Are you ready for consumer spending?

Female consumer spendingConsumers revved up their borrowing in April, with growth in credit card debt accelerating at the fastest pace in more than a dozen years.  Increased household borrowing can drive stronger consumer spending, which accounts for 70 percent of economic activity in the U.S. Alan Levenson, chief economist at investment firm T. Rowe Price, said that the momentum is likely to continue in coming months, helped by rising employment and steady income growth that will make people more willing to take on debt.  So is your organization ready to respond or have you let go so many people that you’re shorthanded while marketing budgets have been cut?

If there is one lesson to take from the most recent recession, it’s brands have to be nimble to respond to changes in consumer behavior(s).  Those companies that laid off people to to keep investors happy and cut budgets are soon going to find that they need people fast but the process of hiring new people can take months and consumers don’t have time to wait anymore.

competition

Implementing with speed and quality is a competitive advantage in an economy where instant gratification takes too long.  Consumers want their questions and posts on social media answered in real time not days.  They are not willing to give brands a second chance because they have too many options to choose from.  If you don’t meet their needs a competitor will.

If you find that you need people the best thing to do work with your HR people to ensure the recruitment process is one which encourages candidates rather than frustrates them with and archaic application process.  Don’t look for people who will just “fit in”, rather look for people who are smarter than you, and can hit the ground running to add value.