Archive for October, 2009

As the economy continues to remain in tough shape, companies have held to the mantra that “cash is king.” This is certainly true as companies use cash reserves to maintain operations, while revenues falter. However, there is a second “king” that is emerging in importance as well. That is the customer.

During the booming economy, many companies were able to take consumer demand for granted at a macro level. The more products offered, the more stores opened, the greater the revenues. It was simple. This translated into less attention to truly delivering great customer experiences in terms of meeting true needs or offering excellent customer service. There is a building awareness of the need to re-focus companies from solely driving on internal operations efficiencies and financial structures and into delivering great customer experiences.

Some companies, such as Apple and Southwest Airlines were already focused on customer experience well before the economic meltdown and are faring the downturn much better.

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