10 strategies for recovery
Ruth Saunders, managing partner of Galleon Blue, advises on ways brands can start to thrive again as economic recovery gets under way
Confidence that economic recovery is underway was the message that came out of a recent survey of 45 Galleon Blue clients – senior marketers and general managers, representing financial services, consumer goods, IT and telecoms, energy, healthcare and travel sectors around the globe, taking in Europe, North America, Asia, South America, Africa and the Pacific Rim. Most expect 2010 sales to grow over 2009, supported by higher marketing budgets. Most expect growth to come from existing customers, rather than new ones, through increased customer loyalty and profitability. These are the top 10 strategies for recovery that they intend to follow.
1 Many companies are struggling to build and maintain a strong innovation pipeline – with disproportionate resources focused on the next big breakthrough, resulting in little getting to market in the short-term. In contrast, the ideal innovation portfolio balances a high number of shorter-term product upgrades, a smaller number of clever line extensions that will create incremental revenue without diluting existing business, and a manageable number of 'big breakthrough' projects, using the shorter-term projects to fund the riskier and more expensive product breakthroughs. Each of which has a realistic timeline and costing that enables the company to deliver its strategic objectives.