Will your business make the cut? Are YOU expendable?

Posted by Joseph Michelli, Ph.D. on November 27, 2010

1 comments | 2301 reads

If you think you are seeing more shaggy people these days your right! 37% of Americans are going to the hairstylist or barber less often! That is just one of many recent findings from a Harris Poll showing fundamental changes in consumer behavior.

As many consumers, squeeze money more tightly how do you (unlike hairstylists) make the cut with consumer spending? Here are a few other casualties of frugality from the Harris Poll:

37% of Americans have switched to refillable water bottles instead of purchasing bottles of water
27% of adults have cancelled one or more magazine subscriptions
17% have cancelled a newspaper subscription. In addition, 11% of Americans have considered cancelling a newspaper subscription or a magazine subscription
22% of Americans have stopped purchasing coffee in the morning
21% have cut down on dry cleaning.
14% have begun carpooling or using mass transit
22% of U.S. adults have cancelled or cut back on cable television service,
and 17% have changed or cancelled cell phone service or cancelled their landline service and are only using their cell phone

For better or for worse, the world has changed. Customer’s are making decisions about the value of each dollar spent. Are we giving them practical and emotional value through the products and experiences we deliver? or are WE expendable?

Joseph Michelli, Ph.D.

Joseph Michelli, Ph.D., an organizational consultant and the chief experience officer of The Michelli Experience, authored The New Gold Standard: 5 Leadership Principles for Creating a Legendary Customer Experience Courtesy of The Ritz-Carlton Hotel Company and the best-selling The Starbucks Experience: 5 Principles for Turning Ordinary Into Extraordinary.

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Julie-Ann

November 27, 2010

Scary, but true

What a thought-provoking post! You are so very right that many people are tightening up the budgets these days. To survive, companies have to deliver what their customers truly want. This piece (http://www.upyourservice.com/learning-library/customer-service-improveme...) offers some good insights on why adapting to change is vital for success.

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