The iconic Japan Airlines has dramatically returned to strong profitability after bankruptcy three years ago. Strong cost cutting played a key role in resurrecting the airline. Here are a few things to keep in mind when it comes to your brand and cutting costs:
- Give customers a say: Ease of implementation, operational impact, and financial modeling all are critical factors in determining what costs to cut. But that's only half of it. It also requires that you balance these internal analyses with an equally extensive customer impact analysis. Adding rigorous and in-depth customer research quantifying the expected short-term revenue impact and long-term brand impact of different potential cost cuts provides the complete picture for making the right decisions.
- Maximize the upside: Cost cutting done right can actually help strengthen the brand and improve the ability to deliver value. Savings can be reinvested in innovation and other key elements of brand building.
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