Recession is a natural step in the economic cycle, but it’s easy to get overwhelmed by all of the bad news. When economic downturn occurs, we all feel it.
Corporations tend to cut back in a downturn, neglecting things like customer experience. To differentiate yourself from everyone else, you should double down on these services while others cut back.
Nobody looks forward to a recession, but being prepared and aggressive can help alleviate its effects. Don’t let yourself get left by the wayside while there is such a great opportunity to grow.
In this episode, we do not minimize the downsides of economic recession, but rather show that not everything has to be terrible. We discuss what to do when things get bad, and how to focus on the upside of a recession.
Key Ideas to Improve your Customer Experience
The most crucial part of dealing with a recession is preparing ahead of time. If you’re caught blindly by the oncoming decline, you and your business could wipe out. While we may not officially be in a recession yet, planning as though we were will leave you far more prepared for the times ahead.
Here are a few key moments in the discussion:
- 02:50 We first discuss the effects of recession on the larger economy and its necessity to the business cycle.
- 10:09 Ryan explores the effects of breakdown on breakthroughs and innovations in corporate structure.
- 14:29 We look at how changing before change is forced upon you can help your business during recession.
- 17:36 Colin discusses how speeding up when others slow down can improve your success during downturn.
- 22:19 We give our personal advice to both companies and individuals concerned about the oncoming recession.
- 24:37 We explain why customer service is one of the most important aspects of succeeding businesses during times of recession.
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Customer Experience Information & Resources
LinkedIn recognizes Colin Shaw as one of the ‘World’s Top 150 Business Influencers.’ As a result, he has 290,000 followers of his work. Shaw is Founder and CEO of Beyond Philosophy LLC, which helps organizations unlock growth by discovering customers’ hidden, unmet needs that drive value ($). The Financial Times selected Beyond Philosophy as one of the best management consultancies for the last four years in a row. Follow Colin on LinkedIn and Twitter.
Click here to learn more about Professor Ryan Hamilton of Emory University.
Why Customers Buy: As an official “Influencer” on LinkedIn, Colin writes a regular newsletter on all things Customer Experience. Click here to join the other 35,000 subscribers.
How can we help?
Click here to learn more about Beyond Philosophy’s Suite of Services.