This is a very prosperous time for most people living in developed nations today. Consumers continue to desire the latest and greatest in virtually every economic sector. Could it be that this unprecedented prosperity is actually setting up many businesses for catastrophic failure?
There are those who believe that today's boom times will never end. Others believe we are nearing economic collapse. Both are extreme views and I personally subscribe to neither. I believe that business activity follows a cycle. Some so called experts try to predict when these cycles of boom or bust will end. I can't predict when, but I will say that there will be some degree of contraction at some point. No one can predict how dramatic the adjustment will be. But it will take place as it always has.
Here is the problem, as I see it now, in the marketplace. Sales are so strong that many businesses no longer feel they need to 'earn' a prospect's business or 'retain' a customer's loyalty for the future. I certainly recognize that there are many fine businesses, both large and small, that work tirelessly on providing great service and ongoing customer satisfaction. Sadly, there are many more which do not.
So often today, business owners and managers feel that if a selling opportunity to a prospect is mishandled or if the prospect is underserved, it doesn't really matter because there will be plenty more volunteers walking in shortly to eagerly part with their cash.
What else would explain the lack of proper and ongoing training in businesses of all types today. Even in places that have traditionally exhibited high standards, people will take your money without verbalizing a simple thank you before moving on to the next sale.
Businesses that don't sincerely respect their prospects and their customer base will find that when the economy retracts, as it surely will, prospects will take their business to operations that haven't lost sight of who it is that really pays them.
Businesses that have been sloppy by underserving prospects or that have lost the basic courtesies of business will be lost in the contraction. Businesses that over promise while constantly under delivering will be footnotes in economic history. That's because they are losing sight of a basic consumer need. The need to be treated with respect and dignity.
