As you’ve adjusted your business to get through the downturn, it’s important to keep in mind the inevitable recovery that will follow. Marketing expert John Quelch looks at “How Marketers Should Plan For Recovery”, at the Harvard Business Publishing blog.
Quelch’s tips for those retailers looking ahead:
- Don’t assume everything will go back to normal. The longer and deeper the recession, the more likely customers are to change their behaviors for good. Additionally, the competitive landscape will have changed. The key is paying attention to your customers’ needs.
- Focus on customers with high potential. Quelch suggests those customers who are cash-rich and long-term oriented.
- Asses your target customers’ trust in your brand. Confirm that your customers still trust you. Many companies, especially those in the financial sector have seen customer trust erode and that has spread to other industries. You may need to hold customers’ hands more firmly in the short-term, even if your quality and service have remained constant.
- Develop scenarios, so you can be flexible with your business plan. We don’t know how long the recession will last and whether recovery will be gradual or dramatic. Quelch says marketers planning for 2009 and 2010 should keep these words from Peter Drucker in mind: “A strategy is a sense of direction around which to improvise.”
Take The Tip:
Click here for more recovery tips at the Harvard Business Publishing blog.
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