Way back in January of this year, I was predicting a basically flat economy, stinky housing outlooks and $4.50 a gallon gas by summer. Summer’s almost here and the indicators are right on track with my predictions.
It’s not too hard to figure out by now, that THINGS ARE NEVER GOING TO GET BACK TO “NORMAL”. Our current economy, our personal situations, and consumer behaviors are the way they are going to be for a very long time. There will be some incremental improvements to be sure. But these last few years have fundamentally changed industry, people, politics, investments, and our thinking forever.
Marketers will have to adjust their messages, offerings and mediums for the way their consumers live now. CFO’s will have to adjust budgets, settle for less top line and more trim bottom lines. Retailers will have to raise prices; consumers will continue to be squeezed for their last few dollars. Even the retailer giant Walmart announced not too long ago that their customers were “running out of money”.
Consumers are going to act differently moving forward. Hard times have a way of altering behaviors permanently. Folks who lived through the great depression were literally stuffing money in mattresses and burying coffee cans filled with coins in the back yard for the rest of their lives. They scrimped, saved, never wasted, re-used, did without, and lived well within their means. Just like most of us commoners now have to do today and probably will for decades to come.
So, my advice to you as a marketer is this: Don’t wait for things to go back to normal. Don’t settle for normal. Don’t think, act, communicate, assume, promote, budget, and plan like you normally would have in the past. Normal doesn’t live here anymore.
Be sure to read my upcoming blog, “These Guys Aren’t Normal… Thank Goodness!” for the bright side of all this.
Author: Timo Matero, CEO, The Accelerator Companies
*Not only is this headline a descriptive introduction to my latest TruthSerum post, it is Accelerator’s new slogan!