Jack Welch on Customer Loyalty

Inspiration for this post –
Customer Loyalty’s New Rules – BW Podcast – The Welch Way

Some of Jack Welch’s insights from this conversation on the topic –
  • Rules of customer loyalty has changed – there is a paradigm shift
  • Its moving beyond cost, quality & service (the traditional value engines) – which are nice, but is assumed to be a given now & not sufficient for building loyalty
  • Welch suggests – earn loyalty by making yourself indispensible at an intellectual level
  • Its all about your customers winning. To earn loyalty, a supplier should think about ways to provide customers a competitive advantage that no one else can
  • It requires a different mindset – always thinking about how you can make your customers more competitive in their markets, ways to make them win, etc.
  • Its all about getting into an intense partnership with your customers ..if you don’t, someone else will.