Stories
Stories
History Matters
History shows us that when economic times are tough, customer relations are more important than ever, according to HBS professor Nancy Koehn. In “Chasing Dreams during Troubled Times: Lessons from the Past” (Boston Globe, January 22, 2002), Koehn acknowledged the difficulties facing today's marketing strategist in the wake of a softening economy, shrinking advertising budgets, and eroding consumer confidence, in addition to the aftershocks of September 11. “In this volatile environment, marketers and CEOs realize with new urgency that staying close to their customers is crucial,” she wrote, citing examples of business success stories that were launched in rocky times, including Estée Lauder and Microsoft. Koehn offered several bits of advice, such as “learn from your customers,” “use customer information to respond quickly to new priorities,” and “values matter,” and showed how companies like Intuit, Heinz, and Whole Foods benefited from following these maxims. “Past experience offers several landmarks to help guide marketers' thinking as they plot a course through choppy strategic and tactical seas,” concluded Koehn.