Small is the New Big
Big companies used to win out over small ones because of their experience, impressive client lists, and seeming permanence. We trusted big business because it was big, but the economic crisis has changed that. Small companies are now winning the confidence and the business of recession customers. No matter the size of your company, restore customer trust by doing what small companies do well:
- Be available. Customers of small companies don't need to holler "agent" into a phone to talk to a real person. Make it easy for customers to find you and react quickly to requests and demands.
- Keep your promises. It goes without saying, but always follow through on what you say you're going to do.
- Grow sustainably. Consumer confidence is shaken and customers want to know that businesses are going to be around no matter what the economic situation. Assure customers you are acting in a financially responsible and sustainable way.
Source: Harvard Business Publishing
- May 7, 2009
- Introduction to Entrepreneurship