With continued unease about the global economic outlook for 2020 and beyond spurred on by the continued US/China trade dispute, soft holiday retail sales in the advanced economies, uncertain macroeconomic policy in the emerging market and developing economies, and a general consensus amongst Economists that the US will enter a recession by 2021, it seems prudent to consider what options businesses have to counter lower growth and potential downturns.
With the prospect of this economic forecast looming, business’s must arm themselves, their products, their services, and their brands with the knowledge of how-to best weather a recession.
Your guide to cutting ad spend and focusing on customer service and satisfaction instead
At Marketscience, we have conducted a comprehensive economic analysis of the last five major recessions. During this time, we have been building models of consumer demand across clients, providing us with a unique view of the drivers of demand across multiple industries. The conclusion from this study of sales shares, brand equity, customer satisfaction, marketing spends, and operations expenses data are clear: brands that focus on customer service and satisfaction throughout challenging economies win — during and after a recession.
The core message from the available data is simply that those dollars work harder for you; this is a consistent and universal “truth” applicable to all sectors.
Customer experience should be prioritized not just during recession’s, but during stable economic times too. There are three primary ways to prioritize the customer:
- Spend with the customer in mind
- Advance, while others retreat
- Promote wisely
In the WARC article below we elaborate on these three key learnings to assist organizations in making more informed operations, sales and marketing investment decisions that will help one to succeed before, during, and after a recession.
Read the full piece here: http://bit.ly/2TSi0Qz
If your organization doesn’t have access to WARC, contact our team who can share the full article.