Management SummaryStern Stewart Research
Customer Centricity is Key.
We are in the middle of the Covid-19 pandemic and many companies are in pure crisis mode: securing supply chains and managing costs and especially cash. This is important but there is
evidence that the economic crisis will last longer – until at least Q4 2020. So it is not just about managing the crisis but about equipping sales to win market share and utilize the crisis.
90% of economy is psychology
The economy in almost all Western countries is shut down to some extent, and unemployment rates are soaring. Even if the crisis only lasts for a few weeks, there will still be uncertainty about the possible return of Covid-19 in the autumn. A highly perceptible downturn combined with future uncertainty is poisonous for our economy. Even if the EU Commission implements a new Marshall Plan for Europe and the Maastricht criteria are suspended, our collective psychology makes fast recovery very unlikely to happen.
Assuming a high level of uncertainty over the coming months, the ability but even more the willingness to consume and invest will decline. The supply shock will be followed by a demand shock and intensify the crisis – a vicious cycle.
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