In every US market with more than about 100,000 people you will find them – the big box stores. Most know what that description means. For clarity they include places like Costco, Sams Club, Home Depot, Loews, Target, Walmart and so on.
I am an experienced real estate investor in the residential niche. Along with my team we find distressed properties, renovate them and resell them to a buyer who will live in the home. We are constantly looking for distressed multi-family deals for our buy and hold strategy. In the single family home rental niche we work with our strategic partner Strongbrook.
In order for us to be successful there must be the right products. on time, reliable sources of money for our deals and a strong team of contractors and realtors. With that background I am sharing with you the number one opportunity for small to mid-size businesses selling products and services to companies like mine.
The Number 1 Opportunity For Small Businesses To Absolutely Kick Ass In A Market Dominated by The Big Box Stores
You probably already know what this is because the issue is not limited to stores servicing real estate investors. All of us from time to time need to call the cable company or the company where we get our cell phone service. Except of course unless you are a very successful person who can afford to have an assistant take care of these things for you. If you outsource the task then you are generally immune from the day to day reality of the deplorable level of customer service in this country that is pervasive at all large businesses – all. If you are immune and you are running a business, they you really need to pay attention to the following:
Deplorable Customer Service at All Large Companies Is The Number 1 Opportunity for Smaller Businesses. Here are The Top 3 Actions Steps That Will Guarantee Your Competitive Edge:
- Never install automated attendant phone systems – never. Have a live person answer the phone all the time. That person needs to be at your business and not outsourced to some remote location. There is a process and procedure for doing this right which is beyond the scope of this article.
- Know your customer! Here is one example. We order flooring from a local supplier. Their pricing and service is good. They have no idea that we have projects in our pipeline, They do not have any connections to other suppliers like cabinets, kitchen and bath, tile, All you have to do is continually update your circle of qualified suppliers and contractors and refer business to them. We are always looking for qualified resources. This is so easy to do and nobody does it.
- Communicate with your customers. The only email I ever get from any supplier including contractors is a bill. Nobody calls or emails me to ask about our level of satisfaction with their in-store experience, product quality, delivery and installation where applicable. Nobody – not one and we deal with quite a few companies.
My Number One Recommendation for the “Big Box” stores:
Each CEO needs to get out of their office and become a mystery shopper by phone an in person. If you do this you will reinvent your company and nobody will be able to even come close.
Your comments and experiences in the market place are encouraged and welcomed.
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