why i think the recession is great.

COMPETE FOR ME

Competition is great for consumers, not so great for companies. Circuit City is closing. Macy’s. Gottschalks. Businesses are closing shop nationwide and on one hand, it’s frightening. On the other hand, it’s helping us all, because the businesses left are needing to overhaul their way of meeting the needs of their consumers.

GIVE ME A REASON TO CARE

We’re all spending less money, so we’re being more picky on where we are shopping. We’re looking for deals at the expense of our sanity. No longer can Circuit City skirt by with terrible customer service, irrelevant marketing, and complacent product offerings. Best Buy has beat them out time and time again, but Circuit City has managed to stay in business during a manageable financial climate, but not during a recession that requires the best from a company.

SURVIVAL OF THE FITTEST

Don’t get me wrong. I am not being insensitive to the many businesses that are closing and the many people who have been laid off (or can’t find jobs). It’s just that one of the little nuggets of information I gained from my marketing classes (specifically, Consumer Behavior) is that competition in the marketplace is best for consumers. Without competition, we will suffer through inflated pricing and customer service that is mediocre. When a company feels threatened by competition, they will pull out all the stops for us, because they want our money. 

This recession will weed out the businesses that haven’t been paying attention to the details of what makes an amazing company thrive. In this time, I expect superior customer service. I expect affordable pricing. I expect greatness.

WELLS FARGO ACTUALLY IMPRESSED ME

I’ll give you a great example. About a month ago, I went to Wells Fargo to deposit a check and as I walked in, I was greeted by two people. They asked if I needed any assistance, how my day was going, and were so friendly I thought I was in a parallel universe. The teller used my first name and helped me so my account wouldn’t go overdrawn. All in all, the experience was unbelievable and I knew it was because of the economy. I knew that they had all sat down in a conference room and talked about how they could make the customer experience more enjoyable, unique, and appealing. Even though I’m poor, they treated me like I mattered to their company and that, in turn, matters to me. 

THANK YOU, RECESSION

I like that the recession is making it more difficult for companies to get our business. Pull out all the stops for me. Give me a reason to not only spend money at your business, but to be loyal to your company. Don’t shortchange me. Don’t rip me off. Don’t charge me $5.00/gallon for gas, realize I’ve stopped buying, lower the price to get my business back, THEN steadily increase the price and insult my intelligence by assuming I wouldn’t notice this sneaky plan.

Impress me, companies. Be remarkable. Go the extra mile, because otherwise you’ll go under like Mr. Circuit City over there.

Tagged as: best buy, circuit city, competitive marketplace, economy, finances, marketing, recession