For years, there's been a drum-beat on the internet and among coaches that we should work less and make more. The theory is that by being smarter and more efficient, we should make more sales, and have more profit for every hour we work.
I like the theory. I'm not sure it's that simple.
The reality is that the those who work hardest often seem to make the most money. Beyond that, it seems to me that the world actually prefers LOW prices, and that Sam Walton (founder of Walmart) did alright by lowering prices and making a bit LESS on each individual sale.
Now, obviously, we all want to be efficient, and we all think we're just a bit smarter than our competitors. We are all looking for an "edge" to get ahead, and I suspect that will never change. But I also think there is an obvious edge we tend to over-look.
Customers actually like businesses that go the extra mile! They prefer companies that answer their phone. They do business with people who give superior service, and who seem to care about customer satisfaction - actually, I like companies that refuse to "satisfy" me and seem determined to AMAZE me! And all of that requires hard, hard work.
Here's an old "law" of business: focus on the life-time value of a fanatically loyal customer. Focus on the value of a customer who sees him- or herself as your partner, rather than as just a "shopper." When your customers refuse to deal with anyone but you, your fortune is assured. How hard should you work? About that hard.
I like the theory. I'm not sure it's that simple.
The reality is that the those who work hardest often seem to make the most money. Beyond that, it seems to me that the world actually prefers LOW prices, and that Sam Walton (founder of Walmart) did alright by lowering prices and making a bit LESS on each individual sale.
Now, obviously, we all want to be efficient, and we all think we're just a bit smarter than our competitors. We are all looking for an "edge" to get ahead, and I suspect that will never change. But I also think there is an obvious edge we tend to over-look.
Customers actually like businesses that go the extra mile! They prefer companies that answer their phone. They do business with people who give superior service, and who seem to care about customer satisfaction - actually, I like companies that refuse to "satisfy" me and seem determined to AMAZE me! And all of that requires hard, hard work.
Here's an old "law" of business: focus on the life-time value of a fanatically loyal customer. Focus on the value of a customer who sees him- or herself as your partner, rather than as just a "shopper." When your customers refuse to deal with anyone but you, your fortune is assured. How hard should you work? About that hard.
By Dr Philip E. Humbert
