An Academic Setting for a Pragmatic Exchange
Last week I attended an event at the Yale School of Management focusing on Finding an Upside in the Downturn. Much of the public discussion around how to recover from the current economic crisis centers on cutting expenses, realigning staff, and increasing revenue through pricing. At this gathering, however, the speakers emphasized improving the customer experience, engaging with consumers through new channels, and creating a brand image.
Michael Polk, President of Unilever's Americas Region, began his presentation outlining all the things the company did over the last 18 months to counteract economic turmoil (raise/cut prices, cut staff and expenses, re-organize divisions, etc...). He then said while all those things were important, success or failure in the coming years will depend largely on customer centricity. He said Unilever's philosophy for beating its competitors is three-fold:
- Know customers and the market better
- Innovate big and punctuate the company's value proposition
- Grow sustainably and be environmentally responsible
John Hayes, American Express CMO, continued on that theme. He emphasized taking stock of a company's assets (for American Express, that means customer base, merchant base, database, and the trust and familiarity of the brand). On social media, he advised that the challenge for marketers is to join, but not interrupt, the conversations that are already going on about a brand. He added this can be uncomfortable because it means marketers aren't in control of something they're held accountable for, but he says that's the new world we live in and it's necessary to adapt.
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