After managing to avoid a financial collapse for over a quarter of a century, companies in the service industry and manufacturing sectors alike in Australia need to facilitate and continue giving great customer service. It’s now more important than ever that customers’ needs are constantly met, in order to avoid the risk of them walking away and becoming clients elsewhere. Regular patronage should be made key to staff and management and shopping would ideally carry on as per usual, making a modest contribution in the push to avoid a recession.
There’s no doubt that the idea of becoming profitable during a possible impending economic downturn remains a tough one, but it’s these moments in time that are critical for seamless customer relationship management. Competitiveness remains strong in nearly every industry, therefore customer feedback and awareness should be vital in every company’s strategy.
Businesses should be aware that when hoping to avoid the risk of losing everything in the threat of an economic downturn, it’s consumer-to-corporate transparency and availability that should help everyone through any ensuing dark days. Short-term loan companies such as K24 especially recognize the need to be open; not just in what they offer, but how they can improve. Hidden charges, puzzling descriptions on websites and long waiting times for queries should all be avoided to keep customers happy and revenue flowing. Ultimately, an influx of no new expenditure will only result in a further push to a depression-era that Australia wants to avoid.
Like Darwinism, companies need to adapt to the current market and be able to transition to any fluctuation in the economy; only without sacrificing their brand and loyal customers. A failure to hear concerns or delivering bad service may well result in losing current and possibly future patrons. Rapid and clear communication between consumer and trader can lead to a substantial boost in return transaction and the likelihood of a spread in the good word of your brand.
In fact, in an article by The Australian earlier this year, a 2014 Optus Future of Business Report told that only 12 percent of Australian companies were giving the best possible customer experience necessary to keep consumers happy and loyal. Most interestingly in regard to CRM was the fact that 79 percent of customers with bad experiences from businesses would later tell friends, post online and look for competition.
With the Australian economy rising only 0.8 percent this year, local stores need to remain certain that most trading stays with them and certainly not to overseas competitors. Above all, however, businesses should remain alert and adapt to changes in the economy, as the result will be one of a recession happily avoided for all fronts.
