Conclusion: Tough times demand new alternatives
Companies need to seriously consider their options during these tough and
unprecedented economic times and act decisively. First, a structured approach
to quickly assess and understand customer preferences and channel interactions
is needed to serve as a base and integrate into operational performance metrics.
Second, proactive deployment of customer campaigns and pricing options are
necessary to provide for short-term revenues, reduce costs and grow customer
loyalty to bolster recovery opportunities. Last, the digital channel must be exploited
to enable new tactics and capabilities and serve as the channel of choice, for the
appropriate customer segment, for cost effective deployment.
In today’s business climate no one needs to be reminded that “time is of the
essence”. Effective business analysis and focused actions to accommodate
downward trends demand a rapid and extremely focused approach. It is incumbent
upon management to review, assess and increase viable options and alternatives
during an unprecedented recessionary climate.