According to the just released Brand Atlas 2018, 48% of economically active South Africans are unable to “easily afford” their monthly living expenses. (We define economically active South Africans as being people living in households with a monthly income of R8000 a month or more. By the way, only 30% of our population qualify as economically active.)
If nearly half of the economically active population are struggling to make ends meet it’s probably true that all of the rest of the population are struggling too. This would mean that 85% of the total population are struggling to make ends meet.
If this is true it’s no wonder that business is tough right now.
Yesterday Stats SA announced that we created 56 000 new jobs in the last quarter (that’s the quarter in which the economy shrunk by 2.2%). Now 56 000 new jobs is better than nothing, but these new jobs only put 1% of those out of work back in employment. These new jobs mean that “official” unemployment is down to 5.92 million from 5.98 million. There’s still an extraordinarily long way to go.
Business can expect difficult trading conditions for some time to come and the only way to grow rather than merely survive, will be to take business away from competitors. This in turn can only be achieved by doing a better job than the competitors of understanding and satisfying the needs of customers.
Now’s the time to be ask yourself this: ‘Right now, how well do you really understand the needs of your customers? And, do you have a better understanding of them than your competitors do?’
Visit our website (www.alltold.co.za) to find out more about who we are and what we do.
For more information contact Megan (firstname.lastname@example.org) – 072 060 5241