(Newswire.net — October 22, 2018) — When you hear “family business” what may come to mind is a family run grocery store, dry cleaner, or convenient shop. While these small operations do exist, the reality is that some of the world’s largest and most successful companies are actually family owned businesses. These include the likes of Ikea, Ford Motors, Nike and even Walmart.
What these businesses all have in common is their huge success, and also that they have branded their companies as being family businesses. In the United States, there are approximately 5.5 million family businesses and these businesses contribute 57% towards the GDP and employ an impressive 63% of the workforce. Furthemore, family businesses generate 78% of new jobs. As the statistics show, family owned businesses are flourishing, and for good reason – many consumers simply prefer to work with these types of businesses.
Here are three reasons why branding your company as a family business may be good for your bottom line.
The Trust Factor
A family business instills a sense of trust in consumers. Consumers know that the company does not consist only of hired employees paid to do a job, but rather a group of people with an invested interest in seeing the business succeed. In the minds’ of consumers it follows that family owned business will go the extra measures to please their customers and to deliver a quality service or product.
Integrity, Quality & Other Values
Consumers generally seek to work with companies and brands which reflect their own values. Family businesses have an advantage when it comes to delivering on core values because these companies are known for being built on values, and for passing these values down from one generation to the next. When the consumer identifies with these values such as integrity, quality, service and others they are more willing to trust the company and to open up their wallets.
The Face Behind The Name
Consumers understand that family owned businesses are putting their name and reputation on the line as it is directly dependant on the quality of their product or service. Consumers appreciate that these companies will deliver on what they promise their customers. In the event that something does not go right, there is usually a real person who is focused on customer satisfaction to turn to for help.
Family owned and operated full-service plumbing company, Apollo Drain & Rooter Service is an example of a business that has successfully branded itself as a family business. As the owner points out, the company has successfully grown the business through hard work, standout service fair, honesty and reliability, which has in turn engendered the trust and loyalty of their customers.