A Quote by Greg Gianforte
As the Internet has sped up the consumer experience, customer expectations are higher.
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In the telecommunications, consumer products, and railway businesses, there are very real consequences if you don't meet the consumer's needs and desires. There are also substantive rewards for doing so, and especially for exceeding customer expectations.
Customer expectations? Nonsense. No customer ever asked for the electric light, the pneumatic tire, the VCR, or the CD. All customer expectations are only what you and your competitor have led him to expect. He knows nothing else.
Quality that significantly exceeds the customer's expectations doesn't seem to pay off. This 'delight the customer' stuff isn't rewarding. One has to be careful about delighting customers too often, because it sort of reshapes customer expectations.
We had a bunch of models for user adoption of Robinhood Gold. The data team had some silly names for a range of adoption levels: 'Mediocre expectations,' 'middle-of-the-road expectations' and 'great expectations.' The numbers we ended up with were significantly higher than 'great expectations.'
The Internet, the camera cellphone and the like have not only sped up the world's information uptake, but they have cheapened that which they capture.
Our DNA is as a consumer company - for that individual customer who's voting thumbs up or thumbs down. That's who we think about. And we think that our job is to take responsibility for the complete user experience. And if it's not up to par, it's our fault, plain and simply.
At age 28, I had no retail experience, no consumer marketing experience and no real Internet experience. But I decided I wanted to work for myself. I felt starting a company would enable me to get the responsibility I deserved and that I couldn't do that within the confines of a bigger company.
In the Internet economy, information is everything: The more a company knows about a consumer, the more carefully it can tailor its advertising to that customer, and the more revenue it can generate in return.
The first step in exceeding your customer's expectations is to know those expectations.
It is said if an organization listens to the complaint of a customer and the problem is fixed, the customer remains a loyal customer and tells approximately seven others about the experience. Conversely, if a person is ignored and the problem not fixed, that customer will not deal with that organization anymore and will tell approximately twenty other people about the negative experience.
Some businesses offer such a lousy customer experience that they are prime candidates for competition from Internet based stores.
I would say the consumer Internet companies - in a lot of ways, if you go inside the consumer Internet companies and you see how they run, it's how all their businesses are going to run.
This is UCLA. The expectations are higher here than anywhere. The amount of success both in terms of championships and wins as well as success off the floor has been second to none in college basketball. I knew that when I took this job. I know the expectation level, and no one has higher expectations than I do.
The most common way customer financing is done is you sell the customer on the product before you've built it or before you've finished it. The customer puts up the money to build the product or finish the product and becomes your first customer. Usually the customer simply wants the product and nothing more.
Reputation is fine but you have to keep justifying it. In a sense, it makes it harder because people's expectations of you are higher. So, you have to fulfill those expectations. Or, try to exceed those expectations. But, it becomes more difficult as time goes on.
Many consumer Internet business executives are loyalists of the Lifetime Value model, often referred to as the LTV model or formula. Lifetime value is the net present value of the profit stream of a customer.
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