Let’s face it nobody is going to do a study on how customer focus would benefit small business – they should – but I haven’t seen one. So let’s do the next best thing, have a look at what big business does.
Anna Farmary, on her The Engaging Brand Blog as an article “Focus on Customer Experience Delivers Profit” – being nice to customers and focus on their needs, to you and me. While she laments Amazon for failings, the facts of a study remain:
Peer Insight did a 3 year study of 40 Fortune 500 companies – the results show that companies that focused upon customer experience design outperformed the S&P 500 by a 10-1 margin from 2000 to 2005.
I guess, we do not need a brain surgeon to tell us that a similar trend would be seen for small business and start-up business, like SOHO-, SME, SMB-, Micro-, Lifestyle-, Home-, DIY-, Hobby-, Boomer- or Personal business, like professional, contractors, freelancer, self-employed, sole-trader and virtual assistants, so be nice to your clients and service them well, go the extra mile and be rewarded with a loyal client and more revenue down the road.
Being focused on your clients pays, 10:1 margin, think about that. ST.