{"id":1881,"date":"2022-07-05T17:12:04","date_gmt":"2022-07-05T17:12:04","guid":{"rendered":"https:\/\/www.replicant.ai\/5-keys-to-a-recession-proof-brand\/"},"modified":"2023-05-09T21:04:55","modified_gmt":"2023-05-09T21:04:55","slug":"5-keys-to-a-recession-proof-brand","status":"publish","type":"post","link":"https:\/\/www.replicant.com\/blog\/5-keys-to-a-recession-proof-brand\/","title":{"rendered":"5 Keys To A Recession-Proof Brand"},"content":{"rendered":"

Brands can thrive \u2013 even amid economic uncertainty<\/h1>\n

The Great Recession of 2009 saw one of the largest drawbacks in the past century hit the global market.\u00a0<\/span><\/p>\n

Many companies were forced to make drastic changes just to survive. However, others were able to maintain their growth, and even accelerate their plans, through proactive customer-focused strategies.<\/span><\/p>\n

According to a Harvard Business Review <\/span>study<\/span><\/a> analyzing companies with exceptionally high returns in 2009, resilient organizations were found to have done two things. First: they cut costs earlier than others; by the first quarter of 2008, resilient companies had already cut operating costs by 1% compared to the prior year, even as costs grew.<\/span><\/p>\n

Second: resilient companies focused on maintaining loyalty among high-value customers who proved to be central to the company\u2019s long-term growth.<\/span><\/p>\n

When planning for a recession, here are 5 priorities that drive sustainable growth.\u00a0<\/span><\/p>\n

Key focus areas to protect against a recession\u00a0<\/span><\/h2>\n

Customer experience is your biggest differentiator<\/b><\/p>\n

Just how much do customers value exceptional experiences? According to <\/span>Salesforce<\/span><\/a>, customers base 70% of their buying experience simply on how they feel they are being treated. <\/span>62% of customers say they share their <\/span>bad experiences<\/span><\/a> with others, while 72% of customers will share their good experiences with others. <\/span>During a bearish market where consumers are expected to be more selective in how they spend, the value of great CX is exponential.\u00a0<\/span><\/p>\n

Loyalty is a lifeboat\u00a0<\/b><\/p>\n

Great customer experiences don\u2019t just increase the likelihood that a company will recover from a recession, they also help secure recurring revenue throughout. According to the <\/span>Replicant 2021 Customer Service Survey<\/span><\/a>, 76% of consumers say a poor customer service experience negatively impacts their perception of a brand and one in three say it affects loyalty.\u00a0<\/span><\/p>\n

Conversely, increasing customer retention rates by just 5% can <\/span>increase profits<\/span><\/a> by 25% to 95%; loyalty leaders <\/span>grow revenues<\/span><\/a> roughly 2.5 times as fast as their industry peers. If you\u2019re a contact center leader, this should come as no surprise. Customer loyalty doesn\u2019t just create more revenue. It manifests itself in invaluable customer relationships that motivate buyers to not only stay with a product or service, but become evangelists on behalf of reputable brands.<\/span><\/p>\n

Data drives growth<\/b><\/p>\n

Modern customer experiences benefit brands, too. According to Katy George, a senior partner at McKinsey, the first <\/span>reason to prioritize digital transformation<\/span><\/a> ahead of a downturn is that \u201cimproved analytics can help management better understand the business, how the recession is affecting it, and where there\u2019s potential for operational improvements.\u201d<\/span><\/p>\n

The second reason is that digital technology can help cut costs. Companies should prioritize \u201cself-funding\u201d transformation projects that pay off quickly, George says, such as automating tasks or adopting data-driven decision making.\u00a0<\/span><\/p>\n

Competitors may de-prioritize transformation, but you shouldn\u2019t<\/b><\/p>\n

It\u2019s easy to point to the benefits of prioritizing customer experiences and innovation during economic drawbacks, but it can be much harder to get an entire organization on board. At the end of any period of prolonged economic instability, only a few companies are found to have actually implemented solutions that position them for growth. The majority of companies are instead left revisiting digital transformation projects they put on hold at the start of a downturn once it\u2019s too late.<\/span><\/p>\n

An <\/span>analysis<\/span><\/a> by Bain using data from the Great Recession found that just the top 10% of companies saw their earnings climb steadily throughout the period and continue to rise afterward. The difference maker was proactive preparation. Among the companies that stagnated in the aftermath of the Great Recession, \u201cfew made contingency plans or thought through alternative scenarios,\u201d according to the Bain report, \u201cwhen the downturn hit, they switched to survival mode, making deep cuts and reacting defensively.\u201d\u00a0<\/span><\/p>\n

Automation is built for unpredictability<\/b><\/p>\n

Given the recent climate defined by hiring challenges and unpredictable customer demand, a modern customer experience must include a level of automation. Customers\u2019 primary desire in their support experiences is instantaneous service, over whatever channel is most convenient to them. Contact Center Automation is built for just this. Having only been available at large to CX leaders for less than a decade, Contact Center Automation offers flexibility and agility built for today\u2019s world.<\/span><\/p>\n

One <\/span>study<\/span><\/a> found that customer sentiment ratings increased 57.3% among companies using AI in their customer experience initiatives. <\/span>Most <\/span>customers believe that companies need to provide cutting-edge <\/span>digital experiences<\/span><\/a> to keep their business.<\/span><\/p>\n

Schedule a demo<\/b><\/a> to learn how customer service leaders are approaching economic instability with Contact Center Automation. Or, download the definitive guide to learn more about the solution.
\n\"Learn<\/a>
\n<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

Brands can thrive \u2013 even amid economic uncertainty The Great Recession of 2009 saw one…<\/p>\n","protected":false},"author":19,"featured_media":1882,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"acf":[],"yoast_head":"\n5 Keys To A Recession-Proof Brand | Replicant<\/title>\n<meta name=\"description\" content=\"Customer service leaders can guide recession-proof strategies that help retain business and improve service with these priorities.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.replicant.com\/blog\/5-keys-to-a-recession-proof-brand\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"5 Keys To A Recession-Proof Brand\" \/>\n<meta property=\"og:description\" content=\"Customer service leaders can guide recession-proof strategies that help retain business and improve service with these priorities.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.replicant.com\/blog\/5-keys-to-a-recession-proof-brand\/\" \/>\n<meta property=\"og:site_name\" content=\"Replicant\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ReplicantAI\/\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-05T17:12:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-09T21:04:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.replicant.com\/wp-content\/uploads\/2022\/08\/5-Keys-To-A-Recession-Proof-Brand.png\" \/>\n\t<meta property=\"og:image:width\" content=\"960\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Harry Chang\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@replicant_ai\" \/>\n<meta name=\"twitter:site\" content=\"@replicant_ai\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Harry Chang\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.replicant.com\/blog\/5-keys-to-a-recession-proof-brand\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.replicant.com\/blog\/5-keys-to-a-recession-proof-brand\/\"},\"author\":{\"name\":\"Harry Chang\",\"@id\":\"https:\/\/www.replicant.com\/#\/schema\/person\/9c520e89b9abe4f8bebd578c7fe07717\"},\"headline\":\"5 Keys To A Recession-Proof Brand\",\"datePublished\":\"2022-07-05T17:12:04+00:00\",\"dateModified\":\"2023-05-09T21:04:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.replicant.com\/blog\/5-keys-to-a-recession-proof-brand\/\"},\"wordCount\":748,\"publisher\":{\"@id\":\"https:\/\/www.replicant.com\/#organization\"},\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.replicant.com\/blog\/5-keys-to-a-recession-proof-brand\/\",\"url\":\"https:\/\/www.replicant.com\/blog\/5-keys-to-a-recession-proof-brand\/\",\"name\":\"5 Keys To A Recession-Proof Brand | Replicant\",\"isPartOf\":{\"@id\":\"https:\/\/www.replicant.com\/#website\"},\"datePublished\":\"2022-07-05T17:12:04+00:00\",\"dateModified\":\"2023-05-09T21:04:55+00:00\",\"description\":\"Customer service leaders can guide recession-proof strategies that help retain business and improve service with these priorities.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.replicant.com\/blog\/5-keys-to-a-recession-proof-brand\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.replicant.com\/blog\/5-keys-to-a-recession-proof-brand\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.replicant.com\/blog\/5-keys-to-a-recession-proof-brand\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.replicant.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"5 Keys To A Recession-Proof Brand\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.replicant.com\/#website\",\"url\":\"https:\/\/www.replicant.com\/\",\"name\":\"Replicant\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/www.replicant.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.replicant.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.replicant.com\/#organization\",\"name\":\"Replicant\",\"url\":\"https:\/\/www.replicant.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.replicant.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.replicant.com\/wp-content\/uploads\/2022\/10\/Replicant-General-Feature-Image.png\",\"contentUrl\":\"https:\/\/www.replicant.com\/wp-content\/uploads\/2022\/10\/Replicant-General-Feature-Image.png\",\"width\":1920,\"height\":1080,\"caption\":\"Replicant\"},\"image\":{\"@id\":\"https:\/\/www.replicant.com\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/ReplicantAI\/\",\"https:\/\/twitter.com\/replicant_ai\",\"https:\/\/www.linkedin.com\/company\/29011835\",\"https:\/\/www.youtube.com\/channel\/UCg-GDAYCyLsTTam64PlyBPQ\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.replicant.com\/#\/schema\/person\/9c520e89b9abe4f8bebd578c7fe07717\",\"name\":\"Harry Chang\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.replicant.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.replicant.ai\/wp-content\/uploads\/avatar_user_25_1633392200.jpg\",\"contentUrl\":\"https:\/\/www.replicant.ai\/wp-content\/uploads\/avatar_user_25_1633392200.jpg\",\"caption\":\"Harry Chang\"},\"url\":\"https:\/\/www.replicant.com\/blog\/author\/harryreplicant-ai\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"5 Keys To A Recession-Proof Brand | Replicant","description":"Customer service leaders can guide recession-proof strategies that help retain business and improve service with these priorities.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.replicant.com\/blog\/5-keys-to-a-recession-proof-brand\/","og_locale":"en_US","og_type":"article","og_title":"5 Keys To A Recession-Proof Brand","og_description":"Customer service leaders can guide recession-proof strategies that help retain business and improve service with these priorities.","og_url":"https:\/\/www.replicant.com\/blog\/5-keys-to-a-recession-proof-brand\/","og_site_name":"Replicant","article_publisher":"https:\/\/www.facebook.com\/ReplicantAI\/","article_published_time":"2022-07-05T17:12:04+00:00","article_modified_time":"2023-05-09T21:04:55+00:00","og_image":[{"width":960,"height":600,"url":"https:\/\/www.replicant.com\/wp-content\/uploads\/2022\/08\/5-Keys-To-A-Recession-Proof-Brand.png","type":"image\/png"}],"author":"Harry Chang","twitter_card":"summary_large_image","twitter_creator":"@replicant_ai","twitter_site":"@replicant_ai","twitter_misc":{"Written by":"Harry Chang","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.replicant.com\/blog\/5-keys-to-a-recession-proof-brand\/#article","isPartOf":{"@id":"https:\/\/www.replicant.com\/blog\/5-keys-to-a-recession-proof-brand\/"},"author":{"name":"Harry Chang","@id":"https:\/\/www.replicant.com\/#\/schema\/person\/9c520e89b9abe4f8bebd578c7fe07717"},"headline":"5 Keys To A Recession-Proof Brand","datePublished":"2022-07-05T17:12:04+00:00","dateModified":"2023-05-09T21:04:55+00:00","mainEntityOfPage":{"@id":"https:\/\/www.replicant.com\/blog\/5-keys-to-a-recession-proof-brand\/"},"wordCount":748,"publisher":{"@id":"https:\/\/www.replicant.com\/#organization"},"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.replicant.com\/blog\/5-keys-to-a-recession-proof-brand\/","url":"https:\/\/www.replicant.com\/blog\/5-keys-to-a-recession-proof-brand\/","name":"5 Keys To A Recession-Proof Brand | Replicant","isPartOf":{"@id":"https:\/\/www.replicant.com\/#website"},"datePublished":"2022-07-05T17:12:04+00:00","dateModified":"2023-05-09T21:04:55+00:00","description":"Customer service leaders can guide recession-proof strategies that help retain business and improve service with these priorities.","breadcrumb":{"@id":"https:\/\/www.replicant.com\/blog\/5-keys-to-a-recession-proof-brand\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.replicant.com\/blog\/5-keys-to-a-recession-proof-brand\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.replicant.com\/blog\/5-keys-to-a-recession-proof-brand\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.replicant.com\/"},{"@type":"ListItem","position":2,"name":"5 Keys To A Recession-Proof Brand"}]},{"@type":"WebSite","@id":"https:\/\/www.replicant.com\/#website","url":"https:\/\/www.replicant.com\/","name":"Replicant","description":"","publisher":{"@id":"https:\/\/www.replicant.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.replicant.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.replicant.com\/#organization","name":"Replicant","url":"https:\/\/www.replicant.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.replicant.com\/#\/schema\/logo\/image\/","url":"https:\/\/www.replicant.com\/wp-content\/uploads\/2022\/10\/Replicant-General-Feature-Image.png","contentUrl":"https:\/\/www.replicant.com\/wp-content\/uploads\/2022\/10\/Replicant-General-Feature-Image.png","width":1920,"height":1080,"caption":"Replicant"},"image":{"@id":"https:\/\/www.replicant.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/ReplicantAI\/","https:\/\/twitter.com\/replicant_ai","https:\/\/www.linkedin.com\/company\/29011835","https:\/\/www.youtube.com\/channel\/UCg-GDAYCyLsTTam64PlyBPQ"]},{"@type":"Person","@id":"https:\/\/www.replicant.com\/#\/schema\/person\/9c520e89b9abe4f8bebd578c7fe07717","name":"Harry Chang","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.replicant.com\/#\/schema\/person\/image\/","url":"https:\/\/www.replicant.ai\/wp-content\/uploads\/avatar_user_25_1633392200.jpg","contentUrl":"https:\/\/www.replicant.ai\/wp-content\/uploads\/avatar_user_25_1633392200.jpg","caption":"Harry Chang"},"url":"https:\/\/www.replicant.com\/blog\/author\/harryreplicant-ai\/"}]}},"_links":{"self":[{"href":"https:\/\/www.replicant.com\/wp-json\/wp\/v2\/posts\/1881"}],"collection":[{"href":"https:\/\/www.replicant.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.replicant.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.replicant.com\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/www.replicant.com\/wp-json\/wp\/v2\/comments?post=1881"}],"version-history":[{"count":0,"href":"https:\/\/www.replicant.com\/wp-json\/wp\/v2\/posts\/1881\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.replicant.com\/wp-json\/wp\/v2\/media\/1882"}],"wp:attachment":[{"href":"https:\/\/www.replicant.com\/wp-json\/wp\/v2\/media?parent=1881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.replicant.com\/wp-json\/wp\/v2\/categories?post=1881"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.replicant.com\/wp-json\/wp\/v2\/tags?post=1881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}