Focus On Your Customer Now... More Than Ever
Articles & Insights
As you look at the challenges that businesses of all industries constantly fixate on, not many are more acute right now than the challenge of gaining and sustaining a level of sales growth that satisfies stakeholders. That's hard to do in our current economic reality. REALLY hard. Consumers are spending less, and therefore businesses can’t spend as much. And when businesses can’t spend as much, they have to make cuts to maintain profits (profits being the largest driver of stock-price…and stock price going up is what shareholders and boards are demanding). Customers recognize these cuts when their service diminishes (the business reduced headcount), store locations shut down (the business consolidated locations), or when products lack innovations and standout features (the business pushed projects out). These cuts impact a business's long-term ability to be relevant to the very customers that they're trying to sell to. Kind of a vicious cycle, isn’t it?
This cycle is justified by businesses who tell themselves,“we just have to white-knuckle our way through this in the short-term," or “these cuts won’t really hurt the customer.” Others feel as though their hands are tied,“our shareholders are demanding cuts so we don’t have a choice.”