Last night, news reports across America heralded the news: The GDP grew 3.5% in the third quarter of 2009, a signal that the deepest recession since the Great Depression was over. (See the New York Times version of the story by clicking here.) But today, those reports were countered by news that general consumer spending is still anemic… leading to a nasty drop in the stock market today (see the Washington Post version of the story by clicking here.)
In yet another story that supports Elm Street Economics thinking, a video segment from this morning’s Wall Street Journal suggests that consumers and investors lack confidence in what’s happening on Wall Street or Pennsylvania Avenue. See the video here (commercial pre-roll required).
Implications: Not all companies will exit the recession in unison; some companies will begin their recovery sooner, move through it faster, and rebuild revenue higher than others. Whether your company is on the fast track to recovery—or parked on the side of the road—depends on how well your company has nurtured its relationships among its most important customers.
Do you know—for sure—who your very best customers are (the really heavy users of your product or service)? Do you know—for sure—what benefits they hope to satisfy when they buy what you sell? Do you know who else your potential customer might consider shopping… in the hopes of satisfying that set of benefits?
Yes, there are still consumers who are spending, albeit in a more strategic, methodical, calculating way. Whether those consumers will respond to your marketing campaign may depend… on how well your marketing responds to consumers.
Mike Anderson
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