The ongoing economic slowdown has had varying impacts on different organisations. How is your organisation using this period to prepare for the next phase of growth?
This is the part of the economic cycle. Any recession will be certainly followed by upswing but maybe in the different format. Every business goes through this cycle. If we could diversify at the right time, then such slowdown will impact the business marginally. In the last quarter, we could see some signs of recovery.
We did inward-looking and outward-looking. Let’s see how we did outward-looking. We did market survey to understand the market trends and also to understand the areas of improvement in our operation and the requirement of new product to meet the new technology. It was more of an appraisal from the customer’s perspective. This gave us the direction for inward-looking. We added some new products in our portfolio. We also took couple of projects for the development which would result in new products in another six months. On the marketing front, we ran special campaign through social media and also developed some case studies that would be useful to the customers in the similar segment.
This story is from the January 2020 edition of The Machinist.
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This story is from the January 2020 edition of The Machinist.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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