If sales are weak, you need to undestand and act fast: Christmas is coming, will Santa or Scrooge be visiting your retail concept?

Janet L. Yellen, president of the Federal Reserve Bank of San Francisco, Speaking July 7 at the University of California at San Diego Economics Roundtable, noted the decline in US consumer spending.

"However, shoppers again cut back in August, reducing sales at the nation’s retailers for the second month in a row.

The US Commerce Department reports that retail sales fell by 0.3% in July. Most economists expected sales to increase by 0.3%. Sales in July fell 0.5%, the weakest showing in 5 months.

Sales declined in electronics, appliances, clothing, building supplies and at department stores."

Now is the time to act, Consumers are moving quickly from a "wants" to a "needs" based shopping mentality.

We are finding that Retailers that have a good knowledge and relationship with the three keys to the future, are faring better than those who are clueless.

Three Keys:
1. Customers
2. Browser/visitors - no purchase during the initial visit
3. Targeted Acquisition Customers (New and your Competitor's Customers)

The Three Keys unlock Three Opportunities for growth and profit:
1. Relationships
2. Knowledge
3. Influence

First: Gain large scale one to one relationships with each of the first three groups. Make sure these large scale relationships will give you deeper knowledge and insight into the real nature of each of these groups.

Second: Build knowledge and insight into the wants, needs, desires and psychographics of these groups.

Third: Your investment starts to really pay off as you take action to improve your Customer Experience and use the relationships, knowledge and influence you have built on a large scale to influence all of the groups that matter to your financial well being and profit.

RESULTS: MORE CUSTOMERS MORE OFTEN BUYING MORE

Beause you know and own the relationships, you have the influence, (through web 2.0 market conversation and conversion tools)

You GROW when others struggle.