Welcome to the Bizzaro World
… Where the sky is green and the grass is blue. Where everything is the opposite of what it should be. Ideally, the bizzaro world would only be seen in comic books, TV shows, the movies or your craziest dreams. Unfortunately, from time to time we see organizations transition from the real world to this new world of the completely backwards and insane. It takes a special kind of leader to bring you to this place. One would think these leaders only existed in fairy tales, but they are real and they lead real organizations. Here are just a few examples that we’ve come across…
- Banks offering higher CD rates to new relationships than to loyal and existing relationships.
- Satellite dish companies offering free gifts and the best pricing to new customers while charging their loyal customers the highest prices.
- Companies having customer appreciation days where the most unprofitable customers and even non-customers get the same hotdog and free pen as the most loyal and profitable customers.
- Magazines offering a free gift to new customers while the long-time loyal customers pay the same higher price as always.
We get it… we really do. We understand many of these companies need these new customers. But then again, who doesn’t need or want new customers. There’s just a smart way and a right way to do it. But giving your best deals to new relationships instead of existing relationships is just plain crazy. If you really want to stick it to your most loyal customers, your advocates, then employ this strategy. Stay in the bizzaro world and not only will the sky turn green but profits will magically turn in to losses and your best customers will walk away. However, if you want sustained and remarkable growth, focus on your advocates, create the best and most special deals for that group. They will sing your praises and will continue to be your greatest unpaid sales force.
Have you encountered one of these Bizarro World Leaders? Tell us about it!
I am in the process of switching banks. I went through the drive-up yesterday of the bank I am leaving. As I was waiting, I noticed a flyer promoting a CD Special in the window. 1.50% for a 1 year CD! What a great rate! Then, welcome to “Bizzaro World”! 1.50% APY for new relationships. 1.20% APY for existing relationships. I guess it is a good time to be moving my business.