19 May Don’t be held back by economic conditions
“What we need to do is to get consumers out there spending, and employers out there hiring people”, says CommSec chief economist Craig James. This was based on their recent research that indicated Australian companies suffered a 26% drop in profit, and barely lifted sales in the second half of 2014, as nervous consumers and businesses kept their wallets shut. He also went on to say that the disappointing performance was the result of subdued consumer and business sentiment.
In many cases people tend to think they need to govern their business according to economic conditions. It’s as though their business depended on the rain, like farming and agriculture.
This has kept countless organisations, public and private, locked out of successful initiatives they could have got into years and years ago.
People just seem to think it’s normal. So normal, in fact, they may even think there are no alternatives.
The need to get consumers spending is backed up by claims made in last week’s 2015 Federal Budget that business and consumers “go out and have a go” and spend to reinvigorate consumer and business confidence.
The government can only go so far, it’s up to business and community leaders, private and public to take the initiative and implement programs to assist in getting us out from ‘under the thumb’ of the economy.
Why do I tell you all this?
Well most aren’t aware of just how much they can stand to benefit from massive social changes and the trends in buyer behaviour, social media and big data. Consumers have found a new scepticism in traditional marketing, and have become more brand-savvy than ever, making it critical to understand customer and community needs and perceptions.
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newfocus is a national market research company, specialising in strategic market research and social research, with offices in Melbourne, Sydney & Adelaide.