The Conference Board’s Consumer Confidence Index (CCI) is a bell-weather of consumer spending and therefore of general economic health. The higher the CCI, the more confidence that consumers have that the economy will do well in the future and the more we all spend.
In February of 2009, the CCI bottomed out @ 25.3% – yikes, that stinks! And yet, even though it now stands at 70% – almost triple the rating of 2008 – that doesn’t sound very good either especially once we look at the longer term picture that the CCI averaged 93% over the past 46 years!
Consumer Confidence in the US economy is clearly still far below normal.
Now, how about your customers’ confidence in your business? Do you KNOW in any tangible ways how well you are doing or are you gut-feeling your way through life?
There are practical steps you can take to improve your “ranking”:
- Request honest feedback frequently including “how can we improve”
- For Clients who are not particularly confident, work with them to improve
- Survey annually
- Establish measurable metrics that indicate how you are doing:
- Average number of your products/services Customers buy
- % Customer Retention
- Average years a Customer stays with you
Don’t leave Customer Confidence in your business to chance. Act Now!
JACOBY provides expert Business Planning & Guidance to small businesses who aspire to become successful niche leaders.