- Identify who are your most profitable customers
- Identify who are the most loyal.
- Identify who must you keep long-term at all costs.
- Find out how the downturn is affecting each of your customers
- Find out how can you get closer to your key customers
- Find out which customers have pressures of their own that will force them to ask you to cut prices, reduce purchases, or limit services. Have a plan for how should you respond. You may have to consider extending credit, putting them on an agreed-upon payment plant, renegotiating contracts, or reducing services temporarily until the economy picks up.
Information from Ed Hess, Professor of Business Administration, Darden School of Business, University of Virginia.
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