It just wouldn’t be appropriate to not have at least one blog entry related to the Olympics – this is my first (and maybe last). I saw a great comment from the biggest name in the Olympics, Michael Phelps, and his coach, Bob Bowman that I felt needed to be discussed a bit.
In an interview, Phelps said, “Putting money in the bank. When you train every day, sometimes there are workouts you don’t like, don’t want to do. Bob says you’re putting money in the bank. I guess I put a lot of money in the bank over the last four years, and we withdrew pretty much every penny in the bank. After Bob and I both grab a break, it’ll be time to start depositing.”
What a great comment from the most decorated athlete at these Games – congratulations Michael and Bob – job well done. OK, so how does this relate to customers, strategy and driving more revenue? Well, I’m sure many of you have figured out already where I am going with this one. Let me explain.
First, when you start by learning more about your customers than your competition, you start to make deposits in your “CUSTOMER LOYALTY ACCOUNT” and building up reserves. The more you learn the more you deposit into the account.
Second, the more you are able to deliver on the Promises your customers want you to deliver on the more deposits you make into the Loyalty Account. They measure you on how well you deliver on what you say you are going to do.
Third, when you demonstrate “consistent behavior” to your customers you are also making deposits into the account as they see you are able to give them what they want each and every day. This is the crux of building customer loyalty (as we have discussed many times before) and as such they reward you with their loyalty for your efforts.
OOOPS – you screwed something up, made a mistake, messed up something. This is the point where you actually make a WITHDRAWL from the LOYALTY ACCOUNT so you can make up for what went wrong. If, like Michael Phelps, you have been doing your work and making deposits, your customers will give you another chance and allow you to withdraw from the account to make it right. However, do it too often or too many times and you will “DEPLETE” the account and the customer walks – its that simple.
Michael gave us a tremendous analogy (we will be using it again for sure) that fits exactly why it is important for companies and their employees to make deposits in the CUSTOMER LOYALTY ACCOUNT every chance they get because, as we all know, we will have to make a withdrawal someday. Thanks Michael and Bob – great way to look at something more than the swimming.
Blaine
