Strategies for Growth and Customer Retention in Challenging Times for the IT Industry

Abstract

The rapid technological growth and need for agile and flexible models to retain customers has led to rethinking of strategies for most IT companies. Given the current economic situation, the challenge is to create long term and sustainable strategies to move forward in the coming quarters. IT companies are facing a double whammy. From the supplier end, cost inflation is high. On the other hand, customers are highly discerning and expect better prices. Such kind of markets often produces typical challenges and also vast opportunities to generate robust financial and marketing policies, thereby taking the organization forward. The global situation demands immediate correction and intervention in previously planned strategies of corporate. Under the present circumstances, is it then, possible, to create and sustain strategies to leap ahead in the coming quarters? Markets are seen to be producing immense opportunities for growth and challenges at the same time. This has created a great need for focusing on growth strategies, reskilling and identifying methods to retain existing customers.

This paper emphasizes on futuristic strategies used by corporate from IT sector.