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Posted by in Business Magazine, Robert Craven Marketing Expert

The New Normal in Business

The New Normal in Business

New normal is not just a TV programme it is a way of understanding what is confronting your business.

As I have said before, most businesses are confronted with a severe case of five-year-old-itis. They are running (and planning and taking decisions) based on five-year-old assumptions about their product, their suppliers, their market and how and why and when and where their customers buy. I have to say that nearly all of those assumptions are redundant. Just think of Comet or BlockBuster or HMV to name a few who hadn’t noticed the change that was all around them.

So what is the New Normal?

Well, I don’t think we will see the heady heights of the early 1990 or 2000 growth years where people couldn’t help but make money.

Today’s new normal might include:

  • Zero growth in the economy
  • Next to zero interest rates
  • The ubiquity of the internet and digital media
  • More competitors than ever, mostly competing on price
  • More suppliers than ever, all trying to sell on price
  • 24/7 speed of response/delivery/service expected by customers
  • Global and local are blurred
  • Proliferation of free/try-before-you-buy services
  • Increased importance of the customer experience

Running a business is still, and always will be about understanding what your customer wants and needs and delivering to them. That is the beginning and the end of it.

Do this by delivering legendary, remarkable service and you are on to a winner.

Editor: Robert Craven

Robert Craven shows MDs and owners how to grow their sales and profits and focuses on how to do this in recessionary times. He is a keynote speaker and the author of business best-seller 'Kick-Start Your Business' (foreword by Sir Richard Branson. His latest book "Grow Your Service Firm" is out now! He also runs The Directors' Centre, helping growing businesses to grow. For further information, contact Robert Craven on 01225 851044 - showcasing everything good in Plymouth

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