Why do large companies that purchase smaller companies have a hard time keeping the customers? Doesn’t this defeat the purpose of buying market share? I sold my company 2 ½ years ago and since then I have seen the revenue my company enjoyed dwindle to a fraction of what it was. Large companies tend to spend a great deal of time on the bottom line and very little time on where the revenue comes from? The new owners should immediately begin developing relationships with their new customers.
Customer loyalty is earned. It cannot be taken for granted. There are so many people fighting for the same business. You can’t lighten up. You will lose your edge. I think that customer service should be accelerated during this time.
Make it seamless. The customer doesn’t care that you are trying to iron out the loose ends. They want everything to be the same. No new rules. No new people. No new issues. When I say seamless, I mean it. A new name at the top of the invoice should be the only visible change.
Caring goes a long way. Show the customer you care. Let them know you are interested in their business and profitability. Partner with them to grow both of your businesses. If the business grows, they will not look to the competitor. They will be grateful for the help.
I think business relationships are often lost as businesses are sold or rapidly grow. This does not have to happen. Keeping the small company warmth and appeal will produce more dollars than policing the bottom will ever produce.
