YOU DON’T KNOW YOUR CUSTOMER ANYMORE

When the Great Recession hit the U.S. in 2009, companies across industries came to a harsh realization. Years of researching, maneuvering, marketing, and investing to create the perfect customer products and services suddenly fell flat. The economy dramatically shifted consumer habits, with many focused on reducing spending amid the uncertainty of the economy, and a loss of trust in many institutions. Similar to the recession in 2009, customer needs and preferences are evolving at light speed as customers grapple with the impacts of the current situation. With many states reopening, companies need to quickly identify who their customers have become and how to fit into their new purchasing portfolios. The 2009 recession taught brands some hard lessons about relearning and reengaging their customer bases, and some of the changes and impacts were long-lasting. The pandemic has created an unprecedented situation of its own, but companies that act quickly and proactively to take the necessary steps will increase their chances of hanging onto their loyal customers long-term and avoiding the enduring consequences of failing to do so.  Read More >>

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