Sunday, May 15, 2011

Be truthful even in Business

example of an honest restaurant
My inspiration for this blog is a quote by Mahatma Gandhi. His advice to the Indian community in South Africa:  " Be truthful even in Business". Such an apt quote for today's businesses as well given the fact that Truth, trust and honesty are very scarce commodities in this modern civilization.

Lets examine as to why consumers have turned to peer reviews or other customers feedback. In the era of TV industrial complex, it was a fascination for brands to glorify about their products or services with less or no substance through a interruption medium called TV. Advertising and businesses were symbiotic relationships.This explosive mass media approach kind of suspended the disbelief in us which resulted in large scale impulse purchase. With many brands taking the same approach and with huge chasm between product promise to delivery the disbelief was inevitable. Consumers were looking to get actual feedback while businesses were looking to camouflage substandard product capabilities through innovative advertising.

Businesses were convinced that mediocre products,tall promises and great advertising would deliver the goods. All these plans have just began to become obsolete thanks to a disruptive medium called internet. Internet especially social media has done the impossible. Consumers connecting with consumers to seek real opinions than being mislead by the usual sugar quoted brand promises. What does this mean to brands? Is it end of story? Not really.

Its simple. Create remarkable products, provide unique positive experiences for the customer and do business in a truthful manner. Consumers will carry your stories to many consumers which is more powerful than any amount of advertising.If that is a tall ask, even  if you have mediocre products be honest to your customers. New age customers are willing to trade off quality for honesty albeit for a brief time period.

Keep it simple, honest. The revolution starts here...