In the economic downturn, many companies are facing financial difficulty, and even if they are not in immediate financial danger, still wish to cut costs wherever and whenever possible. This must be done in such a way however, that it does not negatively affect productivity and quality; and may even enhance both.

One very effective method of saving money and attaining business objectives is through web conferencing. Spending on web conferencing has actually increased during the recession, as more organizations are looking at smarter and more productive ways to achieve their objectives without spending too much money on travel.

Reduce Travel Costs
The most obvious benefit of web conferencing is that it can minimize travel costs by bringing together employees and associates that may be in different locations.

Besides the hard cash that is saved in terms of travel and accommodation, web conferencing also eliminates the enormous amount of downtime that is usually incurred as a result in in-person meetings and travel. In addition, costs that are typically involved with in-person meetings, such as accommodations, food, catering, or setting up temporary LANs for the day, can also be eliminated.

Each of these cost centers drains resources and takes time for coordination, and failure in any one area can cause failure for the entire event. A web conference takes far less time and organization and can involve all the interested parties without increasing expenditures.

More Sales Calls
It’s a fact that some customers need hand-holding and personal attention, and nothing but an in-person visit will do. But most can be accommodated with a single in-person visit, with web conferencing taking up the charge for all subsequent meetings. Incorporating an aggressive web conferencing strategy in the sales department will save time, and allow sales staff to incorporate more customer meetings—and ultimately increase sales.

Expand Globally
Expansion is at the heart of any corporate strategy, and during recessionary times, new markets become vital. But, finding them takes time and money. Branching out into other states or even other countries takes a lot of planning and expense, but this expense can be kept to a minimum through strategic use of web conferencing. Through web conferencing and other interactive technologies, it may be able to expand into other markets without having a physical presence there at all.

Improve Customer Service
Poor economics often lead to an increased level of competitiveness, and this is not lost on your customers. They will be looking around for a better deal and better services, and it is up to you to make sure they have it.

Web conferencing is an inexpensive and very effective method of offering improved, and highly personalized customer service, offering prospective and existing customers a whole new level of quality, personalized support, without having to bear the expense of travel and in-house visits.

Improve Business Processes and Efficiency
Cutting costs to accommodate slow times means taking a hard look at your business processes, and in fact, this is something that should be done even in times of prosperity.

Continuous improvement demands constant re-evaluation of business processes, and web conferencing assists here in two ways. First, it allows for easier collaboration and brainstorming about how to improve the processes themselves; second, web conferencing improves process efficiency by allowing for easier collaboration and sharing of information.

Speed up the Deal Lifecycle
Your sales and marketing cycle may involve multiple steps, several layers of meetings and approvals, and many meetings. This cycle in part depends on your prospect’s own internal processes, and there is little to do about that—but on your end, you can speed up the cycle by being more responsive to the prospect by using tools like web conferencing to arrange for faster and more efficient meeting times.