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Yes, it is happening. Nevertheless these difficult times in the economy hide great opportunities for your business.

Consumers will start to trim their expenses and find comfort in their primary needs. Even lovemark brands and products will find their consumer base challenged by the economic slowdown. Strategically, your organization’s goal should be to accompany your customer through these tough times which will eventually pass.

Here are some ways that can help companies stay in the game while lowering their expenses.

1. Connect with your customers. Right now consumers are looking for friends who will give them a good deal. Your company or product can be that friend, and that trust/understanding relationship will stick with your customer during and after economic hardship.

• Design smart marketing campaigns to engage and connect with your customer. Only offering promotions will not cut it, there is an emotional dimension that has to be catered to in order to increase customer engagement.

2. Review your activity configuration and optimize how you get things done in your company.

• Service and product development and production
• Services and product marketing and sales
• Customer support

3. Increase your employee retention. You want your employees to rally behind your company vision especially in unstable economic times. One of the worst mistakes a company can make is to create too much strain on their employees.

• Clear top-down inspirational communication
• Corporate policies
• Management / supervision support
• Employee-level interventions

Errors many companies make in times of crisis include focusing too aggressively in making new sales or putting useless pressures on their employees. Companies should instead find ways to innovate at their business model level, in product development/support and to engage their employees and customers. Simple innovative interventions can help you stay in the game and win in the long run.