Customer Loyalty In Today's Market

Transcript

Good evening, ladies and gentlemen, it's Jongo again. And I think, folks, I think I have a name for this little podcast. I'm going to start up. I'll see if this works. Because this kind of pretty much covers all bases when it comes to the passion and the focus of my life these days. How about this? Bible Books and Blockchain. No? The 3Bs, Bible Books and Blockchain? I don't know. We'll work with something like that. Anyways, welcome to another edition of my little blurb, my little thoughts, and I'm really enjoying kind of this idea that I have of firing up a personal blockchain-based podcast, kind of in the tradition of cryptocurrencies, but just... It's not always my focus, and I don't want to make people think that this little blurb of mine is going to be blockchain focused all the time, or business focus, because faith is obviously a big part of my life, and I want to talk about faith, I want to talk about the Bible, I want to talk about things like that, but there's times when I'll be talking about... blockchain stuff and business stuff and just the world in general. So I thought, you know, Bible books and blockchain or something along those lines kind of checks all of the boxes, per se. But tonight is kind of an observation that I've had over the past little bit. You guys know my story. I'm an entrepreneur. Well, I was an entrepreneur for 20 plus years, built businesses online, some very successful, some absolute epic failures. But the entrepreneurial bug is always there. It always bites at me. And it got me thinking, let me just kind of set the framework for this thought I've got. see if you guys can follow me on this. So, it's no secret that right now the world is in pretty much, it's chaotic out there. Wars are going on. The economy is rough. Cryptos in this tailspin. Just, you know, it is... hard for people to put food on the table and pay for the basic necessities in life. There's this huge division between haves and have -nots, and I was just spending time on social media today, and, you know, I noticed a pattern with a lot of people, my friends, my offline friends that are struggling, and you see this come up, time and time again, like, the price of food is going through the roof, the price of services, the price of gasoline, like... just like it just seems to me companies are nickel and diming customers to death, especially in this day and age. Now, I'm a capitalist kind of at heart. I believe in free market. I'm an entrepreneur, so I think business is good. So the markets will kind of dictate the prices for things. But to an extent, I mean, it's crazy out there, folks. Like, I don't know how these customers, companies are justifying these huge price increases, and I get it inflation and all that stuff, wonderful, wonderful. But this is my thought. This is my crazy left field thought. In entrepreneurship and in building businesses, there's this thing called loss leaders. And a loss leader is basically you, as a company or an individual, taking a loss. at first to kind of upsell down the road. So you would say, hey, get a free, you know, book if you sign up to our subscription service. The classic example of the Columbia House, you know, here's eight CDs for a penny, but hey, you got to buy 20 more over the next three years. But the point is, is that why haven't more companies? put in loss leaders during this time specifically. I think this is what would happen. If you were a company and you were going out of your way to value your customer and value your customer base, the loyalty would be there down the road. And I'm not saying give away the farm at first. And this is, this is just me. shooting off the top of my head. This is not, I don't have a game plan or anything. This is just what I'm thinking that companies can do, because it's, people are feeling the pinch. I don't know if you guys have noticed, but it's, it's hard out there. So imagine, instead of going to these companies that are nickel and dimeing you to death, and they just don't respect you, they don't value you, they, they just look at you as a number. How about these companies take initiative and say, you know what, we might take a loss right now for offering this service at a better price, but let's build up the customer loyalty. Let's get people coming back to us month in, month out, month in, month out, and let's deliver crazy value, but at the first we might lose a few bucks. And look, again, this is just an idea, this is just me shooting off the hip here, but I truly believe that if... companies honored the customers that they currently had, they would attract more business. This is something that's blown my mind over the years, if not decades, of online business. It's just, I will never understand how companies go out of their way to try to attract new customers. instead of taking care of their current customers. So all of these companies that are relying on us for what we're paying for, imagine if they valued us that much more, and, you know, you know what, maybe didn't increase the prices on us every quarter, it seems. What if they gave us a little bonus for being a loyal customer here and there? And I get it. Times are tough. This stuff costs money. But this is just me thinking long term, because, you know, economies, we hope and we pray, we cross fingers, that they will recover. So right now, it's tough for everyone. Imagine the companies that understand that it's tough for their customers and go out of their way to provide more value for their customers now. What happens five years down the road? You've got a loyal customer that's been paying you every single month for five years. What's that worth? You know? So it's just me thinking out loud. Again, this is, this is not gospel. This is not me thinking this is the cure for everything. I just, I see the complaints. I see people constantly complaining about the price of stuff, and it sucks out there, man. It really does. It's hard. Like, what do you decide? You want to pay the bills? You want to put food on the table. There's real decisions that are being made like that every day. So imagine... While all the price of this stuff is going through the roof, that companies actually understood that and gave something back to their customers, especially their customers that have been loyal, that have been there for years. I just think that's, it's not only goodwill, I just think that's the right way to do business. Like, take care of the people you have now. Stop looking to attract new customers. Imagine if they took care of them now, what that would mean down the road. Again, what do I know? I'm just a guy that's sitting on the blockchain talking about books and Bibles and blockchain stuff. What do you guys think? Are you guys sick of being nickel and dined to death? Like, is there something that you guys would like to see these companies do, kind of acknowledge that we've actually been loyal to them, that we've actually been paying their bills for them? Is there something you think that they can do to really... give us a break these days with this crazy economy that's going on. I'm looking forward to reading your thoughts, hearing your thoughts, and if you like this idea of this kind of podcast slash blurb audio thing that I'm going to do here, let me know. Let me know. I am looking forward to hearing from you.

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