MARKET BACKDROP
While there is no magic pill or panacea, customer relationship management (CRM) solutions can provide the foundation for sustainable growth and enable organizations to survive and thrive in these uncertain times.
As the economic environment continues to fluctuate, many organizations are asking themselves what strategies they can pursue to bring tangible business benefits while taking stock of the economic conditions. In a growth economy, businesses typically work hard to expand their customer base and spend aggressively to stoke the growth engine. When money is tight however, existing customer relationships grow in importance as organizations seek a cost-effective way to nurture business expansion.
PLANNING FOR SUCCESS
While the natural reaction for many companies in challenging times is to become inwardly focused and concentrate on conserving capital, history has shown that it is in these critical times that organizations have a significant opportunity to outflank their competition. In fact, a study conducted by Bain and Company found that during the last recession more than a fifth of the companies in the bottom quartile jumped to the top quartile in their industry and more than a fifth of “leadership companies” fell to the bottom quartile (Bain and Company 2008). Forward-looking companies maintain their unwavering focus on investing in and optimizing existing assets through both good and bad times, coupled with a concerted effort to exploit operational efficiencies. A study by the McGrawHill Laboratory shows that companies who continued strategic spending during a recession outperformed nonspenders and experienced revenue growth of 275 percent during the first full year of recovery (McGraw-Hill). And the key asset that lies at the center of every business is customers.
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