The Business Book

264

THERE IS

ONLY ONE

BOSS: THE

CUSTOMER

MAKE YOUR CUSTOMERS LOVE YOU

T

he idea that the customer

determines how successful

a business becomes has

been accepted by numerous

entrepreneurs and management

experts since the late 19th century.

Logically, if customers are happy

with a product or service they

will make repeat purchases and

give recommendations to their

friends and family. This helps the

business to grow, and in effect

pays the wages of employees.

Like any love affair, the

intensity of a relationship between

supplier and buyer is emotional as

well as physical. The process

involved in building passion and

trust between the two parties

IN CONTEXT

FOCUS

Customer loyalty

KEY DATES

1891 Trading stamps are

introduced in the US to

encourage repeat shopping.

Customers are rewarded with

stamps that can be collected

and redeemed for goods.

1962 Sam Walton opens

Wal-Mart, with the slogan

“Satisfaction Guaranteed.”

1967 The first toll-free 1-800

customer service centers are

launched in the US.

1981 American Airlines offers

the industry’s first frequent-

flyer program to reward

customer loyalty.

1996 With the growth of

the Internet, live-chat and

email customer support is

introduced for online shoppers.