Which is good, because all that has just been practice for your biggest challenge yet: The fundamental transformation of the American consumer's psyche.
The Great Recession of 2007–2009 left a more pessimistic consumer. One who's holding less debt, less purchasing power and who is far more thoughtful — maybe downright adverse — to all but the most basic purchases.
Consumers will continue to demand the utmost in service and value, while things like brand loyalty will mean less and less. Far fewer dollars will be spent, and there will be economic casualties. There will be winners too, though, consisting of those players willing to beat their competition in giving the consumer what he or she wants.
That's the line we plan on being in. Hope to see you there.
The C4:
- If you're still standing, congrats — you're a testament to adaptability.
- Now begins the process of changing consumers' mindsets — but it won't be easy.
- Consumers' demands are high, but their attitudes are challenging.
- Those who want to keep standing will give the consumer what they want.
