Building customer loyalty can be interrupted by the economic climate. Savvy business consulting firms look to many different ‘listening posts’ to provide information to better understand the environmental aspects affecting customers. For example, recently when looking at a retail situation where males had been the dominant purchaser, it was helpful to review labor statistics at www.bls.gov to help explain what might be going on with declining sales.
Not only is the percentage of male unemployment higher than that of females, the unemployment rate for males is increasing faster than that of females. In the past year, approximately two-thirds of those who became unemployed are males, whereas males represent around 53% of those currently employed.
Labor statistics can also be used to understand how various markets have been affected by unemployment. This includes providing insights to assist with interpretation of same-year sales, resource allocation going forward, as well as refining the overall customer relationship strategy.