Facing a tough economy — demand down, interest rates up, disruption and uncertainty everywhere — companies are cutting back. A survey of 3,000 global executives conducted by consultancy AlixPartners, where we work, reveals that 20% have already conducted layoffs, 20% expect to, and 25% have imposed hiring freezes. In addition, 33% said they are building cash reserves, and 36% have embarked on expense-reduction programs. It’s the usual — and usually necessary — playbook.
How to Grow Your Top Line in a Down Market
As the economic outlook continues to be murky, plenty of companies are making cuts. But you can’t cut your way to prosperity. There are often-overlooked opportunities to grow the top line — a lot and fast, even in the face of a down market — with a set of tactical actions designed to improve sales and margins. The authors have found that companies that use tough times to maximize their bang for the buck in sales and marketing are able to increase revenues by tens or even hundreds of millions of dollars within one to two quarters. They’re also the companies that emerge stronger than ever as markets turn around. The authors present several quick-impact opportunities in three areas: improving commercial effectiveness, increasing marketing ROI, and optimizing revenue from your existing customers.