In difficult times, customers look for reliable, trustworthy, and cost-effective business partners. Best-run companies are proactive in adjusting their customer relationship philosophy, processes, and systems to stay in tune with the realities of the marketplace. In doing so, they are not only better prepared to weather the near-term storm but also positioned for greater profitability when the tide turns. Specifically, there are three key actions company executives should take now:

• Stay close to your customers. Take a new look at your customer base. Their needs have most likely changed.
• Seize the opportunity to innovate. Now adjust your customer-facing strategies, such as for product, pricing, and promotion, to the new reality.
• Monitor your progress. Ensure that you have the right tools in place to provide frequent pulse checks of your updated strategies.