Over the weekend, there was an important story published by the New York Times, covering a recent symposium for bankers. One of the speakers at the event gave some reasons why this recovery may not be similar to past recoveries. Click here to read the story.
Implications: For the record, I am very optimistic about the future. Not because life will be easy, but because smart businesses can still do quite well by paying attention to the deep needs and motivations of their consumers, and serving those interests. (It is the business many companies were taking for granted that they can no longer take for granted.)
What bankers think of as “destabilizing events” are thought of, by many consumers, as simply, “wake-up calls.” Is my job secure? Is our household income predictable? Do we have our debt at a manageable level? How is our retirement looking? Will indulging in a “want” purchase put our ability to satisfy important needs at risk?
Yes, the recovery could take a while, and the line between recession and recovery could seem blurry, at times. But that does not make the situation unmanageable. Satisfy consumer needs, and the recovery will happen sooner for you than most.
Mike Anderson
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