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.'
If you want to invest in us, we believe customer number one, employee number two, shareholder number three. If they don't want to buy that, that's fine. If they regret, they can sell us.
A brand for a company is like a reputation for a person. You earn reputation by trying to do hard things well.
Today's consumers are eager to become loyal fans of companies that respect purposeful capitalism. They are not opposed to companies making a profit; indeed, they may even be investors in these companies - but at the core, they want more empathic, enlightened corporations that seek a balance between profit and purpose.
Businesses fail when they over-invest in what is at the expense of what could be.
Market leadership can translate directly to higher revenue, higher profitability, greater capital velocity and correspondingly stronger returns on invested capital.
You have family-owned businesses that have been around for 500 years. You cannot name a corporation that survives intact for even a few decades.
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