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To Cut Costs, Know Your Customer

October 30, 2020 | Vikas Mittal, Shrihari Sridhar, and Roger Best | Marketing

The pandemic is forcing many B2B companies to cut costs, but conventional approaches to cost reduction may not serve them well. Instead, leaders should intensify their focus on customers by identifying the small, select group of customer value drivers in their companies. They then should cut costs by reducing value-added waste, managing customer acquisition and retention more effectively, and prioritizing and eliminating strategic initiatives that don’t align well with customer value.

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