Below is an Autogenerated Transcript

I want to show you an example of this from the financial services industry. 

Citibank is the kind of organization that wants you to become a customer and stay a customer throughout your entire life cycle. So I got out of a plane, I stepped into the aerobridge and I saw this on the wall. It said “at zero”, like the day you’re born, they’re not looking at you as a liability to your parents or just a cause. They’re saying you have potential the day you’re born. Ah, now you’re 20 years old, and how does the bank consider you? You’re somebody at the dawn of your financial life. You might need education about various financial products. It might be appropriate to support you with the kind of things that students or young adults might find useful in their financial life. By 35 years old, you’ve got a job, you’re starting to save money, but you may also be married. And so now you’re taking on liabilities. You bought a house, you have a car. The first kid, maybe the second kid is coming along. And so at 46, you’ve now reached a level of maturity. Your kids are up and older. You may only be paying for college education. You’re starting to think about your own retirement. You want to enjoy a bit more in vacations. Hey. Hey. Life is now changing. You may already be a grandparent by this time. Certainly your own earning years, you’re starting to see a horizon. You may even imagine retirement. But then that means you’re thinking about your financial well-being in a different way. And then you go all the way to 72. Or in today’s world, it could be 92 where you’re thinking about what you really want to do to leave a legacy? Who do you want to make sure you take good care of? How do you want the resources that you’ve accumulated over your life to be dispersed in a manner that really contributes to your legacy and the well-being of future generations?

What is Citibank doing? They’ve got great products, but so does every other bank. They have online banking and branches and… but so does every other bank. And their bankers are very friendly. But so is every other bank. And so that’s an example of recognizing the power of putting your focus on really building a relationship with each other that can extend and endure over time. Many people, many professionals focus on the top two categories because this is where process and procedure live. This is where you can quantify investments and outputs and outcomes. You can have your KPIs and your SOPs and all of that is incredibly important. That’s how you get efficiency. That’s how you get a certain kind of effectiveness. But the people that you serve are warm blooded human beings, and the two categories on the bottom are equally important. Or for example, if you’re a seller on the Lazada platform, it could be more important because you may not be the only seller who has that particular product available, and you don’t want to be the one who just keeps lowering and lowering and lowering the price. 

You want to be able to earn a premium by creating a better experience. And yes, that means that you should have a great range of products that are bundled well, that do have good price points. And yes, it means that your online store should be easy to navigate and easy to work with and easy to place orders and track orders. 

But it also means that the human interaction with you, the personal experience that people have with you, can be at a high level in the categories of service mindset- demonstration of a great attitude- an ongoing relationship. Thinking about, caring about and serving people in a manner that’s not just for right now, but now and into the future.