I have to say I was thrilled, literally jumping off my chair to hear a politician finally talking about the fact that we are living in a very different economy. I started writing about this in 2009, and published a book about in 2012 (Winning In The Trust & Value Economy) and I continue to speak on the subject around the country.
Just like Marco Rubio is saying, this economy is different, changing fast, and if you want to succeed you need to first understand that and then embrace it. Rubio made some great points: our largest retailer (Amazon) does not own a store front, our largest car company (Uber) does not own a car. Think about that. Take a breath, and give that some serious thought. This is an economy like none of us have ever lived in, let alone worked in, before.
Rubio is off to a great start by acknowledging that our economy has changed, but he only has half of the equation. If you truly want success in this new economy, you need to understand that how we do business, who we do business with, and where we do business has changed as well.
Think about it, with globalization, advancements in technology, and increased competition, we could all right now, from our homes, sit around in our underwear, our jammies or our sweat pants for the next week and Google until our hearts are content and have everything you want (and need!) delivered right to your door. I am guessing that you do this, just like Marco Rubio said, as Amazon is our largest retailer. We buy groceries, office supplies, make friends, and get dates online. Heck, we can even get married and get divorced, all without ever opening our mouths, getting dressed, or leaving the comfort of our own homes.
This change, where we have instant access to unlimited products and services, changes everything. It makes what we do in this economy a commodity, but how we do it, our competitive advantage. This is a relationship economy, what I have called a Trust & Value Economy, where trust is how we attract the best customers and employees, and value is how we keep them long-term.
Yes, Marco Rubio is right, this economy has changed. But to succeed you need to understand that far more than our economy has changed; where we do business has changed, we have changed, and today’s customers are different.
3 Changes About Customers In Today’s Economy That You Need To Know
- Highly Skeptical – Today’s customers are highly skeptical, they are no longer interested in what we are saying about our products and services. Instead they are turning to their friends, families and Google reviews for their next purchase. In today’s economy what you say about your business is far less important than what your customers are saying. Your reputation, the buzz you create about yourself, is how you attract customers.
- In Control – Gone are the days when bad service or a bad product will cost you one or two customers, in today’s economy either one can be a death sentence. Customers do not have to buy from you (they can go online and shop anywhere in the world), so if you do not treat them well or provide a quality product, they can (and will) tell thousands of their closest friends via social networking sites and Google reviews.
- Highly Knowledgeable – The internet has put knowledge at the tip of our fingers, and today’s customers are taking advantage. They are Googling not only about you, but about your products and services, and your customer’s experiences. Before they ever walk in the door (if they walk in the door) they are armed with information, increased confidence, and they are pretty sure about the decision they are going to make.
Yes, Marco Rubio is finally talking about what we need to be talking about, the fact that this economy has changed, but he just did not quite go far enough. Far more than this economy has changed, consumers have changed. Success today is about understanding changes in this economy, changes with consumers, and the changes you need to make to get this economy to start working for you.
Click here for 3 Sure Fire Tips To Get Your Team To Instill Ownership At Every Level, To Get Profits At Every Turn! Meridith is the author of several books, including her latest, Winning In The Trust & Value Economy: a professional’s guide to business and sales success. When not keynoting and leading workshops, she looks for inspiration cycling, golfing or hiking her favorite trail.https://meridithelliottpowell.com