Customer satisfaction is worthless. Customer loyalty is priceless.
Jeffrey GitomerRead
If you own the problem, you own the customer. If you lose the problem, you lose the customer. It's that simple.
Interpretation
Taking responsibility for issues leads to customer loyalty.
This quote emphasizes the importance of accountability in business relationships. By owning up to problems and addressing them directly, a business can foster trust and loyalty from its customers, whereas neglecting issues may drive customers away, highlighting the direct connection between problem resolution and customer retention.
In practice
In a team meeting about customer feedback, you could say, 'As Jeffrey Gitomer said, if you own the problem, you own the customer.'
Know your numbers' is a fundamental precept of business.
To grasp organizational life as it is, read novels (!) .... It is my fervent belief that we will never design rational processes that "overcome" such irregularities-don't bother telling that to a consultant. Hence, we should embrace the real, nonrational, nonlinear world with vigor and glee-and develop enterprise and career strategies accordingly.
There's a fundamental distinction between strategy and operational effectiveness.
We've done price elasticity studies, and the answer is always that we should raise prices. We don't do that, because we believe -- and we have to take this as an article of faith -- that by keeping our prices very, very low, we earn trust with customers over time, and that that actually does maximize free cash flow over the long term.
In this ever-changing society, the most powerful and enduring brands are built from the heart. They are real and sustainable. Their foundations are stronger because they are built with the strength of the human spirit, not an ad campaign. The companies that are lasting are those that are authentic.
You go to any MBA program, and you will be taught the theory of the firm, that the purpose of the firm is the maximization of return on invested capital. I always thought this was a kind of lunacy.
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