0
Viewpoint
                                                              Making Most Out of Economic
                      ...
Financial crises should be considered cycles within business world, with
      five key stages with different action prior...
Towards reaching crisis stages, companies need to adapt their
      marketing and sales activities to turn downturn into a...
We recommend a 5-weeks action plan to fine-tune marketing and sales
      activities as well as channels in order to make ...
Revision of targets and objectives is necessary due to drastic changes in
      market risks, opportunities demand and com...
For companies who do not have a good understanding of its customers,
      it is time for taking actions, and for those wi...
Retention and win-back operations are already critical for any business,
      but with increasing churn risk, they become...
Tailored promotions and programs increase ability to retain customers
      during downturn, serving their changing needs ...
Economic downturn creates challenges for all players in the market,
      which create opportunities to attack competitors...
As demand shifts towards more affordable products, companies need to
      realign their product investments while increas...
Economic downturn has substantial impact on lives of employees as
      well, with possible implications for their motivat...
Companies need a special financial crisis management task force for
      these adaptation activities in sales and marketi...
Forte Consultancy Group is a fact-driven consulting company, with
      consultants specializing in customer strategies an...
Forte can provide end to end solutions during adaptation, with fact-
      based and executable designs, which aim balance...
The information contained in this document, much of which is confidential to Forte     Forte Consultancy Group | Istanbul ...
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5 Weeks Marketing And Sales Action Plan for Downturn (Forte Consultancy Group)

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A 5 weeks plan including marketing and sales actions for making best out of economic downturn across industries.

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Transcript of "5 Weeks Marketing And Sales Action Plan for Downturn (Forte Consultancy Group)"

  1. 1. Viewpoint Making Most Out of Economic Downturn 5 Weeks Marketing and Sales Action Plan November, 2008 © 2006 Forte Consulting. All Rights Protected and Reserved.
  2. 2. Financial crises should be considered cycles within business world, with five key stages with different action priorities No Crisis Financial Crisis Cycle & Priorities Build Trust Get Commitment Pre-Crisis Post-Crisis Win-Back Avoid Loss Beginning of Crisis Steal from Competition Current stages of focus Mid-Crisis © 2008 Forte Consultancy Group. All Rights Protected and Reserved. Forte Consultancy Group 2
  3. 3. Towards reaching crisis stages, companies need to adapt their marketing and sales activities to turn downturn into an opportunity Area Adaptation Refine targets and strategies for achieving them under new conditions Strategies Revise proposition mix based on changing customer needs and demand Propositions Reallocate operational resources based on changing transactional demand Operations Cater for channel motivation and retention Channels Closely monitor profile changes and interact with customers Customers © 2008 Forte Consultancy Group. All Rights Protected and Reserved. Forte Consultancy Group 3
  4. 4. We recommend a 5-weeks action plan to fine-tune marketing and sales activities as well as channels in order to make most out of an economic downturn Week 1 Week 2 Week 3 Week 4 Week 5 This is an aggressive plan since no time should be wasted in times Revising Targets and Objectives of financial crisis. Companies should take a highly pragmatic approach in these actions and dedicate enough resources. Analyzing Customer Value, Behavior and Risk in Downturn Launching Retention Operations Developing Retainer Promotions and Programs Attacking Weak Spots Aligning Product and Media Mix Motivating and Reassuring Employees © 2008 Forte Consultancy Group. All Rights Protected and Reserved. Forte Consultancy Group 4
  5. 5. Revision of targets and objectives is necessary due to drastic changes in market risks, opportunities demand and competitive landscape Action Revising Targets and Objectives Description Key Tasks Revision of strategic objectives and key targets (e.g. sales volume, customer retention) assessing and  Assessment of actualizations to date forecasting impact of economic downturn  Analysis of downturn impact on market Objectives  Analysis of changing competitor practices  Revision of SWOT under new conditions  Realigning organization towards new goals under new conditions  Revision of strategic priorities and objectives  Avoiding organizational frustration due to now invalid targets during market distress  Revision of targets based on new facts  Reallocation of targets across organization  Resetting focus on business areas with more opportunities during economic downturn © 2008 Forte Consultancy Group. All Rights Protected and Reserved. Forte Consultancy Group 5
  6. 6. For companies who do not have a good understanding of its customers, it is time for taking actions, and for those with in-depth insights, changing market conditions could make them obsolete Action Analyzing Customer Value, Behavior and Risk in Downturn Description Key Tasks Modeling of customer value, segments and churn Downturn Customer Valuation risks which change due to economic downturn and  Definition of customer value require new analysis  Evaluation of value of all customers  Value change analysis Objectives Downturn Customer Behavior Analysis  Definition of behavior important  Understanding changing profile and preferences  Evaluation of behavior of all customers of customers  Changes and migrations  New segments and niches identification  Adjusting customer analytics models which became obsolete due to drastic changes in the Downturn Churn Risk Prediction market  Analysis of new factors and churner profiles  Development of predictive models  Gaining ability to focus limited resources on the  Evaluation of churn risk of all customers most valuable and high churn risk customers © 2008 Forte Consultancy Group. All Rights Protected and Reserved. Forte Consultancy Group 6
  7. 7. Retention and win-back operations are already critical for any business, but with increasing churn risk, they become vital during an economic downturn Action Launching Retention Operations Description Key Tasks Developing and launching operations to retain customers requesting or is expected to churn  Re-active retention offer development Objectives  Retention processes design  Decreasing amount of customers lost during  Retention organization set-up downturn with effective offers and operations  Information needs definition for future win-back  Sustaining relations with customers during economic downturn, who can create further  Workaround systems development value afterwards  Preparing for future win-back, collecting the right information from churners © 2008 Forte Consultancy Group. All Rights Protected and Reserved. Forte Consultancy Group 7
  8. 8. Tailored promotions and programs increase ability to retain customers during downturn, serving their changing needs and expectations Action Developing Retainer Promotions and Programs Description Key Tasks Designing and developing promotions and marketing programs to retain high risk and valuable customers  Assessment of churn factors and customer needs  Definition of key guidelines for offers Objectives  Design of campaign offers for retention  Decreasing risk of churn providing better value for money during downturn  Design of long-term commitment programs  Building long term customer commitment  Design of offers addressing financial distress ensuring long-time revenue stream  Development and targeted launch of offers  Addressing challenges customers facing with during downturn to serve changing needs and increase loyalty © 2008 Forte Consultancy Group. All Rights Protected and Reserved. Forte Consultancy Group 8
  9. 9. Economic downturn creates challenges for all players in the market, which create opportunities to attack competitors less prepared or trusted Action Attacking Weak Spots Description Key Tasks Developing propositions and communications in order to acquire customers from competition by  Analysis of competitor weaknesses leveraging their weaknesses  Development of offensive crisis strategies Objectives  Design of offensive value propositions  Growing size of customer portfolio for immediate  Development and launch of propositions and future customer value  Identification of weaker competitor customers  Increasing market share with targeted messages and communications  Identification of customers lost to weaker earlier  Decreasing power of competitors during  Targeted communications to identified customers economic downturn to benefit during and afterwards © 2008 Forte Consultancy Group. All Rights Protected and Reserved. Forte Consultancy Group 9
  10. 10. As demand shifts towards more affordable products, companies need to realign their product investments while increasing efficiency of media mix used for their promotion Action Aligning Product and Media Mix Description Key Tasks Revisiting product portfolio across channels and Product Mix media utilized to ensure alignment with changing  Prioritization of products for new market needs customer needs and budgetary constraints  Readjustment of channel inventory (if applicable)  Realignment of product marketing for priorities Objectives  Minor revisions on products (if necessary)  Creating better and faster response rates using  Quick new product launches (if necessary) less media budget Media mix  Decreasing cost of inventory and increasing  Media investment and impact analysis shelf-space effectiveness as well as return from product investments  Reallocation of media budget based on insights  Restructuring of media & communications plan  Aligning product portfolio with the changing  Refinement of marketing messages market demand and customer needs © 2008 Forte Consultancy Group. All Rights Protected and Reserved. Forte Consultancy Group 10
  11. 11. Economic downturn has substantial impact on lives of employees as well, with possible implications for their motivation, which can effect quality of service if not handled effectively Action Motivating and Reassuring Employees Description Key Tasks Communicating effectively with employees in order to avoid possible fears and loss of motivation  Understanding of employee moral and needs  Identification of target internal audience Objectives  Definition of key messages to be communicated  Preparation of internal communications plan  Ensuring retention of high performing employees during economic downturn  Development of communications materials  Minimizing risk of decreased service quality due to demoralized customer facing employees  Definition of responsibilities for motivation  Execution of communications activities  Decreasing risk of negative word of mouth within organization on unfounded grounds © 2008 Forte Consultancy Group. All Rights Protected and Reserved. Forte Consultancy Group 11
  12. 12. Companies need a special financial crisis management task force for these adaptation activities in sales and marketing areas Action Key Parties to be Involved Revising Targets and Objectives Strategic Planning, Marketing, Sales Analyzing Customer Value, Behavior and Risk in Downturn Business Intelligence, Marketing Launching Retention and Win-Back Operations Marketing, Channels, IT Developing Retainer Promotions and Programs Marketing Attacking the Weaker Marketing, Sales Aligning Product and Media Mix Marketing, Merchandising (if applicable) Motivating and Reassuring Employees Human Resources, Channels Forte can assist you in this adaptation process, allocating experts in each of these activities and collaborating with your internal resources in execution. Please contact info@forteconsultancy.com for more information on these activities and how we can provide our support. © 2008 Forte Consultancy Group. All Rights Protected and Reserved. Forte Consultancy Group 12
  13. 13. Forte Consultancy Group is a fact-driven consulting company, with consultants specializing in customer strategies and actions with extensive experience in loyalty programs Global Experience of Team Turkey Office UAE Office Forte Consultancy Group provides its functional expertise to companies across industries, including authorities in different industries as subject matter experts in its projects. © 2008 Forte Consultancy Group. All Rights Protected and Reserved. Forte Consultancy Group 13
  14. 14. Forte can provide end to end solutions during adaptation, with fact- based and executable designs, which aim balanced impact in both short and long term “We value short term accelerated benefits while heading towards full impact results” “We talk the language “We create solutions Balanced of analysis, we to be implemented, Impact measure success with we engage for it” numbers” Design for Data Execution Driven Voice of the Market Voice of the Customer Voice of the Business Voice of the Employee © 2008 Forte Consultancy Group. All Rights Protected and Reserved. Forte Consultancy Group 14
  15. 15. The information contained in this document, much of which is confidential to Forte Forte Consultancy Group | Istanbul Office Consultancy Group, is for the sole use of the intended recipients. No part of this document may be reproduced in any form or by any means, electronic, mechanical,  Dereboyu Sok. Sun Plaza Kat:13 Maslak, Istanbul - Turkey photocopying, recording, or otherwise, without the prior written permission of Forte Consultancy Group. @ info@forteconsultancy.com  +90 212 366 02 66
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