Harvey Lloyd in Leadership, Entrepreneurs, Managers President • The LEAD Center, Ltd Sep 22, 2016 · 1 min read · +800

What can we learn from Wells Fargo?

What can we learn from Wells Fargo?

                                                        Picture Credit

Although most of us in small business can’t even imagine operating a company of that size, a lot of what has happened in recent days concerning WF is applicable.

The first thing we can recognize, trust is something that builds over long periods of time but, can be torn down over the simplest of issues in an instant. I believe that trust issues sometimes get lost in determining what may be wrong or right. The customer may be wrong, but I am not their judge, I am a trusted solution.

Trust starts when you begin to understand your customer’s needs and then execute around their best interest. Keeping in mind that the choice of who is your customer is always in your court. I can stop serving any customer I please. Not that I want to, but I want to always hang on to the no deal aspect of any negotiation. Once this is gone then I am now the slave to the customer.

Secondarily issues of trust are always coming up, a late shipment, delivery of less than what was expected or any other unmet expectation. If trust is your true goal with your customers then you will always seek, no matter how small, to correct unmet expectations with full customer support. I have watched fellow business owners debate the finer articles of a contract and feel that they have won the battle of this unmet expectation. In many cases it may come down to the documents that was signed, but in the end our role in trust is always the same- Seek ways to maintain the trust.

Wells Fargo created a system of competition that destroyed trust and then executed a correction of firing 5,000 employees as a solution. These employees may have needed a career change but that still doesn’t solve my trust issues.

Keep in mind that as a small business we only have our mouth to build trust with customers. The best time to build trust is during unmet expectations presented by our customers. We should ponder the following points before weighing in:

· The customer is answering to someone else who also feels expectations were not met.

· Until we fully understand the unmet expectations we are fact finding. The solution lies in the facts, not judgment.

· Look past the behavior. We all have done it. Something doesn’t go as planned and we just react to the unmet expectation with behavior that is not productive.

I find it interesting that EI has become a hot topic within the social media community yet the C-Suite seems to have the least Emotional Intelligence.


Tausif Mundrawala Sep 22, 2016 · #10

#8 I agree with you on all aspects. I like reading such thought provoking posts and the way it gets interactive.

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Harvey Lloyd Sep 22, 2016 · #8

#7 @Tausif Mundrawala, I believe that market segmentation has occurred across many industries. The advent of social media has allowed folks to cluster in large groups and they can't be ignored. But trust is a value that cuts across all of the groups. They may not like something you have and it is your role to figure that out, but they can still trust your brand. Listening to some of my Gen X daughters talk with friends i hear brands being discussed and many can't "find" anything but they "love" the store. A trusted brand can always expand into different groups. Brands without trust are usually busy trying to keep what they have.

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Tausif Mundrawala Sep 22, 2016 · #7

Catering to customer needs is the most prominent aspect of doing business. Nowadays in apparel industry they rope in plump models in order to endorse their brands. Gone are the days when only size zero models were the faces of various brands. Companies can't thrive on one size fits all factor. Thanks for sharing this post.

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Aurorasa Sima Sep 22, 2016 · #6

#4 Trust you need to believe that nobody noticed 2 Million phony accounts. I´d certainly be surprised if I received the TOS for a cc I never ordered.

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Harvey Lloyd Sep 22, 2016 · #5

#4 Thatssss a trust issue that gets a little deeper than one would want to jump into. But my guess is, you are on the target real close to a bullseye @Randy Keho

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Randy Keho Sep 22, 2016 · #4

Wouldn't be surprised if Wells Fargo requests a government bailout and gets it.

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Aurorasa Sima Sep 22, 2016 · #3

#2 If they trust you, you have a lot of value to play with in negotiations. If not you only have the price.

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Harvey Lloyd Sep 22, 2016 · #2

#1 Thanks for the comment and the share @Aurorasa Sima. Your values discussion sparked this. One of the time tested values is trust. This can not be sacrificed at the altar of right and wrong but must be encouraged within all negotiations.

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