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.
... continue reading below
Customer-Centric Companies Win in Recessions: How Customer Insight Cushions Downturns and Speeds Recovery
Don't worry ... it's FREE!
Although people globally are torn over whether brands should weigh in on politics more, most say they have made brand choices to express their own personal politics, according to recent research.
See how European B2B marketers are succeeding by prioritizing authenticity and data privacy best-practices. Discover takeaways for US marketers. Read more.
Learn how integrating purpose into your B2B strategy builds trust, strengthens client partnerships, and drives business growth. Read more now.
Most B2B professionals expect their firm's marketing budget will either increase or stay the same in 2025, according to recent research.
An impassioned argument that corporate Pride often falls short of meaningful allyship, focusing instead on commerce and misunderstanding the LGBTQ+ community as a monolithic group. Read more.
Learn how a positioning framework can align product and marketing teams, reducing confusion and improving outcomes. Read more.