Competitive Business Strategy Group's Heisler Responds To Recent Stock Market Volatility

PHILADELPHIA-- "History tells us that there will be a correction of some significant dimensions," said Alan Greenspan about the stock market in a recent statement to Congress. "What it doesn't help you on very much is when." Greenspan's statement is true, as evidenced by the stock market's recent roller coaster ride.

While Wall Street analysts and the various markets continue to react to economic uncertainty, Mark Heisler, managing partner of the Competitive Business Strategy Group (CBSG), suggests that although economic times are good, senior managers must be able to safeguard their company against business cycle downturns. In addition to keeping expenses in check and ensuring that capital is readily available, Heisler believes it is essential for businesses to promote customer retention and loyalty. He suggests this five-step plan:

1. Obtain Customer Feedback. Know the real wants and needs of your customers. Don't assume.

2. Implement Strategies and Tactics. Act on what customers tell you. This requires a working partnership between your sales and service units sharing common business objectives.

3. Communicate Expectations and Train Employees. Customers are a core business and employees must be trained to act accordingly.

4. "Wrap Service" around Systems and Procedures. Design customer-focused systems and procedures that make it easy to do business.

5. Measure and Reward Corporate Performance. Corporate initiatives are not taken seriously unless they utilize measurements and incentives.

Heisler feels only time will tell whether the current market turmoil is just a "correction" or the indicator of a broader downturn. "It has been our experience that businesses only focus on customer retention and loyalty when they are losing customers, new sales opportunities are scant or the economy is bad," said Heisler, maintaining that an emphasis on customer retention and loyalty is good business, regardless of market conditions. "It's a long term investment that will pay dividends in both bull and bear markets."

The Competitive Business Strategy Group offers proven, practical management consulting that provides competitive advantages to develop and grow business through an integrated, multi-disciplinary approach. In addition to customer retention and loyalty services, they specialize in strategic and business planning; user-driven information technology design and analysis; process improvement; and training design and facilitation. For more information, call CBSG toll-free at 888-411-5800, or visit their website at www.cbsg.com.