Digital to thrive in potential recession?
- Added:
- Mar 06, 2008
While the UK feels the tremors of a jittery US economy, the digital industry could benefit as brands seek solace from more accountable online campaigns to justify their spend, according to a new book released next week.
The book, 'Winners & Losers in a Troubled Economy', was authored by Richard Sedley and Martyn Perks at digital agency cScape.
The book argues that businesses need to maximise their digital spending in the face of continued economic uncertainty and caution.
The book proposes six major theses that marketing and business professionals must consider in the years ahead:
1. Cutting back during a downturn is a survival tactic not a winning strategy: Start by asking not what your customer can do for you, but what you can do for your customer.
2. Developing customer engagement is a retention and acquisition strategy: Customers have practical and emotional needs–both should be met to achieve long-standing engagement.
3. Digital media provide the best means for achieving customer engagement during a downturn: Dialogue, not monologue is the true language of online business.
4. Customer engagement is the best predictor of future success: Customer engagement is a relationship built on mutual benefit.
5. Responses to economic downturns are not pre-determined: Research and test before you assume that customers will spend less online.
6. An economic downturn will create winners and losers: The winners will be those businesses that best use digital media and best engage their customers.
Commenting on the role of digital during economic strife, Richard Sedley, Director of the Customer Engagement Unit at cScape, saw the need for better dialogue with the consumer as paramount.
“Customer engagement is the process required to develop a bond between a customer and a brand to gain retention, loyalty and advocacy,” Sedley explained.
“Because of what the Web can do and increasing service compatibility, nowadays this process is just as likely to take place on social media, online video and blogs as it is through more traditional consumer websites and email marketing,” he added.
The book goes on to define the key elements of creating a successful customer engagement strategy, along with the tactics that are necessary to emerge from any economic downturn with a stronger, healthier and more engaged customer base.
Highlights from the book also include:
•Case studies of successful examples of engaging campaigns.
•Comments by experts on what role digital media plays during recession.
•Tips for online marketing in a troubled economy.
•Analysis of market trends, previous experiences of recession and of how the current situation differs from the dotcom collapse.
“The focus of this publication is on how digital media, if used correctly, can create engaging customer relationships. It is our contention that by embracing customer engagement and adopting the use of digital media as the spine of your customer interactions, no matter what market you are in, you stand a far better chance of not just emerging from a downturn unscathed, but becoming a clear winner.”
In conjunction with the booklet, cScape will also be hosting a seminar on 11th March at Microsoft 100 in London, also entitled: Winners and Losers in a Troubled Economy.
The invitation-only event, will explore how businesses can turn digital channels into competitive advantage. And, it will demonstrate case studies, providing examples and learnings.
cScape’s guide can be downloaded at http://www.winners-and-losers-in-a-troubled-economy.com/. The first 1000 to register will receive a free download copy, all registrations after that time will be charged at £13.95.
