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We're seeing our recovery reflected in our members' businesses as well, by and large, though some are emerging at different times, just as they went into recession at different times. Our new member numbers are driven by a growing sense that the recovery is underway and it's time to start revving up the mind and the business.
The new members have identified something very important: it's not going to be like it was. In other words, the end of the recession doesn't herald a return to the boom that we saw from 2002 to 2007. Whatever the economists say about likely rates of growth, plan for low slow growth. Whether that turns out to be right or wrong is irrelevant. It's a belief that serves us well because it makes us think about how we have to strengthen our value proposition in our markets. In particular, we have to think about how to make our marketing machine work better, because we won't be able to float on the rising tide. There's a bit of a lag effect here too - most of our customers are still very price conscious, but they are ever so slightly more open to a "value" argument - ie, we may not be as cheap as Cut-throat Kev down the road, but our service/product is so superior that it will save you money/make you more money/make you happier in the medium term. That's a conversation you couldn't have had even three months ago so you need to be thinking about how we can maintain your prices and demonstrate greater value. This is a time to be thinking through your brand challenge: who do you want to be known to and what do you want to be known for? |