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Entries tagged 'loyalty'

The Loyalty Effect

Thursday, February 07 2008         No Comments

What's the value of great customer service and high quality?

Friday, I got a call from Ameriprise HQ telling me that my Financial Advisor was leaving the firm. I was taken aback. I have (or thought) I had a GREAT relationship with him. He and his wife have had dinner at my house and I've referred 4 clients to him.

Ameripise told me they had re-assigned me to an Advisor in Vienna, VA (simply put: not close to where I live). I said, "you need to do better than that" and the woman said she'd call back.
What did I do next? I hung up and called Josh.
"Dude, what is it?

  1. you are getting out of the financial advising business?
  2. you got fired
  3. you don't want me as a client anymore?

I was expecting a call from you."
He replied, "well, there's another option...I am legally forbidden from calling you to tell you. I am moving to another firm and can't reach out for 1 month."
That was all he could say (and on his behalf, I called the people whom I had referred.)
Last night, the new Advisor called to talk with us. "Honestly," I said, "we're probably going wherever Josh goes."

Now, that is loyalty, earned by years of hard work and dilligence.
Reminded me of a great book I read a few years ago called The Loyalty Effect which talks about how companies that foster loyalty are more profitable.

Looks like Josh has that system down. Let me know if you need a GREAT financial advisor and I'll hook you up.

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Will You Sleep With Us Again?

Tuesday, January 08 2008         No Comments

Just checked out of a hotel in Bellevue, WA.

On the receipt, there's an email address for "Quality Assurance" and feedback.

A few other places during my stay, I saw them ask "how was your stay?"

A better question:

Would you stay here again?

The airlines, for all of their shortcomings, seem to always end with the idea of "We hope your travel plans include us next time." A start, indeed, but the key question is: will you come back?

For me, for this particular hotel, the answer is NO.

My suggestion:

ask your customers if they would buy from you again.

ask your partners if they would partner with you again.

ask your employees who've left if they would work for you again.

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