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.'
Greatest risk is not development of new product, but development of customers and markets
The single biggest reason companies fail is they overinvest in what is, as opposed to what might be.
Businesses are not paid to reform customers. They are paid to satisfy customers.
Ultimately, what any company does when it is successful is merely a lagging indicator of its existing culture.
There are two ways to extend a business. Take inventory of what you're good at and extend out from your skills. Or determine what your customers need and work backward, even if it requires learning new skills. Kindle is an example of working backward.
Why do eight out of ten new consumer products fail? Sometimes because they are too new. The first cold cereals were rejected by consumers. More often new products fail because they are not new enough.
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