There’s no doubt about it – this recession has impacted almost every one of us. But some of the changes to how business is being done have been in the works for awhile. The recession has brought many of them to light and increased their impact. Companies who take the opportunity to change how they do business will come out of this downturn with a bright future.
Let’s take a look at Cisco – they’ve taken the opportunity to innovate and make strategic decisions during each of the past recessions which have brought them out stronger than before.
Over the past seven years, we have nurtured a [management approach based on] collaboration and teamwork using networked Web 2.0 technologies, which we feel will be the business model for 21st-century leaders. It has allowed us to enter two dozen [new] markets, that is now at 28—I just added two more yesterday….
I do believe very strongly that while this is the most challenging time in our careers, as business leaders, customers, and as countries, it also offers potentially the most opportunity. When you face challenges of this magnitude, with the tremendous disruption it creates for businesses, for jobs, for families, you get a willingness [from people] to change with speed you do not get in normal times. So out of this tremendous pain as a country and as a world, I believe we should focus on tremendous gain. – At Cisco, ‘Downturn’ Screams Long-Term Opportunity – BusinessWeek
Cisco has changed business as usual – now they collaborate with their customers to innovate and enter new markets – and all employees are encouraged to bring their ideas to the table instead of waiting for top-down decisions.
How can you change business as usual?
(photo by webg33k @ Flickr CC)
Technorati tags: economy, recession, collaboration, co-creation, business, marketing
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Thanks to the Internet and social networking, customers have more input than ever before into a company’s intangible valuation. Marketing and brand management are no longer done in a vacuum with a company broadcasting how it thinks customers should feel about its products. Customers are talking directly to each other about companies and products. Word of mouth marketing is trusted much more than anything a company says about itself. Therefore, how customers feel about a company (customer satisfaction) is an important measure of a company’s intangible valuation.
Creating great experiences comes from listening, respecting and getting to know your customers. Think about a satisfying purchase experience you’ve had recently. You probably had some personal interaction with the company, they listened and were helpful in guiding your purchase decision. You felt like they really understood your needs and what you were trying to do. Many of us no longer have in-person interactions with our customers, but we can still use social media to accomplish many of the same touchpoints.