Many companies are facing the toughest economic landscape in generations. Driven by the housing market landslide and seizure of the global credit markets, economies the world over have slipped into retrenchment and recession. Even the most positive economic forecasts predict continued retraction through 2009, with best-case scenarios describing a slow-but-steady recovery for 2010 and beyond.
In the face of these realities, many organizations are tightening capital and expense budgets, closing locations, shortening hours or reducing staff. Still others are tempted to reduce the level of service and support they extend to customers in stores and through contact centers.
The simple fact is this: Reducing customer service is the last thing companies should do in a recession, given that it is a buyer’s market. Customers are receiving multiple offers from aggressive competitors and switching suppliers at the first sign of poor service.
Companies need paying customers to survive and succeed in a shrinking economy. For that reason, astute executives recognize the need to make prudent, strategic investments in customer service — even, and especially, in a down market.
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