There aren’t many positives about doing business in a challenging economy. Business is tough, cash-flow is tight, and consumers rein in spending. Thus many business leaders react accordingly. Anticipating reduced sales, they cut back on variable costs, including marketing, in order to deliver on their financial expectations. It’s indeed expected that when business slows, you have to cut costs. But is marketing simply another expense, or is it an investment? Ask yourself this: if you stop marketing, how will you […]
Tag Archives: Business
Aug
3
Mar
18
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Marketing in tough economic times: Email as a vital tool
No one has control over the state of the economy. Now, the crude oil prices are low and the naira is devalued. Expectedly, companies and even individuals have pulled back and reduced overall spending. Times are indeed tough. However, this is not the time to focus less on marketing … rather the opposite. In reality, reducing your marketing efforts in tough economic times is the last thing you should do. Rather, it is recommended that you change your approach by […]
Feb
10
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Customer Satisfaction: In which of these quadrants would you place your organization?
The level of customer satisfaction determines how successful an organization will be. Hence it is important to have a good understanding of what makes customers truly satisfied. It will help you to know how your organization is doing and contribute in seeking ways of possible improvement. From the customers’ perspective, satisfaction is made up of two major components – Customer Experience and Service Outcome. Customer experience is the customers’ perception of the service process or product acquisition process. It is […]
Jan
23
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The business case for skills development
Ask employers what their biggest challenge in running and growing their business is, most will tell you it is the inability to find the right employees. The reason for this is not difficult to figure out looking at our low quality education and a value system that supports sub-optimal work culture. Small- and medium-sized businesses are the most affected because they lack the brand and sometimes the resources to attract the few skilled and ‘already-made’ employees that are available. So […]
