The Business of Generosity
Can you build a business on being generous? Can you commit to delighting your customers every time, and how would that affect your bottom line? Can you always deliver extra value and a pleasant experience for your clients?
While you ponder that thought, let’s take a look at the opposite side of the spectrum. Consider a company that manufactures something and decides to cut corners and reduce costs. Perhaps the product still works well – almost as well – as it originally did, and a few pennies are saved. Is this kind of cost-cutting a solid business decision?
Possibly, but the answer might not be quite so simple. In the scenario where the product works slightly less well with a few pennies saved, then what happens the next time costs are cut? And the next? Many times there will be a gradual degrading of quality to the point where people start to notice and question their purchasing decisions.
We all know how much easier and more cost-effective it is to keep current customers instead as opposed to seeking out new ones, which means that losing a customer is an expensive proposition – probably a lot more expensive than the pennies saved in production.
But let’s take the idea of adding value, going the extra mile for your customers. Your bean counters may not be happy at first, but what’s the real value of a delighted customer – one who tells their friends about the extraordinary service that he or she has received? It may be hard to quantify but that doesn’t mean it’s not extremely valuable. Companies like Zappos understand this concept and have built their entire culture around it.
How can you embrace excellent service within your organization and encourage your employees to be generous with their time and skills? You may find the way that your customers decide to thank you to be both delightful and profitable, as well.
Elin Barton is the President of White Knight Productions and the host of the podcast, Ready, Set, Grit. ?Her first book, Ready, Set, Grit: How to Turn Your Daydream Into a Phenomenal Success, will be released in the Fall of 2017.