Consumers -- Rulers of the Economy

Consumers -- Rulers of the Economy

August 21, 2011

Over the last 2 weeks it’s safe to say everyone is shaking their heads over the state of the economy. The only stable thing right now is gold…I guess now is the time to cash in on that 80’s serpentine chain gentlemen!

While there are good arguments about why the economy is so unstable, there is another force in the economy that can’t be overlooked — consumers. Consumers dominate the economy. In any year, spending by consumers accounts for about 70 percent of all economic activity, more than twice as much as spending by businesses and government combined. Yes, spending is down but no matter how much consumers spend, consumers still rule.

So… you cannot control the stock market, you cannot control HOW much a consumer spends, but what you can control is how your consumer perceives you. Is your brand doing everything it can to keep old customers and gain new ones? Understanding how your company, employees, services or products are perceived could be accomplished through utilizing services such as mystery shopping, and compliance audits. Controlling what we can and letting go of what we can’t can bring some peace to this wild ride called the “economy”.