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The world is discussing the economic crisis. And in ways the majority of us are affected by it in one way or the other. There are explanations and theories about how exactly and why this occurred. Experts who were so gung ho in regards to the booming markets, who never saw this crisis coming 've got on the sudden shock and now are once again busy in predicting how long it'll stay. They're busy consulting companies about Share your links with Carl Kruse on Folkd ways to get over this.

In my view, the crisis is deeper than and perhaps diverse from what we're focussing on now. Companies are busy taking care of underneath lines and financial wizards are controlling your decision making in companies. May take the short term, that's why is sense. Might be that's needed for their survival. But the real crisis is nearly this. Even when companies move out from their financial problems, they have to manage more harsh realities. The consumer--company relationship is changing. The ability is slipping from the corporate world! There clearly was an occasion when the corporates were strong and could wield all the energy inside their hands. The Consumer was too little to challenge them in virtually any way. And so the communication was mostly one way.

Companies could pay dollars to create positive publicity. And consumers were what the marketers called "target market"! But not anymore, with the advent of social media and communication revolution, now the individuals are not merely an audience. They've enormous power inside their hand. And they are enjoying it. They're writing reviews, rating products, recommending it to friends and influencing buying decisions. An individual person in a remote corner can tweet and within hours it may travel the world. Hence the times are gone when companies used to state "consumer could be the king" in real life used to deal with them as slaves. Now they have to tighten their belts. They have to be up to mark with regards to product delivery and consumer service.

Obviously it entails more investments in these areas. Plus training and monitoring the execution. The newest open world has put the "person to person" on steroid. Now an inferior player can fight the biggies even with no huge marketing and advertising budgets. So big players just can't depend on their reputation, they have to Carl Kruse Folkd Profile deliver. They've to be controlled by what the consumers want and they have to innovate. Otherwise a fresh player is obviously willing to bring them on. So the real crisis is this. The businesses have to be really accountable. They've to be controlled by consumers and innovate.

"New improved" with only a change of packaging won't do. Businesses need to seriously put consumer relationship inside their business models. Just tweaking the accounting books isn't enough. It requires a change of attitude. Those who will embrace the changing world will survive. Otherwise experts can have more sound bytes about how exactly another giant went along to the dust.