From caveat emptor to caveat venditor

I don't think it's an understatement to say there is a seismic shift underway in the way people and commercial enterprises buy and sell goods and services.  I'm not simply talking about e-commerce on the good old Internet.  I'm talking about the enormous word-of-mouth impact of social media, which has increasing power to change people's perceptions of companies with whom they do business. 

We are watching the beginning of a move from "buyer beware" to "seller beware," and it's not just about what some say is a cooling of our economy.  This shift is being rapidly fueled by the viral and extremely democratic capabilities of social media.  Imagine the following happening to your professional service firm:

• Being taken out to the virtual woodshed for lapses in customer service, as BL Ochman has done repeatedly over the past several days regarding her dissatisfaction with Dell computers.  As an influential blogger, her complaints here and here are bound to raise the hackles of any potential Dell buyer, who in turn will stick it to Dell -- or any other computer seller by association -- the next time they interact.  She's also nailed Ford for its Bold Moves ad campaigns. 
• The increasing reach of web sites like Angie's List, which compiles ratings and reviews from nearly half a million homeowners on plumbers, electricians, handymen and other home improvement service providers.  They claim to give homeowners "the real scoop on local service companies."  "Through Angie's List, you have the ability to quickly and easily tell thousands of other Angie's List members about your experience with a company."

Is anyone else seeing examples of how this is affecting the way professional service buyers buy, and the way firms are having to sell their services?   

Comments

[B.L. Ochman]

Here's the bottom line for Dell or any other company: when customers are complaining loudly and often, there is probably something you need to change.

Lest your readers think that I am the only one expressing dissatisfaction with Dell, type in "dell tech support" in google. you will see literally thousands of posts by unhappy Dell customers in blogs, forums and on websites. Dell ignored those customers for years, and now they are paying the price.

There has absolutely been a sea change in the power of the consumer as the world has gotten smaller through globalization. And bloggers are the new town criers.

Dell's story would be much different if they had been willing to listen and respond years ago. In my opinion, Dell has a huge opportunity to turn the tide around.