John Rockefeller said: “A man who starts out simply with the idea of getting rich won’t succeed. You must have a larger ambition.”
If you are driven only by greed, you will never be satisfied. Greed is like a bottomless pit that, no matter how much of it you fill, will always appear empty.
In the business world, the more you give to your staff (for example, guidance, motivation, encouragement, opportunity, and respect), the better they perform.
“Servant leadership,” a phrase coined by Robert Greenleaf in his book, The Servant as Leader, is an approach whereby the leader concentrates on service and making a difference instead of being an authority figure who orders his employees around. He becomes more like a resource and an empowering guide. By creating an enabling environment for your employees, you increase their productivity and ultimately your company’s profitability.
When you give your customers, you increase their loyalty. Also, you invite their word-of-mouth promotion about your business. The lifetime value of their loyalty is enormous.
I was invited to speak at a Young Presidents Organization event at the Taj Hotel in Calcutta. This was after a hectic trip from Mumbai, Hyderabad, and Delhi. To unwind a little, I went for a foot massage before my speech. When I asked my attendant some questions about the hotel, he gave me a response that I would expect from the owner of the hotel. He told me how Taj Hotel began, what kind of training he was provided, how many employees worked there, and the names of all the leaders at the hotel. Amazing!
Other examples of outstanding service include Emirates Airlines who provide memorable service to their customers and are regarded as one of the best in the business. And by creating an experience and giving power to the staff, Starbucks surged to the top of its market from a single-location coffee shop in 1971. As a result, in 2017, the chain recorded its highest ever annual revenue of 22.39 billion U.S. dollars, up from the four billion mark in 2003. Its success is based on its progressive corporate culture and the passing-on of its values to all employees, or “partners” as they are known in the company. At Starbucks, the criteria for success are a belief in their product and the creation of a desirable experience for the customer.
Completely satisfied and engaged customers create extraordinary results for your business, not only in terms of their sustained contribution but also through invaluable word-of-mouth promotion. This type of advertising is more powerful than any you can buy.
Great service and care for customers will always remain one of the most visible frontline differentiators for your business!