In today’s hyper-competitive market, creating sticky customer relationships is paramount.
After all, keeping existing customers is five times less expensive than finding new ones. That’s good business in anyone’s book.
Traditional competitive factors like product design, technology and distribution channels are harder to sustain in a super-fast, mega-networked world. In fact, the good old “Four P’s of Marketing” – product, price, promotion and placement – are having much less impact for companies competing in today’s marketplace. A fifth “P” – people – has become an increasingly important competitive factor.
Consider this: About 70% of customers’ buying decisions are based on positive human interactions with sales staff. Add to this the fact that 83% of the U.S. gross domestic product comes from services and information which are created and delivered by people. The bottom line is that people buy from people, not companies. So, your people – and the performance they deliver – are the defining competitive advantage for your organization.
The Anatomy of Passionate Performance
Think of the times you’ve gone shopping or to a restaurant and dealt with service people who were visibly excited to be in their jobs and to be serving you. Their words jumped out of their hearts rather than being regurgitated from a script. They probably surprised you with the extra effort and thoughtfulness they put toward satisfying your particular needs or questions – and they actually seemed happy to do it!
70% of customers’ buying decisions are based on positive human interactions with sales staff.
Now, consider how you felt when you left these establishments. Did you buy more than you had planned? Were you likely to return? Did you recommend these businesses to friends? You probably answered “Yes” to at least one of these questions. That’s the beginning of a value chain that starts with engaged employees.
When people are engaged in their work and feel a deep connection to it, they deliver Passionate Performance. Passionate Performance creates satisfied customers, and ultimately, value for the organization.