will be charged at £13.95. Related articles
Related links |
Digg it! 
del.icio.us 
Newsvine 
Reddit 
Stumble It! 
