“In my previous post, I touched on the theory of the “Golden Thread”. I wanted to take this opportunity to delve deeper into this concept I first learned about from Robert L. Desatnick.
In 1987 Money Mart had been rapidly expanding for 5 years with our focus being marketshare, marketshare, marketshare. The business had grown faster than we anticipated with new stores opening every month. It was about this time I, with my business partner Mark, realized it was time for the “care and feeding of the monster we created”. I had no real management training and needed some help. I was about ready to pull my hair out, not knowing how to implement systems, controls and customer service procedures into the business I had not only poured all my money, but 20 hours a day, 7 days a week for the past 5 years. We had hired a lot of our friends in the beginning which made for a good time but not necessarily a well run operation. I was looking for some good advice and in my search came across a book called “Managing to Keep the Customer: How to achieve and maintain superior customer service throughout the organization”. It changed the way I thought. This book made me consider the true value of my customers and the dollars associated with a lifetime of their loyalty. A one time customer at a grocery store may be worth on average $45.00 but turn that into a lifetime customer and that grocery store has the potential to gain around $8,000 each year and that’s just from one person. “Building loyalty towards your brand is the most effective way to achieve profitable and sustainable growth”. As a business owner, I had to evolve from the transaction mentality to a building customer relationship mentality. As my focus changed, I saw my business change with it. We became more organized, more service oriented and as a result, were more profitable.”