KEY POINT: If you want to have a successful company today and well into the future, DELIGHTING THE CUSTOMER is an absolute necessity. As told by Warren Buffet, here is an example of how important this is for EVERY COMPANY if they want to succeed.
KEY QUESTION: Is your organization known as one that delights your customers and gives them a WOW Experience…every day by every employee?
Warren Buffet is perhaps the most respected and successful long-term investor that ever lived. As the Chairman and CEO of Berkshire Hathaway, he knows how to pick winners…not just in the market, but those who will have long-term success.
At the end of last year, Warren Buffet gave a speech posted on YouTube. It was titled, "Warren Buffet Leaves the Audience SPEECHLESS…One of the Most Inspiring Speeches Ever." While I would encourage you to watch the entire speech (16 minutes), I recommend you listen for just 10 minutes (from 4:00 – 14:00). Regardless of your business, this will get you thinking differently and how you be significantly more successful…guarantee!
Spoiler Alert: The story is about how Enterprise Rental Car company became a phenomenal success because of how the founder, Jack Taylor, approached his business and customers. The story is not only incredible, but Warren shares some critically important messages throughout the story.
Warren Buffet shares some incredible statements that shouldn't be missed throughout the story. One of the most impactful was…
I've never seen a business that delights the customer that didn't succeed.
Warren went on to talk about what customers want when they buy from any organization…to feel important and special. If you can't deliver this to your customers, you are just a COMMODITY and definitely aren't DIFFERENTIATED from your competitors.
When someone is looking to buy something (furniture or rent a car), what goes through the customers' mind is where they had a great experience. You will quickly forget about the price, but you will never forget whether you had a great experience or a poor experience.
Warren's killer (and show-stopping) statement about what happens when your customers get a delightful experience was the most impactful…THEY COME BACK AGAIN AND AGAIN. They become loyal customers and continue to buy from you well into the future…as long as you continue to delight them. And when they come back, your CLV (Customer Lifetime Value) goes through the roof.
If you have analyzed what a higher CLV means to your bottom line profitability, you quickly realize it gives you the highest return of all your customer activities. Why companies spend so much time on acquisition when they should be investing their time and money in retention has always been a mystery to me. I have yet to see a report that says the acquisition of customers is more profitable than retention when you focus on the right customers. Yet companies continue to invest and spend extraordinary dollars on customer acquisition.
QUESTION: Is your CUSTOMER STRATEGY more focused (and invested) on ACQUISITION or RETENTION?
Beyond building a CULTURE and a FOUNDATION of DELIGHTING YOUR CUSTOMERS, focusing on LOYALTY and RETENTION should be at the top of your list. Warren Buffet put it this way…
And you'll never find anyone who has had a delightful experience in purchasing anything that isn't going to come back. And similarly, if the memory is of rudeness, indifference, or whatever it may be they're never going to come back.
When you have strong customer loyalty and retention, you are now in a position to reach the pinnacle of the Customer Lifecycle…ADVOCACY. When an organization reaches this state of creating ADVOCATES and MARKETING AGENTS, they become "REMARK" able™.
Warren's emphasis on delighting customers is one of the cornerstones that help businesses GO BEYOND DIFFERENTIATION™. These cornerstones help any organization give their customers a WOW EXPERIENCE daily, build deep and incredible TRUST, and HELP THEM IMPROVE their life and/or their business. When an organization has a culture that incorporates these three cornerstones, their customers TELL OTHERS YOU ARE THE ONE TO BUY FROM.
Executing these cornerstones and going BEYOND DIFFERENTIATION™ is so incredibly important today…more than any other time in history. With so many competitors in the market and virtually no "barrier to entry" in our local and world markets, mobilizing your customers to "do your marketing for you" is not just critically important, it has become a necessity!!
Customers are your most respected and trusted marketing agents.
When customers speak, people listen…good or bad. They carry THE POWER in your market. No amount or type of advertising can ever get close to the power and return you will get from having CUSTOMERS SINGING YOUR PRAISES to other potential customers. Nothing compares. Jack Taylor of Enterprise figured this out, and we all know the incredible results he has had and continues to have in his industry. They are a great example that all organizations can follow and reap significantly stronger results.
What To Do Next...
Take an honest look at your own culture. Is it designed and operating where every employee is focused on delighting your customer? Have you put the customer truly at the center of your business? Have you become a Customer Obsessed organization? Do you empower your customers to be your marketing agents because of how you treat them? Do your customers feel special and important, like they really matter to you beyond the dollars they spend with you?
These are just some questions I would suggest you ask your leadership team and your organization. If you don't like the answers you are getting, maybe it's time to start thinking differently…the way Warren Buffet recommends you think if you want to be the Enterprise Rental Car company in your industry. You can get a lot of answers on my website (WOM10.com). You might also want to check out my latest book, "STOP MARKETING…Your Customers Are Dying To Do It For You." It will give you the recipe and formula for making this happen in your organization. Now is the time to start your own Journey to becoming "REMARK" able™!!
