Signing in or up to Marketingprofs.com gives access to audio features. When economies decline, too often cuts are made to customer-facing functions like Marketing. Research, however, shows that companies that are customer-centric actually perform better during downturns. The Walker Index and Qualtrics' XM Institute conducted studies proving customer-centric companies outperformed laggards in 2020. Investing in customer-facing people and programs can help maintain communication with customer needs and develop less risky, more stable business models.
Additionally, investing in relationships during hard times highlights companies that care about customers' survival, and helps maintain their customer base. Companies that maintain their social media team and advertising budgets remain top of mind, while those that cut communication may seem to have gone under. Lastly, Marketing must battle traditional thinking and demonstrate value by communicating customer insights to leadership.
More resources on customer-centric marketing strategy can be found on Marketingprofs.com. Companies that prioritize the customer perspective as an important management lever can better weather the storm and emerge as healthy as possible.
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Customer-Centric Companies Win in Recessions: How Customer Insight Cushions Downturns and Speeds Recovery
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