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.'
There are two kinds of businesses: The first earns 12%, and you can take it out at the end of the year. The second earns 12%, but all the excess cash must be reinvested - there's never any cash. It reminds me of the guy who looks at all of his equipment and says, 'There's all of my profit.' We hate that kind of business.
If I only had two dollars left I would spend one dollar on PR.
Rules that may be easy for Wall Street are a death sentence for startups. They are easy to break accidentally and the penalty for noncompliance is severe.
Investment banking is not a business; it is a personal service where bankers work hand in hand with their clients. And it is a service that must not simply be about making bigger and bigger deals that reap rewards for only a small group of executives.
I don't know why the word 'solopreneur' is in our lexicon. Nobody can physically do it all by themselves, and more importantly, why would they want to? Being the sales team, the HR department, management, and production all by yourself is terrible. Period.
When we started the e-commerce, nobody believed that China would have e-commerce because people believed in 'guang-shi,' face-to-face, and all kinds of network in traditional ways. There's no trust system in China.
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