Posts Tagged ‘confidence’

Marketing Power

Wednesday, August 25th, 2010
Most businesses usually cut back on spending during a recession or economic downturn.  However, Rosabeth Moss Kanter, Harvard professor and the author of Confidence and SuperCorp, argues that this is exactly the time when companies should take advantage of the power of marketing.

Here are a few of her suggestions:

1. Increase customer contact and communication. Customers will know you care, you will be better informed, staff will feel more involved, and unexpected opportunities might arise.

2. Start looking for new markets now. Companies dependent on a few large customers are particularly vulnerable to changes in their customers’ fortunes, but all companies need the flexibility to move quickly into promising markets. In uncertain times, managers should increase efforts to identify additional uses for company products and additional sources of customers for the future.

3. Stick with your values. There is always a temptation to cut corners when times are tough. Reminders about company values can reinforce solidarity and increase the confidence that customers have in the company.