In his book, Start with Why, Simon Sinek makes a comparison between repeat business and loyalty.
He writes, “There is a big difference between repeat business and loyalty. Repeat business is when people do business with you multiple times. Loyalty is when people are willing to turn down a better product or a better price to continue doing business with you. Loyal customers often don’t even bother to research the competition or entertain other options. Loyalty is not easily won. Repeat business, however, is. All it takes is manipulation.”
Sadly, most leaders give little thought to the idea of loyalty. Instead, they are consumed with the bottom line … profits.
Occasionally you find exceptions to this mindset. When you do, you will find a leader who understands the real way to build loyalty is through relationships.
Ask yourself some tough questions today. Are there people who are loyal to your product? People who, “Don’t even bother to research the competition or entertain other options?” If so, be certain of one thing. They are not loyal to your product. They are loyal to you.
If you can’t identify anyone who is immune from being lured away by the competition, it is possible you have forgotten which business you are in.
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Randy is an author, speaker, executive coach, and the CEO of InteGREAT Leadership. He invests his time encouraging leaders around the world.