 Innovate to Raise Switching
Costs
Link
to customer business processes. Quote, order, usage, replacement and recycling
are great opportunities to embed a sustainable competitive advantage into B2B
or B2C relationships.
Understand
elasticity before engaging in price wars that automatically set the stage for
lower margins when the upturn occurs. Instead,
identify products for which customers are still willing to pay full price and offer
lower price versions for those who have become price shoppers.
Then, add a new product that
is superior and more expensive than your best seller. Preference will shift to
what is now the mid-priced product, an attractively priced compromise during a
down economy.
Help
customers manage cash flow through subscription or budget plan pricing. Do the opposite of what you're currently doing
relative to bundled services Vs. a la carte pricing. Use incentives during a down economy. For example, INTAgLIO's Connecticut customers receive FREE
10% bonus hours on their next block of hours ordered before March 31, 2009.
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Collaborate
Find New Customers and Applications
Sell through a portfolio of success stories that correlate customer results with your solutions.
Retain existing customers by updating their leaders on what you are doing to help them meet their needs. Maintain a keen awareness of their issues and take
steps to strengthen loyalty.
Expect referrals from your fan base and introductions from the trade associations and business partners with whom
you invest time.
Join LinkedIn groups to meet "birds of a feather" that can help you.
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Leverage Technology
Automate Mundane, Repetitive Tasks
Use
email marketing for tips, newsletters, publicity, and drip marketing campaigns.
Integrate CRM technology with your website for lead generation and support case
management.
Use IVR technology to enable more contact center time for responding
to key accounts, up-selling, cross-selling and referral selling. Mobile and home office technology solutions reduce
facilities costs and attract talented people.
Reduce print and postage costs through digital media.
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Some companies will watch from above as all the others ride inertia into
average results as the economy rebounds.
