The K-SHAPED ECONOMY
According to Fortune magazine, a Pew Research survey last month found 72% of people rate economic conditions as fair or poor, and nearly 40% believe conditions will be worse a year from now, compared to 31% who think they will improve. Our thoughts on what to do:
- FULL RANGE OF SERVICES: “One size fits all is not going to work for most businesses. You need to match your services to prospects’ needs. With so many consumers under pressure from high inflation and stagnant wages, you need to be flexible.
- McDONALD’S NEW $3 MENU: I know we quote fast food operations often, but they serve the masses and are a good gauge of lower- to middle-income families, and they are reporting a real need for value pricing.
- STORE CLOSURES EVERYWHERE: Papa John’s 300 stores. Wendy’s 300-350 stores. Eddie Bauer 200 stores. Value City Furniture all 79 stores across 13 states.
- INTERNET IS UNFORGIVING: Not only does price matter. Not only does service matter, but your Google customer reviews are now gold… or damaging. We see a 1:1 correlation between the number of reviews and the aging of reviews. Both need to be closely monitored, and as we blogged two weeks ago, never incentivized.
- WHO’S YOUR “NON-CUSTOMER? How can you appeal to more prospects without having to spend money on big changes? We bet you can. We have. It works. Collaborate and think about it.
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