Goodwill is the only asset that competition cannot undersell or destroy.
Marshall FieldRead
Those who enter to buy, support me. Those who come to flatter, please me. Those who complain, teach me how I may please others so that more will come. Those only hurt me who are displeased but do not complain. They refuse me permission to correct my errors and thus improve my service.
Interpretation
This quote highlights the importance of feedback and constructive criticism in improving one's service or business.
Marshall Field emphasizes that the opinions of customers play a crucial role in shaping and refining a business. While buyers support him and flatterers please him, it is the complaints that provide valuable insights into necessary improvements. Those who merely express dissatisfaction without offering feedback hinder progress by denying the opportunity for correction and enhancement in the service provided.
In practice
In a business meeting when discussing customer service strategies.
Goodwill is the only asset that competition cannot undersell or destroy.
The best client is a scared millionaire.
When looking at trends I always ask myself basic and timeless questions about business, and the one I seem to always come back to is, 'How is this different than anything else in the marketplace?'
The rules of engagement around building a brand have changed significantly over the past 10 to 15 years. Where companies at one time could spread their message through traditional marketing, consumers now seek an enduring emotional connection with the companies they patronize. The foundation of that connection is the most important characteristic of building a world-class brand: trust. Trust with your people and trust with your customers.
We used to think that the enterprise was the hardest customer to satisfy, but we were wrong. It turns out, consumers are harder than the enterprise because the consumer will not give you a second chance.
If you are a new startup company, try not to arouse the interest or suspicion of your competition; especially if they are a bigger company. They can crush you while you are still in your startup phase. Lie low while still strengthening your bottom line.
No one knows the cost of a defective product - don't tell me you do. You know the cost of replacing it, but not the cost of a dissatisfied customer.
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