Promo Insiders: Former White House Director of Economic Policy Dishes Advice for Thriving in Uncertain Times

Insights from the video:

🌍 Former White House Director of Economic Policy, Todd Buckholz, offers insights on navigating a dynamic marketplace and achieving business success.

💰 "All sorts of unions and other workers demanding higher wages which is understandable. You can't blame someone for saying hey. My cost of living has gone up. I need to be paid more entirely understandable."

🏢 "The next six to nine months are going to be a bumpy stretch for the economies."

💰 "What's going on we're seeing in the economy. People are buying fewer things. Fewer objects are being delivered to stores."

🏢 "That's the time to find talent...that's the time to find the talent." - The speaker emphasizes that during a recession, it is the ideal time to poach talented individuals from struggling companies.

🌊 "A.I. is the catch word of the day, so the question for the branded merchandise industry is, is there any way to ride that wave and take advantage of the idea that the merchandise you're designing has a learning aspect to it?"

🧠 The use of AI should go beyond just adding the term "AI" to a product or service, but rather focus on its potential for tailored and exciting developments.

Summary

In uncertain economic times, businesses should adapt their strategies, focus on experiential offerings, and take advantage of trends like AI and customization to thrive and position themselves for recovery.

💡 00:00 The economy was booming a year ago due to excessive government spending, but now it is uncertain and struggling.

• Todd Buckholz, former White House director of Economic Policy, offers insights on navigating uncertain times in the promotional products industry, discussing economic outlook, business success, and his upcoming speaking engagement at the ASI power Summit.
• The economy was booming with inflation a year ago due to excessive government spending, but now it is uncertain and struggling.

📉 01:45 Unions and workers demanding higher wages may lead to strikes, causing a rough patch for the economy in the next few months, while inflation improvements will still have lingering effects, slowing down the US economy's battle against inflation.

• Unions and workers demanding higher wages have led to concerns about strikes, creating a rough patch for the economy in the next six to nine months.
• Inflation has improved but there will still be some lingering effects, causing the US economy to slow down in its battle to defeat inflation.

📝 04:17 Consumers have shifted their spending habits from experiences to goods due to COVID-19, impacting businesses in industries like branded merchandise; online orders for fitness equipment have faced supply chain delays, taking up to six weeks for delivery.

• Consumers have changed their behavior due to COVID-19, shifting from spending on experiences to purchasing goods, which has implications for businesses in industries such as branded merchandise.
• Ordered fitness equipment online, experienced supply chain delays, took six weeks to receive the items.

📦 06:12 Retail stores have excess inventory due to decreased consumer spending, so manufacturers and distributors should shift their focus to experiential businesses instead of those staying at home.

• People are buying fewer things and fewer objects are being delivered to stores due to the impact of Covid-19.
• Retail stores are experiencing an increase in inventory as people are going out and spending money, so manufacturers and distributors should pivot their focus towards clients in the experiential business rather than those staying at home.

💡 08:22 In uncertain economic times, it's crucial to remember the acronym "successful" and take actions like borrowing, acquiring businesses, and poaching talent to thrive and be well-positioned for recovery.

• In uncertain economic times, it is important to keep in mind the acronym "successful" to thrive, even if there is a significant slowdown.
• During an economic slowdown or recession, it is advisable to borrow, acquire other businesses, and poach talent in order to thrive and be in a strong position when the economy recovers.

💡 10:22 Executives in the branded merchandise industry should consider riding the wave of trends like AI and customization to take advantage of the learning aspect and offer personalized products to their clients.

📚 12:05 Be modest when predicting the future, as demonstrated by the speaker's own experience, but also acknowledge positive developments.

• Artificial intelligence allows for the development of highly tailored and customizable products, such as posters and book covers, with instantaneity and without the need for throwing the word "AI" at the end of one's name.
• Be modest when predicting the future, as demonstrated by the speaker's own experience with branded merchandise promoting a book about the bright future that was followed by various crashes, but also acknowledging that positive developments have occurred since then.

💡 14:26 There is no crystal ball, but the speaker will provide actionable advice at the ASI Power Summit in October.