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Where It Still Makes Sense to Invest IT Dollars
Anything that touches the customer (or prospective customer) is an easy sell when compelling value can be demonstrated that does one or more of the following:
- retains more customers
- encourages customers to spend more during a transaction
- encourages customers to spend more often
- attracts new customers
In many ways, if the approach is sound and the value is well communicated, funding for these types of initiatives should be easier in a down economy when organizations are looking for ways to boost business.
The challenge: IT and marketing must be willing to work closely together. IT must be willing to serve as a real partner to marketing, making the vision a reality. And marketing must be in close touch with what customers and prospects really want. Cynicism must be put aside. Problems that arise during development and deployment must be tackled without finger pointing. The ROI must be conservatively determined. Assumptions must be tested. Clear measurements of success must be determined. Everyone must communicate well.
These type of outward facing initiatives should be where time, energy, and capital is invested right now. Inward facing initiatives, such as cost efficiencies, can certainly also make sense, but only if the total investment is modest (with a rapid ROI) or the ROI is extremely attractive (and still probably rapidly returned).
The exception, of course, being management which has a long-term view and the confidence and capital to back it up. If you find yourself in this latter situation, you have the opportunity to thrive while others focus simply on survival. It is an opportunity to be savored (and you owe it to yourself to capitalize on it while your competitors are still distracted!).
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