Businesses Seek New Ways to Stay Ahead In Tough Economic Times
La Jolla, CA - July 22, 2008
Economic pressures are forcing businesses to use innovative solutions in today's marketplace
Economic pressures are forcing businesses to use innovative solutions to stay afloat in today's stagnant marketplace, and in fact, a recent New York Times article explored the question of how to raise prices on products or services to meet the higher costs of running a business without losing existing customers. That question is not an easy one to answer, especially in the current economy, and in making the wrong move it could be devastating.
Financial writer for Entrepreneur.com and CEO of The Internet Marketing Center, Derek Gehl is convinced one of the best strategies for businesses to make it through tough economic times is to strengthen relationships with customers. He says the key to strengthening those relationships is finding unique ways to set your company apart from the competition. While most companies will slash their marketing budgets in a down economy, according to Jeff Cornwall of Belmont University Center for Entrepreneurship, it is now more than ever critical to stay in the minds of customers.
This week CNBC reported on HSBC Bank's inaugural "Financial and International Survey" of middle market companies, that another initiative companies are taking advantage of is identifying international growth opportunities. In fact, this initiative represents six trillion dollars in sales and employs thirty-two million Americans. Findings of the survey show that two-thirds of senior executives say sales abroad are growing faster than U.S. sales, and nearly half are targeting international sales targets currently. Executives cited China, Brazil and India as the countries with the most opportunity for growth over the next year.
Bainbridge is a boutique management consulting firm that has been helping Fortune 1000 businesses since 1975 to develop strategic initiatives to address both customer and competitor analysis as well as growth opportunities. Bainbridge offers a unique proprietary service they call the Customer Account Vulnerability Assessment (CAVA) which provides in-depth insight on how customers think, feel and behave when selecting products, services and vendors. Utilizing a service such as Bainbridge's CAVA provides a third-party perspective with an unbiased and objective scope on what a customer's needs are and how well a customer feels their needs are currently being met. With this information businesses can confidently embark on new sales initiatives with fresh customer intelligence the competitors do not have. This type of information can lead to increased revenue even during tough times when businesses are cutting back.
Bainbridge's expertise also has helped businesses identify, benchmark and enter new markets. Before exploring global potential for a product or service, extensive research must be done. Bainbridge is well versed in conducting market assessments domestically as well as abroad. Using primary-source research, Bainbridge is able to assess the sales processes, sales strategies and overall strengths and weaknesses of key market players to help clients develop international go-to-market strategies.
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Bainbridge Media Relations
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