How Times Have Changed

Many years ago, deceptive practices ran rampant in the sales profession. Salespeople used pressure, misleading tactics, and their own imbalance of information to coerce buyers into deals that the customer would later find were not in their best interest. Two hundred years ago, if something like that happened, you might share the story with your friends the next time you saw them in person. Eighty years ago, you might have even called your friends who had a phone, to share the story. However, you might not be 100% certain that you ended up with a bad deal.  You might not have had enough facts to confirm your suspicion. But, fast forward to today, and the customer has at least as much information as the salesperson. If you have less than a positive experience, you can share it with the free world before you even leave their sight (or site).  In To Sell is Human, author Dan Pink describes this as a shift from Buyer Beware to Seller Beware. In short, being deceptive today can cost you that customer, and anyone they can reach via social media – which could be the free world.

Avoid the Adversarial Trap

Customers have had a history of interactions with people pursuing their own selfish interest. This has led to mistrust, and the introduction of dastardly processes that vendors must follow in order to pursue business (RFP anyone?). The mistrust leads to what I call “The Adversarial Trap.” This pits buyer against seller. Each side is on a quest to “out-do” the other party. It becomes a game like Battleship – where one party wins, and one loses… or dies.

Get on the Same Side

Take the role of looking out for the best interest of your client, in combination with your interest. This means that you don’t sell them something if you can’t deliver results, and you don’t agree to something that is not good for your business. The metaphor that Jack Quarles and I use in our upcoming book, Same Side Selling, is assembling a puzzle. If your puzzle pieces and their pieces don’t match, then it’s not a fit. Once your client sees that you only have an interest in areas where you can deliver extraordinary results, then you can shed the stereotype that has plagued sales and other executives for more than a century. Read this story of how doing this right can really pay off.

It All Starts with Honesty

Those who operate with transparency and integrity reap huge rewards. MemberCar.com delivers high-end used car sales, service, and a concierge experience. As a member, you get a free hand-carwash every Saturday.  I was about to buy a car from MemberCar when the owner said to me “Ian, I just want you to know that with this car, you could spend $15,000 a year in maintenance.”  They would not let me make a purchase without ensuring I was fully informed. (I still dream about the car, but appreciate him for looking out for my interests). He expressed relief when I decided not to buy the car. There is no reason for me to buy from anyone else. I would prefer to buy a used car from them than a new car. He has my complete trust. Can your customers say that?

A Great Video to Drive the Point Home

In a recent TEDx talk, Marcus Sheridan does a magnificent job sharing thoughts on “The Honest Economy.”  Take the time to view the 12 minute video if you have not already done so. It’s no wonder it was viewed thousands of times in the first 48 hours.

What stories can you share where honesty or dishonesty changed your view of the other party?

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This highlights the greatest challenge with price negotiations: Most executives and sales professionals are better prepared for the unlikely event of catching on fire than dealing with pricing pressure. If you work as a firefighter, then you can skip this article. The rest of you are thankfully more likely to face pricing pressure than to catch fire… so keep reading.

It’s Never about Price

If you believe that you are a true commodity, then your only weapon is price. For most organizations, “commodity” is a typical excuse.  I have clients who are insurance brokers, IT consultants, accountants, lawyers… and at one point each of them thought they were a commodity.

Negotiations are all about the balance between cost and value. Price pressure either comes out of the fact that you did not help the client appreciate your unique value, or they just want to see if they can pay less.

Their price is less – can you match it?

Susan received a call from a client who said “We really want to work with you, but the other vendor is $10,000 less than you. If you can match their price, we’ll work with you.”  My advice to Susan was that if the other vendor was offering a lower price for the same value, then they would not have called you. Instead, we taught Susan to say “What was it about us that makes you want to work with me and my team?”  The client spent about 5 minutes convincing Susan (and themselves) why Susan was their preferred vendor. Susan ended up using some of the following concepts to win the deal without discounting.

Stop, Swap, and Trade

There are some buyers who have gone through extensive training on negotiating. You’ll encounter them in less than 10% of the situations. Briefly, let me summarize a few steps that are part of a rather detailed training program.

STOP

When your client raises a pricing objection, those without training will either ignore the comment, or immediately offer a concession.  Instead, Stop and ask questions to clarify what’s going on. You might ask questions like “You said the cost is too high. Are you taking about the initial purchase, or the long-term cost?” This starts a dialog about value and ensures you understand what you are facing.

SWAP

If you give a concession without getting anything in return, we call that a unilateral concession. In that case, you are telling your client two things: 1) You were overcharging them before; and 2) All they have to do in the future is whine and you’ll cave in.  Your discount might even cost you the business.

Instead, empathize with their need for a lower price, and ask where you can work together to reduce the scope to reach a lower investment. The swap might sound like “I appreciate that you need to drop the cost by $10,000. I’m sure that if we put our heads together, we can probably remove some tasks/options/requirements that would drop the scope by at least $10,000.

TRADE

If you are dealing with an expert negotiator, you might need to give something modest just so they know you are willing to work with them. In that case, we still need to avoid a unilateral concession. This is a good time to trade for items that could be of value to you without costing them money.  It might sound like “I can probably sell this internally if I can get you to participate in a video testimonial and case study.” The lesson is that even when you give in a little, they need to return the favor.

Your Turn

Avoid the urge to Stop, Drop, and Roll. Instead focus your team on the notion of Stop, Swap, and Trade. What tools have you found to be effective in dealing with pricing pressure?

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What You Did Wrong

One coach focuses on what players are doing wrong. He walks up and down the sideline yelling anytime he feels they should have done something differently than what they did. If a player gets beat by the opposing player, he screams “That was your guy.” Maybe the coach thinks the player didn’t know he messed up. During practices, the team tends to do the exact same routine. At games, you never hear “Great pass,” or “Great decision.”

What Went Well – And Where and Why to Make Adjustments

The goalkeeper coach starts each session with a discussion of the trouble spots from the prior week. During the training session, he shows the players what they did right, and how and why to make adjustments. It might sound like “You tracked the ball well with your eyes.  Your footwork was solid, your general position was good. But, look at your hands. Why is that position not ideal?” He engages the players to discover what they could do better, and ensures they understand the reason behind each move. He praises them when they succeed, and he teaches when they fail.  He only expresses disappointment when they lose focus or don’t give 100%.

Game Day

This past weekend, my son made two saves on break-away plays against the other team en route to a shutout. I said to him after the game “Great saves!”  He said “If my hands were in the right shape on the second one, I would have caught it.” His goalkeeper coach has taught him the skills to evaluate and improve himself at each interaction.

What does this teach us about business?

CEOs and executives often complain about a lack of sales, or simply yell at their team about a lack of performance. When teams fail, several reasons could be the cause:

• Lack of skills or training
• Lack of strategy or direction
• Lack of initiative (which can be a result of frustration from the prior two reasons)
• Lack of anything of value to sell (which is a favorite excuse, but rarely true)

Here are two common complaints and what to do about them to produce results.

Our Team Discounts Too Much

Everyone knows what to do if their clothes catch on fire.  Yep – You Stop-Drop-and Roll.  If you asked everyone on your team, they would give the same answer. Ask them the three things they would do if faced with pricing pressure. You’ll get different answers across the board. Train your team on a simple process to combat pricing pressure. If you don’t mentor them on how to address pricing pressure, they might just STOP what they are doing, DROP your price, and ROLL over. Next week’s article will detail a process to deal with pricing pressure.

We Need More Meetings/Proposals/Activity

Be careful what you wish for. Simply wishing for more meetings (just like wishing for more goals) is not the answer. As the linked article points out, take the time to understand why your ideal customers would need what you are selling. Define the right targets and strategy to pursue specific opportunities. Military snipers spend most of their time figuring out how to get to the right target at the right time. Just shooting randomly doesn’t get the job done.

Which Coach Are You?

Do your players feel like they have the support and guidance they need to succeed, or are they just hoping they won’t get yelled at this week? If you are yelling at your team, read Are Your Employees Getting Dumber and What Is That Costing You.

If you take the time to develop their skills and put them in a position to make great plays, you might be in a position to celebrate many victories. The next time your team loses a game, figure out how you could better prepare the team for the next match. More importantly, when you win a contest, review what led to the success, and discuss changes that could improve the next pursuit.

What is the greatest sales frustration for you and your team? Share your thoughts, and you might just get an answer that can help.

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What about the Numbers?

In business-to-business marketing, volume is misleading. Let’s say I give you a choice: A) You can get 100 leads; or B) You can get 20 leads. You might pick group A. Let’s make it a bit more interesting. Let’s say that group A is interested in your message at a 5 on a 1-10 scale, whereas group B is interested at an 8 on the same scale. Now which would you pick?

Statisticians use a calculation called Expected Return. So, if you followed the principle of expected return, you would get 100*5=500 vs. 20*8=160. So, even with this basic analysis, you might still pick group A. But, I’ll tell you why these numbers are misleading, and why you are still better off with group B.

What Is the Hidden Key to the Analysis?

When you have a generic message, you gain interest at a superficial level. This means that most of the leads you generate do not have an issue that rises to the level to justify making a change or investment. However, when your message is specific, you capture the attention of the right audience (and intentionally miss those who are not a fit).

Fred Reichheld wrote The Ultimate Question (one of many of his publications) that established a question that is the best indicator of customer loyalty: “1-10, How likely are you to refer XYZ to a friend or colleague?” It is likely one of the first questions on any customer service survey. The research showed something remarkable. Anything at a 6 or below is considered a detractor. A score of 7 or 8 is considered neutral, and 9 or 10 indicates a term referred to as a Net Promoter. In essence, only the 9s and 10s are actively promoting you to friends and colleagues. Indeed, an entire industry has been born from this concept. If this concept is new to you, read Fred’s book. If he could have said it all in a paragraph, he would have.

So How Does this Relate to Marketing and Sales?

As individual consumers, we can fall in love with an item and buy it “because we want it.” Don’t let that confuse you when it comes to business. In business, most decisions require justification. In my research, most business buyers feel they must identify a need that is greater or equal to an 8 (on that 1-10 scale) to justify a significant purchase decision. A generic message rarely captures attention beyond a 5. So, you end up attracting people who have some interest, but not enough interest to warrant an investment. I’ll explain how to fix this dilemma below.

First, An Example?

Everyone is a potential customer for an alternative phone service. If you have been near a television in the past 90 days, you have certainly seen a commercial for Vonage. Their most successful campaign does not try to sell to the free world. Rather, the focus of their message is to appeal to those with “enormous phone bills.” They know that young people with many international calls are the most likely to be adopters of their technology. If you don’t fit that demographic, you may have ignored the spot. But, if you are in their demographic, you most certainly have noticed the advertisement. Instead of targeting “everyone,” they target a small portion of the viewing audience… but use a message that hits them right between the eyes. Based on its advertising frequency, it has been a very successful campaign. Sure, everyone could save money with Vonage, but their target demographic has a higher sense of urgency.

Give It a Shot

Carefully describe the problem you solve for your ideal potential client. Clients can best identify with the problems you solve instead of the service you offer. When you go to the doctor with a problem, you want them to diagnose and treat the condition. You might not know what treatment you need. The same is true for prospects and clients.

My friend, Jack Quarles of Buying Excellence, can help just about any company more intelligently buy products and services. But, his ideal clients are companies spending $500,000 or more annually on professional services who wonder if they are getting the right value for their investment, and recognize that capturing value is just as important as saving money. Target your audience that way, and you will find yourself in the enviable position or growing your business while wasting less time chasing bad deals.

What level do you think your clients have to be at to buy your products and services?

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The Buck Stops Here

In the recent debate over gun control, congress did not pass President Obama’s proposed bill. The President gave an address assigning blame to Congress, the NRA, and Republicans. Whether you agree or disagree with who is responsible, recognize that such a statement decreases the chance of getting things done (see this other article about negotiation and sequestration). Look at history:

When Harry S. Truman, another Democrat, served as president, he became famous for the sign on his desk that read “The Buck Stops Here.”  During his farewell address to the American people, Truman said “The President–whoever he is–has to decide. He can’t pass the buck to anybody… That’s his job.”

When the bill failed in the Senate, what if President Obama had said “I failed to do a good enough job educating the lawmakers about why this was so important and why it was a no-brainer for them to give it their full support.”  By taking responsibility, it would signal that he needed to do something more. It would have been the ultimate example of the buck stopping here. Rest assured, the American people would have assigned blame to the right people (depending on your point of view).

How This Applies to Salespeople

Salespeople are notorious for making excuses. “The dog ate my homework” was probably first penned by someone who eventually pursued a career in sales. I have some favorites that I have heard:

• The competition undercut our price;
• The client made a stupid decision and picked another vendor;
• We got railroaded/deceived/cheated;
• The project was wired from the start.

The common thread in each of these is the lack of accountability.

My Favorite Interview Question

Of all of the interview questions, I get the most insight from the following:  “Describe a big deal that you lost, and why you lost it.” The answers will either fall into the category of making excuses, or taking accountability. I look for accountability.  Essentially “The buck stops here.”  “I got outsold,” or “They bought from his nephew, but I should have known he was in the mix” are both good examples of accepting responsibility. I look for candidates who feel there is something they could or should have done differently.  This shows a sense of responsibility and an open mind that is ready to learn new things.

Open Minds

When working with top professionals, there are two types of people in the room:  A) Those who think they already know everything; and B) Those who know there is always more to learn. It is ironic that the top performing sales professionals and executives are the ones who are always open to learning new things. You might think the top performers already have the answers. In reality, they are constantly learning and taking their craft to the next level.

So, the next time you are looking for a superstar sales performer, ask questions to determine their sense of accountability and willingness to take constructive feedback and learn. If so, you might have a future rainmaker in your midst.

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Some elevator pitches encourage you to take the stairs

I heard the managing partner of a regional law firm recently describe their firm as a “Full-service law firm located in XYZ county.” I sure am glad he said that, because otherwise some of the people in attendance might have thought they were only a “partial service” law firm. How often have you heard an accounting, law, or architectural firm describe themselves in the same manner? Do they think that someone is pining in their office, seeking a full-service firm in a crowded field of partial-service providers?

The CEO of a technology company proclaimed “We are a software and IT company that sells to government, commercial, academic, and private individuals.” Thank goodness they clarified those points. I’m glad they did not include pets in their list of clients to whom they sell. I’m sure everyone who heard that description could not wait to pull him aside to learn more about what he could sell to them.

Solve vs. Sell

The challenge for most companies is that it is very easy to focus on WHAT you do, rather than WHY clients need it. My good friend, and guru of inbound content marketing, Marcus Sheridan, recently wrote about this concept on his blog. He noted an approach that I teach that comes down to explaining the problems you solve for clients, instead of focusing on what YOU do. What issues are you great at helping your clients solve?

On the surface, the exercise sounds easy. However, having facilitated this exercise with over 1000 executives, I can tell you that fewer than 2% of them get it anywhere close to right on the first pass. In both examples above, the executives talked about their business from their own perspective. If you want to catch someone’s attention, you need to bring their concepts TO THEM.

How businesses make decisions

I facilitate an exercise with company CEOs and executives that puts them in the position of being the buyer for a fictitious service offering. In teams, they make a list of questions they would need to answer in order to make an informed decision about buying that service. They start with five questions, and then have to narrow it down to three. I’ll share the three questions with you shortly, but the interesting thing is that the first question that gets thrown out is “What is it?” That’s right. CEOs and executives don’t care about WHAT you do.

So what do they care about?

It comes down to three questions almost universally across more that 1000 CEOs and executives:

1. What problem do you solve for me? Why do I need what you are selling?

2. What is my likely outcome/result if I make the purchase?

3. Why would I buy it from you?

Participants also agree that each question leads to the next. Meaning, if they don’t know “why you need it”, then they don’t care about the outcome. Without the first two, nobody cares about why they would pick you.

Translate problems into clients?

Now that you know the questions the client has to answer in order to make a decision, see if you can help guide them to those answers. Your elevator pitch should explain the problems you solve and the likely results.

The IT business could say “Clients come to us when their systems are not reliable despite everyone’s best efforts, and their team is annoyed at lost billable time that also impacts morale. Weeks after we are engaged, our clients tell us that they stop worrying about their technology because it just seems to work all the time. How do you address that issue?” This example paints a picture of the problem they solve, why a potential client might care, and expected outcomes.

Your turn – Share your story about the problems you solve for your clients. You’ll be amazed at all of the free feedback you get from others. If you share your version, be sure to offer feedback to others.

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Guess what happened next

A few weeks later, I received an email from Kash. I unsubscribed.  A week or so later, I received an SMS message to my mobile phone number.  I gave him the benefit of the doubt, and sent a message asking him to please remove me from his list.  About three weeks later, I received another SMS message from Kash with a link to attend a live webcast.

What’s wrong with that approach?

OK. You already know what’s wrong with it. Just because someone hands you a business card, does not mean they have given you permission to add them to your list. You may not add them to your newsletter list, your automated email system, and especially not your SMS engine. Why not?  Well, they did not give you permission.

Think of it this way, if someone invaded your privacy and broke into your home, would you invite them to dinner? Of course not. If you violate someone’s privacy, what makes you think you are going to ever have an opportunity to engage in business with them? But there is another element that many overlook.

If you believe it is all about numbers, just play the lottery

Here is the real problem with adding people to a list without permission. Beyond building a reputation as an annoying jerk, at some point you need to take the time to weed through all of those people to determine which ones might be worth your effort. When you add people who do not want to be on your list, you are just delaying the inevitable. Most organizations do not lack potential leads. Rather, they lack the resources to properly attend to each opportunity. They waste too much time on leads that never should have made their way into the system.

How do you fix it

When I called Kash out on this violation of basic etiquette, he left a voicemail message saying he didn’t know how “things got messed up like that.” If you make a mistake, own it. A better answer might have been “I apologize for adding you to my list and then not removing you on request.  We are reviewing our procedures to avoid this type of mistake in the future.”

What’s the next move?

If you have a newsletter or other mailing list, when you get someone’s card just ask “We also have a newsletter that covers these topics.  If you’d like me to add you to that list, we’ll just put a “Y” on the card so we don’t forget to add you. Otherwise, you will not receive the articles unless you ask for them.”

When you meet someone at a networking event, take the time to understand what they do, and try to diagnose whether or not you might be able to help them. If it is a good fit, connect genuinely. In each business interaction, you can either be seen as someone trying to sell something, or someone there to help address specific challenges. Kash came across as a slimy salesperson, and the impression he made was not the one he envisioned. If you let your prospects ask to be put on your list, it will be a good indicator that you have something they might value… and then you’ll know you are seen as a valued resource.

Your Turn

How do you feel when you end up on a list without being asked?

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Why Referrals Are Not Optional

During Spring break, I had the pleasure of spending time with many visiting relatives. As it turns out, my brother-in-law Steve and brother-in-law Barry each hold senior positions within large organizations. Each purchases over $100 million annually. They share one common belief (among many):  Someone who calls them without a solid introduction is not worth their time. As much as it pained me to hear it, I could understand and appreciate their perspective. They are busy people, and feel that if they need something, their network can find it. They feel that taking cold-calls is a waste of time.

Each was proud of the fact that they ignored dozens of phone messages in their voicemail box each day. If you want to reach them, you need a referral.

What Is Wrong With the Typical Referral Request?

Those who know my contacts (LinkedIn makes that pretty easy) will often ask for introductions. As I have written before, I guard those contacts fiercely. But, here’s the thing. Why would I expend my political capital making an introduction if you simply want to try to sell them something? There has to be something in it for them.

A Powerful Alternative

My friend, Tom Cooper with BrightHill Group, recently contacted me to explain a unique challenge they had identified, along with a solution to address it. Tom used to work at Marriott, and was often tasked with managing multiple projects simultaneously. The challenge, as Tom explained, was everyone planned their project for their own resources, and assumed the other departments would be available as needed. In large companies, everyone seems to start big projects around the same time. By the time the second project arrives in the queue, the service organizations are without resources. Tom devised an approach to help organizations manage complex projects across departments with dependent resources.  Tom asked if I knew anyone facing that challenge.

I contacted one of the previously mentioned relatives and described the issues. I asked “How common is that?”  He replied “That’s the exact challenge we are facing today.  Would you mind making an introduction?” Because Tom could carefully articulate WHY they would want to speak with him, I was able to help.

Here Is the Big Lesson

Tom did not ask for introductions to anyone with over 1,000 employees. He did not ask for introductions to companies with three or more locations. Rather, Tom was very specific with the problem he helped companies overcome. Whether it was a $50 million company or a $20 billion company, this issue would resonate for them. Anyone struggling with that issue would welcome the opportunity to meet with him – just as was the case with my brother-in-law.

How to Ensure a Receptive Audience

In describing his approach, Tom explains that their approach does not work for everyone. This indicates to the referring party (me) and to the potential client (my brother-in-law) that Tom is there to determine if there is a fit, not just pitch whatever he is selling.

When you want an introduction, ask yourself “Are you solving an important problem, or just trying to sell something?”  My brother-in-law is excited to meet someone who might be able to solve this important issue. Tom is happy to meet with a good potential client. Both of them are happy I made the introduction.

If you make an introduction that doesn’t provide mutual value, rethink the approach, or run the risk of being seen as a troll.

It’s Your Turn

How do you feel about the importance of introductions?  What’s your best introduction story (good or bad)?

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With an abundance of information available online, it is common for clients to come to you having pre-diagnosed their own situation. In fact, they may have done some research on their own, and concluded that they need a certain service, or in Cathy’s case, a specific research methodology. It is easy for a client to have “enough information to be dangerous.”

It Happens To Me

I often get requests to speak at events where the client says “We’ve read your articles, and we think it would be great if you could come and cover the following four articles.” They then list the articles as if I would simply show up and read them to the audience of 500+ people. Instead, I ask them questions about their goals for the session, the behavior they hope to change, and how they might measure success of the session over the next six months. If you asked your physician for an antibiotic, you would expect them to first diagnose your situation to ensure that the treatment would fit your condition. The same concept holds true for requests from your clients.

How Do You Help Them Discover Alternatives?

Cathy is smart enough to realize that you cannot simply say “You are a fool. That methodology won’t work.” I like how she asked about how you can “tactfully let them know without insulting them.” You need a way to help the client discover a better approach to solve their challenge. The best way to do this is with some questions.  Here are some that might help your client better appreciate your perspective and value.

1)      There are a number of ways we could accomplish your objectives. Why did you pick that one?

2)      If there was a different approach that we felt might give you more accurate results and a better return on your investment, how would you like us to share that?

3)      Are you set on that methodology, or would you be open to another approach if we felt it would produce better results for you?

4)      Can you tell me more about your project? Before we go forward, we want to ensure we completely understand your situation so that we don’t overlook an alternative that might better serve your needs. Would that be ok?

It Comes Down To Questions

In each case, notice that a question helps get the conversation started. As long as it is clear that you are looking out for their needs, pushing back can be welcome by the client. If you agree to go down a path that is not in their best interest, rest assured that you will likely regret that decision when the project goes sideways.

Your Turn

I am knee-deep into my next book, co-authored with Buying Excellence’s CEO, Jack Quarles. Jack works with clients on how to do a better job of buying products and services from vendors, and I help people on the selling side. Think of it as The Force in Star Wars. I’ll let you determine which side is the dark side. The book is called Same Side Selling. Cathy’s question is one of the many covered in the book.  Please share your pet peeve, question, or comment about the buyer-seller dynamic by clicking the previous link.  If we include it, you’ll get a free, signed copy of the book (and bragging rights).

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I recently sent a note to Jeff Smisek, CEO of United Airlines about my perception of a decline in service. Though he did not reply personally, someone from customer relations did call me. I was impressed that someone got back to me so promptly.  Of course, they left a message while I was on one of their flights… something they should have known. When I called back, the customer relations person responded by saying “We’re basically in the business of public transportation.”  After the merger with Continental Airlines, I never imagined United’s next move: municipal bus service. Though I doubt Smisek would have given the same answer, the representative seemed to think it was a fine answer. I asked about a contact for comments on articles, and they declined to provide one.

Say It Isn’t So

Today, on my flight, the person one row behind me politely asked if he could place his briefcase in the overhead compartment. The flight attendant snapped at this First Class passenger, yelling at them “If you can just be patient, I’ll see if I have room. Just put it under your seat.”  Her tone and raised voice were the real crime. The irony is that the passenger who asked the question was extremely polite. Though this is not the norm for United’s in-flight service (recently, in-flight service has been very friendly), it was not surprising.

When It Goes Right

I was staying last week at the Sheraton in Petaluma, California. I was speaking at an event that morning, and asked how late I could checkout. The front desk person asked “How late would you like Mr. Altman?  I explained I was speaking until 1PM and would love to be able to return to the hotel to change before my flight. He said “Let’s push it to 2PM to give you enough time.” I tweeted a positive comment, and Sheraton replied within minutes. They are keenly focused on the customer.

Another Great Example

Barry Glassman is the President of Glassman Wealth Services. When you ask him about his competition, he says that his top competitor is the Ritz Carlton. He explains that his high-net-worth clients expect exceptional service. He recognizes that service is his greatest differentiation. I was at a recent customer event where his newest employee asked specific questions that demonstrated he was familiar with my business. Despite 100 or so attendees at the event, each employee (even this one who had been at the firm for barely a week) was expected to know the details about each and every person. When he referenced my latest article, I was impressed.

It comes as no surprise that their firm is one of the fastest growing and most respected in the industry. Most importantly, they far outpace the industry average for client retention.

Both the Sheraton and Glassman Wealth make the customer experience a priority. And who can forget the example I wrote about a few weeks back?

What can you learn from these examples?

We all hear a ton of buzz about culture. There are several great brands out there. Clearly, the ones that place a premium on the customer experience seem to find a way to dazzle customers at every opportunity. It’s not that they won’t make mistakes, but each employee knows the goal is to create positive stories that customers will share. They take pride in exceeding expectations. They are the companies where the customers are doing all of the positive talking.

The ones that fail certainly do not tell their employees to create negative experiences. However, they do teach their employees that cost savings, up-selling, or other non-client-centered items take a higher priority than the customer experience. It is no surprise that the companies that score the highest in customer loyalty also tend to do the best financially – especially in the long term.

If you are not sure if your culture strives to wow customers, then rest assured it is not. It is never too late to change your culture and values. But the longer you wait, the harder it is to reverse the trend.

What stories can you share (good or bad)?