Why are you inbusiness?“Because the purpose of business is tocreate a customer, the business enterprisehas two—and only two—basic functions:marketing and innovation. Marketing andinnovation produce results; all the rest arecosts. Marketing is the distinguishing,unique function of the business.”
More than ever before, it’sabout working together!People working together in astructured and customercentric way to createcustomer value and achieveresults.
Build TrustWe are currently in a “Trust Recession”Following is a small list of what’s been lost to the trustrecession:Banks no longer trust other banks‟ balance sheets, freezinginterbank loans;Investors distrust most financial asset classes outside of USshort-term treasury notes, driving those rates down towardzero;US voters don’t trust their government to handle a bailoutcompetently, openly and fairly;Financial asset managers don’t trust risk models--neither doinvestors;
Change Your InternalDialogueEmployee issues are critically important duringrecessions and in preparation for recovery.Constant communications has been proven tosustain high morale and maintain companystrength.
Launch a NewProduct/ServiceThe public is looking for strength, stability anda positive message.It’s easier to cut through some of the clutter inrecessions with a positive message.
Get an OnlinePersonalityPersonality ToolkitLinkedIn ProfileFacebookpagePersonal or corporate blogDe.licio.us page for bookmarksYouTube page (youtube.com/yourname)Share photos online (Flicker, Photobucket)
Community members can be worth 30% more.Tap the power of your customer base.Increase long-term lifetime value.Involve them in something meaningful.Know what customers really want to buy.Tap Into Your Community
My money is on strong brands with high net promoterscores who are consistently delivering genuine andperceived value.This is a bad time to be Sears and a better time to beBest Buy or Bergdorf’s. Sears is stuck in the middlewithout competitive advantage on price, value orservice.Best Buy offers both value and service.Mass consumer brands with a wide range of productswould be smart to emphasize their high-end and entry-level models again with the goal of avoiding the middle.Avoid The Middle