Sometimes you need to look to the outside for inspiration and new ideas. Particularly in an economic climate like this, it’s best to leave no stone unturned, no thought unexplored.
And in my first go as a guest columnist for Truck Parts & Service, I am going to call upon a recent experience and do just that.
But first, on behalf of everyone at Betts Truck Parts and Service, it is an honor to be the 2008 Truck Parts & Service Distributor of the Year and to have this opportunity to author several guest columns throughout the year and share with our fellow independent heavy-duty distributors.
We’re all looking for ways to elevate our businesses from “good” to “great,” to reference the best-selling book, “Good to Great” by Jim Collins.
Now, more than ever, that requires focus. In these challenging times of economic turmoil, it is natural to become defensive and discouraged by the latest headline, market report or Internet feed. These distractions take us away from what can make us great – staying positive, energetic and focused on sound actions to profitably grow our businesses.
A great way to clear the mind of negative distractions is to listen to other positively focused leaders who share the ways they are transforming their businesses from good to great in challenging times.
Opportunities to learn from others can come from participating in trade associations, leadership mentoring groups, webcasts and a myriad of other resources – many at low to no cost. If you aren’t taking advantage of these opportunities to gain fresh knowledge and perspective, I encourage you to do so.
I recently had the opportunity to listen to Derrick Hall, president and CEO of the Arizona Diamondbacks, share his insights on developing intense customer loyalty. You can imagine the challenges faced today by the sports and entertainment market that has long depended on the patronage of profitable businesses for luxury box leases, season ticket purchases and advertising contracts to fund new stadiums, player contracts and other expenses.
These traditional customers now often look at these expenses as discretionary and the first to be cut in challenging times. How does a business survive when its “best customers” decide they just can’t spend money like they used to? Sound familiar?
I encourage you to visit the Arizona Diamondbacks’ website www.arizona.diamondbacks.mlb.com and learn what Hall is doing to develop intense customer loyalty. Learn about his FAWTSY policy – “Find A Way To Say Yes” to the customer. Become inspired by the way he connects with his customers by personally answering each phone call, letter and email he receives.
Imagine the value that might come from you personally connecting with your employees through a “President’s Roundtable” concept that Hall recently implemented in the Diamondbacks’ organization – combining senior management with recent “employee of the month” award winners as a team to generate winning ideas and actions to improve the fan experience at Diamondbacks’ games.
Assess how the Diamondbacks’ have reset their pricing and product positioning policies to encourage loyalty from customer segments most impacted by the current economic downturn – and those most likely to become long-term, intensely loyal customers because of these actions.
Revel in the truth that these actions have collectively delivered to the Diamondbacks the highest percentage renewal of season tickets of all 30 Major League Baseball teams! Wouldn’t you enjoy this result in your business?
I came away from this “listen and learn” opportunity energized to connect with my management team and develop our own unique ideas about how to develop intense customer loyalty.
How can we move to the top of the vendor list for our good customers and transform our relationship into a preferred supplier partner, making them great customers? My team is also energized by this pursuit and I hope sharing this experience will encourage your business to become similarly passionate about finding new and engaging ways to develop intense loyalty from a growing customer list.
Let’s compare notes at our next CVSN or HDAW meeting as we continue to build on the value of the independent heavy-duty distribution and service model.
