Are You Prepared For The Economic Downturn


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Are You Prepared For The Economic Downturn

  1. 1. Are You Prepared for The Economic Downturn? December | 2008
  2. 2. Are You Prepared for The Economic Downturn? With consultants experienced in numerous countries across four continents, Forte Consultancy Group recently launched its Middle East unit, aiming to assist companies make the most out of the current economic downturn and thereafter. Established by consultants with extensive experience in the Middle East (including the UAE, Kuwait, Saudi Arabia, Qatar, and Oman markets), Forte sees the economic downturn as an opportunity for companies operating in this region. Forte recommends companies fight the tempting urge to make deep cuts in marketing, customer relations and sales budgets, and rather, believes they should strengthen their positions during this downturn, with strategies addressing the changing market demand and customer needs. Forte Consultancy Group highlights that companies should not only focus on financial management during this period, but should also customize their marketing / sales strategies and activities due to substantial changes in the market. The company recommends seven key initiatives that every company should immediately concentrate on: • Revising Targets and Objectives: Revision of strategic objectives and key targets (e.g. sales volume, customer retention) assessing and forecasting impact of economic downturn • Analyzing Customer Value, Behavior and Risk in Downturn: Modeling of customer value, segments and churn risks which change due to economic downturn and require new analysis • Launching Retention Operations: Developing and launching operations to retain customers requesting or expected to churn • Developing Retainer Promotions and Programs: Designing and developing promotions and marketing programs to retain high risk and valuable customers • Attacking Weak Spots: Developing propositions and communications in order to acquire customers from competition by leveraging their weaknesses • Aligning Product and Media Mix: Revisiting product portfolio across channels and media utilized to ensure alignment with changing customer needs and budgetary constraints • Motivating and Reassuring Employees: Communicating effectively with employees in order to avoid possible fears and loss of motivation. Forte Consultancy Group general manager Ali Pirinccioglu emphasizes the importance of taking quick actions in leveraging opportunities created by the downturn, and declares that ‘Forte’s launch of its operations in the Middle East in midst of a financial crisis is to suggest that the company will be there for its clients during both good and bad times’.
  3. 3. About Forte Consultancy Group Forte Consultancy Group delivers fact-based solutions, balancing short and long term impact as well as benefits for stakeholders. Forte Consultancy Group provides a variety of service offerings for numerous sectors, approached in three general phases - intelligence, design, and implementation. For more information, please contact Forte Consultancy Group | Istanbul Office