The Profit Prophet

Marketing is mostly about perception, and that perception, good or bad, is developed by the quality of a product, the company’s innovation, price and ability to serve its clientele. So when all things are considered equal quality, pricing, workmanship, etc. , a company’s image is enhanced essentially by how it treats its customers. Nordstrom’s is renowned for its customer service, often going far beyond expectations. A friend of mine reminded me recently about a scene in the movie Mr. Mom where Teri Garr proposed a give back from the tuna fish company. Yes, that was fictional Hollywood. Still, image a CEO of a large American oil company getting on TV and saying that 'we understand that America is hurting, and we have just recorded record profits, and to show our gratitude, we would like to rebate our loyal credit card customers who have been with us throughout the years with a 10% rebate?' Yes, this may cost a few hundred million dollars in cost, but as they say “the goodwill...