... is the money spent by individuals on consumption of goods and services such as everyday needs (food, clothing), transport (cars, bus fare) as well as spending on recreational activities (sport, cinema tickets, holidays). Let’s call it demand.
According to https://www.theworldcounts.com/economies/global/global-consumer-spending every year we buy stuff worth 44 trillion USD or 1,4 million USD per second. Let’s just write the numbers in full:
44 000 000 000 000 USD per annum
1 400 000 USD per second
Just in the time you’ve spent to read up to here, the world spent 40 000 000 USD.
By the time you have finished the reading of this post, the world have spent
more than 150 000 000 USD.
So customers are spending money every year. Lots of it.
If you haven’t seen it in your revenue line, you might find out by checking the complaints calls or emails. If you are lucky, they have told you. If you are really bad, they haven’t even bothered to tell you. Remember, feedback is an effort for the one who gives it. It needs to be earned.
According to https://www.babelforce.com/blog/perspectives/cost-bad-customer-experience/ 25% of consumers have stopped doing business with a company after a single negative experience.
Nobody else knows your organization, products, services, processes, etc. better as you do. If you would have a magic power to improve something that prevents the money to end up in your top line, what would that be?
Most people end up not buying due to lack of trust, lack of urgency, not enough info, unclear value, bad customer service. When you think about not buying something in the last four weeks, what was the reason for you?
The world is full of customers and money. Every year they plan to spend it on all kind of products and services. This is a huge demand, year by year.
Still, it is hard for them to actually spend it. All kind of silos divide them and their money from the supply. They face strange opening hours or arrogance of the person behind the counter. Sometimes they wait to be served while companies are busy doing meaningless work or burying leadership. There are heavy blocks of wrong incentives and fear of failure. Ignorance of innovations. Useless processes and top down culture suffocating any sign of transparency.
So yes, if you don’t grow, the problem is you.
HOW EASY IS IT, TO BE YOUR CUSTOMER?