Changing the rules when times are bad

I was reading Anja’s last blog post about the importance of customer-based service and I thought I’d add my say to the subject.

I am quite actively involved in the financial services sector in South Africa and it has been quite interesting to watch the definite shift in attitudes as this “financial crisis” has played out.

It has been amazing to see how important customer reassurance, customer-focus and ultimately customer retention has become to financial services businesses in the last few months as many of their big money clients have literally evaporated before their eyes.

Let’s be honest - financial services have seen some pretty good times in the last say 6 - 8 years. Profits at these firms have rocketed and many had become very choosy about the nature of the clients they “wanted”… Fast forward a few months into one of the biggest financial and economic crisis’ of our time and suddenly people who were telling you “sorry you can’t afford to be our client” are now wanting to “chat about opportunities”.

In the same way - those who were “too good” to talk to the press are suddenly vying for some time with journalists to get their message out there.

Earlier this week I went through to two new financial services firms and got walked through their two offerings. Now bear in mind I don’t have huge disposable income and (unless I get very lucky) am not going to generate big profits for them in my first few months. Despite this, their CEO’s both took the time to take me through their product offering. Not some impersonal sales guy - but the person who has attached his reputation to the brand that is being pushed to you.

That on its own is something that I think companies can learn from. There is little more motivating than seeing your most senior executives come down out of their glass or ivory towers, roll up their sleeves and get stuck in.

Don’t let anybody fool you - this economic crisis is creating a lot of opportunities - but the real entrepreneurs are not those who succeed when times are good - but instead are those who change the rules of the game when things are bad….