Want to learn the ideas in Priceless better than ever? Read the world’s #1 book summary of Priceless by Robert K. Wittman, John Shiffman here.

Read a brief 1-Page Summary or watch video summaries curated by our expert team. Note: this book guide is not affiliated with or endorsed by the publisher or author, and we always encourage you to purchase and read the full book.

Video Summaries of Priceless

We’ve scoured the Internet for the very best videos on Priceless, from high-quality videos summaries to interviews or commentary by Robert K. Wittman, John Shiffman.

1-Page Summary of Priceless

The Price of Loyalty

Most companies measure customer satisfaction instead of loyalty. While it’s great that 97% of customers are satisfied, this does not mean they’re loyal to the company. In fact, 3% of customers will shop anywhere and advocate for any product or service, which is a challenge for businesses.

It’s rare to find companies that provide exceptional customer service. However, when you do find one, it makes all the difference. To deliver great service, you have to know your customers and understand what they want. Customers seek value, good communication, reliability and empathy from employees with a positive attitude. When these needs aren’t met by a company or its employees, the customer might get mad and stop buying that product or using those services altogether. Companies often take their customers for granted because they don’t realize how important they are in relation to other people at work—like bosses! In fact, your customer is more important than your boss because he/she pays your salary while he/she doesn’t pay theirs directly (unless of course you’re an employee). If a company wants to earn loyalty from their customers then they need to deliver memorable service consistently; however it must be earned every time as loyalty isn’t permanent without effort on both sides of the relationship.

Creating loyalty is a process that involves understanding the customer, creating memorable impressions and living up to your commitments. Positive surprises can also help build lasting connections with customers. Poor service happens when management doesn’t provide good training or employees act out their misery.

Why Customers Quit

Customers leave a company for many reasons. Perhaps the employees are not interested in helping them or do not solve their problems, or they take too long to respond and act unprofessionally. Customers also complain about being treated rudely and receiving poor products or services from companies. This shows that customers value trust in the relationship between buyer and seller.

Studies show that if a customer is unhappy with your service, they will not return. If you correct the problem, 80% of them will return.

When your customer service begins to degrade, you need to figure out why. The most common reasons are because there is a problem with the mission statement or employees don’t understand it. You may have rules about how to handle customers, but no guiding principles. When employees understand the principles behind customer policies, they have more latitude in dealing with problems and can avoid excuses for substandard work. Customers grow increasingly more disgruntled when they hear excuses about why their problems occurred or encounter rude employees who lack training in proper customer service procedures. Management that’s out of touch with customers also affects poor service levels as well as situations where management isn’t aware of what’s going on at all times throughout the company.

When employees don’t want to help customers, they blame company policy. The common refrain is that company policy prevents them from solving customer problems. In one case, a man wanted to buy a house directly from the owner without using an agent and reached an agreement with the seller but then realized they didn’t have a contract. He contacted his agent who refused to give him a blank contract and said it was against company policy; he also called another agent who gave him what he needed and helped write up the contract even though she wasn’t going to make any money on this deal because in doing so she made herself invaluable as someone who truly cares about her clients over profits. When this man found himself needing another real estate agent after things fell through with his first-choice home, he naturally called back the person whom had gone out of her way for him previously when other agents were unwilling to do so simply because it meant not being paid for their services at least partially. This shows how you can turn enemies into friends by helping people in ways which are inconvenient or costly for you if there’s no immediate payoff involved (in terms of your getting paid).