Improving consumer confidence in small businesses (infographic)

Image by mohamed Hassan from Pixabay

By Michaela Wong

While major corporations are working to expand, grow, and unite to efficiently meet rising consumer demand, it’s important to remember that bigger is not always better. In fact, a recent report by the U.S. Chamber of Commerce has shown that small business confidence outstrips that of any other institution.

A recent consumer confidence study found that only 19% of people have high confidence in big institutions, which means that public confidence in small businesses (75%) is much higher than in “big box” institutions such as banks, insurance companies, and financial institutions. Large companies lack public trust, and fewer than half as many people trust them as small businesses.

Small businesses created more jobs in the United States in 2019 than any other type of business, such as restaurants, hotels, and retail stores. There is much to be learned from America’s positive attitude toward small businesses: Small is powerful, and Americans are learning a lot in their push towards supporting small businesses.

Small vs. large

Despite public attitudes toward small businesses, large companies like Amazon and Walmart typically make higher profits and deliver lower costs and greater efficiency, making it difficult for consumers to resist, regardless of their preferences for smaller businesses. The dilemma is that the profit margins of small businesses, which are constantly rising, do not receive the same support as they have become more successful. This could also increase pressure on small business owners to lower prices and boost profits.

People trust people, not companies

If you are an entrepreneur, creating services, products and customer trust is critical to the reputation and profitability of your brand. This could mean being informed about the production of your products and informing your customers about the status of their inquiries. Being honest and trustworthy can make all the difference when trying to improve consumer confidence in your business. But why is that?

People trust people, not companies, and they trust their friends and family more than their business partners or even their employees.

Tips to improve consumer confidence

When it comes to delivering products and services, consistency is key, and therefore you should be ready to deal with problems immediately. Make sure you are the face of your own business and that your customers feel that you can reach out to them to meet their needs. Stay consistent with your level of service and ensure that you maintain an exemplary level of service across all your business activities.

Additionally, as a small business owner, it’s important for you to make sure your employees and customers know what your business is all about and share information on how you can use your feedback to improve it. Even better: implement these ideas and make it clear to your customers that you know them and How they appreciate their feedback.

Building a healthy relationship with customers could not only lead to them turning to you in the competition, but also create loyal customers who trust you to provide personalized service and a good experience.

Being a small business owner is no easy task. From making sure your business remains profitable to having a sufficient cybersecurity system, there’s a lot to figure out when it comes to being a small business entrepreneur. For a complete guide to improving consumer confidence in small businesses, check out the infographic below.

Michaela Wong is a content creator who helps Resume Now create insightful career development articles. She is a graduate of San Diego State University with a background in digital marketing. In her free time, she enjoys reading and exploring her home state of California with her corgi. Twitter: @michaelawong15

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