There are so many financial benefits to creating a real service culture. You dramatically increase the value of the business. Significantly more than any competitor. Sales will be light years ahead of your competition. Market share will have a dramatic increase.
With COVID finally going into hiding it is time for organizations to dramatically improve their customer service. I believe customer service is worse today than when I developed Feelings in 1979, the first customer service program ever developed in the world.
Most US CEOs live in a make-believe world. About 90% of CEOs in the US would rate their customer service an 8, 9 or 10. If we asked the 330 million people living in the US to identify 5 customer service leaders about 99.9% would have trouble coming up with five.
I encourage you to follow and implement the steps in my Proven Process for Driving a Service Culture. The first step is Strategy. Very few CEOs understand the power of the Service Strategy. The Second is Leadership. Everyone in a leadership position has to walk the talk and support the customer experience. The third is Tools. Most firms have lots of employees. How do you cost-effectively train hundreds and thousands of employees? The Training Problem and SQI Solutions best explain our technology.
What a $9,000 Investment in 2003 Looks Like in 2023
Every year on January 1, I like to share the financial impact of the $9000 I invested in May 2003. The $9,000 as of January 1, 2023 is worth $102,754. This is almost 20 years ago I invested $1000 in the following nine companies that were service leaders at that time. I wanted to see what really happens to stocks if you deliver great customer service. All the dividends have been reinvested since May 2023 in the respective stocks. What I did not realize at the time is most of these firms would not be Relentless.
I believe the most customer-driven firm in the world.
Value as of 2023: $53,760
Annual revenue for 2022 was $226.954 Billion, a 15.83% increase from 2021.
Value as of 2023: $18,924
Annual revenue for 2022 was $151.157 Billion, a 14.42% increase from 2021
Value as of 2023: $16,623
This used to be Commerce Bank. When Vernon Hill was CEO it outperformed Amazon
Value as of 2023: $5,859
In 2000 when Lee Scott took over as CEO he dropped the focus on customer service. Customer service is no longer part of their culture.
Value as of 2023: $3,758
They are still customer driven. The Christmas flight cancellations killed their brand.
Value as of 2023: $2,274
After Jack Welch retired in September 2001 greed and wasteful spending took over.
Value as of 2023:$589
Micheal Dell retired twice. The first time his new CEO Kevin Rollins dropped their focus on customer service. Dell never recovered.
Value as of 2023: $500
When they kept passengers locked on the runway for 13 hours in 2007 with NO service recovery they lost their brand and reputation.
Value as of 2023: $467