Finding Success In A Trust & Value Economy, by Meridith Elliott Powell

As we forge ahead in building our business in the post-recession landscape, putting on a new pair of glasses to navigate the direction of your company is imperative. If you believe your company offers a quality product or service, and feel passionate about helping people, then it’s time to embrace this new economic perspective. This your time! If you know how to navigate the waters, understand the shift, and accept that customers require a new and innovative approach, then you are well on your way to finding success in a trust and value economy.

Let’s face it – The economy is not down, it has changed! If you want to be successful, the first thing you need to realize is just how the dynamics of our economy have transformed.  I don’t care what economists, experts and business gurus are saying or predicting, the truth is no matter what the economy does – whether it goes up or goes down – your customer has forever changed and that change impacts you and your business.

In my opinion the mind of our customer has been more deeply impacted then their wallets. When the economy started to shift in late 2008 so did our customers. Unlike other shifts in the economy, this one was different. At first, consumers slowly waited for the economy to bounce back, when that first bounce took longer than expected the first change in the consumer mindset took hold. When that bounce was far less impressive than expected, consumers got more cautious, and the more uncertain things got with the economy the more consumers started taking matters into their own hands.

Realizing they can’t control the economy, they focused on what they could control, their approach to managing and spending their money.  Consumers may have been more profoundly impacted by this economy; losing jobs, lower salaries and wages, starting their own businesses, shutting businesses down; but they all share one thing in common; how they began to think about and how they began to spend money.

Research study after research study shows that young or old consumers and their spending habits have greatly changed.  This economy is uncertain, and the constant fluctuations have created a more cautious type of spender. In addition, globalization, advancements in technology and increased competition have put the consumer in control of the buying cycle. They are calling the shots; they can buy what they want, when they want it, and from whomever they want it. This makes the products and services we as business owners offer mere commodities, but how we offer them is our competitive edge.

Consumers in this new, uncertain economy are willing to spend money, but trust and value are the true return on investment they are looking for. This is a trust and value economy. Our society has changed and frugal has become the signature of this season. People will choose quality and value over quantity and price. Gone are the status symbols of overspending and abundance.

So how do you find success in this economy, how do you compete? Join us for the answers to that question and an action packed session designed to help you Find Success In A Trust & Value Economy; 8 steps you need to know to make building relationships and growing your business fun, easy and incredibly effective.

Join us on November 15, 2011 at Mihaylo College at Cal State Fullerton to hear how your business can thrive with a new mindset in this economy. This workshop will begin at 4:30 p.m. in the Scott O’Brien Family Innovation Center, 3230, in Steven G. Mihaylo Hall.

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About csuffamilybusiness

In 1995 Cal State Fullerton, the third largest business school in the nation, formed the Center for Family Business to assist family businesses in recognizing their common problems and in finding solutions to the unique issues that confront them. The Center's mission is to use education to help family businesses in our region grow and prosper and to keep harmony in the family.
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