Know your Customer… always!
Bank of America decided today (Nov 1, 2011) according to news reports, to reverse a decision to charge a $5 monthly fee on debit cards. Last week they softened their approach, but said they were still going to go ahead with the measure.
Time and again, we find ourselves in the same place of losing customers by not talking to them ahead of time and making decisions that impact our business negatively. No doubt there were plenty of customers that spoke with their feet and moved to competitors, like credit unions, that the Bank of America will never get back. It is possible that their income lost would never have been recovered by this $5 fee.
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There is a difference between hunting and farming. Hunters, consistently consuming, are always on the move, looking to conquer and use new territory. Farmers care and feed their land, knowing that the energy they use to nurture and provide will in return feed them as well – it is a cycle, not a finite line with an end in place.
There are several global examples of what happens when we over-hunt a species or area – and business is finding that out too. Without taking time to replenish and nurture the very area that feeds you, it will eventually dry up and die off. Perhaps when there is such a large quantity available, as you said here Bob, so many customers are available that losing some makes no difference. However, you then have to spend energy and go get some new ones, because the customers that made your business possible have left!
Rather, as you said, nurture the ones that are here, and always…..know your customer!!
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November 2, 2011 at 7:51 am