The first step in building business resilience, is to understand your customer’s concerns.
A point in case. In the 12 months following the GFC in 2008, new vehicle sales in the US fell by 43%. I can imagine people in dealerships and car company HQ’s in the US sitting around asking, “How can we sell more vehicles?”.
The result saw the opening of the discounting flood gates with one dealer even offering a two-for-the-price-of-one deal, “Buy a new vehicle at the retail price and we’ll give you a new one free!”.
Even such mad discounting had no impact on new vehicle sales – companies were thinking of their own concerns and asking the wrong question, “How can we sell more vehicles?”.
However, one company asked a different question with outstanding results;