At this point, it no longer comes as a surprise when I hear that Warren Buffett has some advise to share. As one of the wealthiest men in the world, the top philanthropist in the world, and considered by many the most successful investor in the world, Buffett doesn’t do much fabricating and prefers to cut to the chase.
Buffett sticks to that strategy as he shares advise for how entrepreneurs and small business owners should start their mornings at Goldman Sachs’ 10,000 Small Businesses event.
“Tomorrow morning, when you look in the mirror after you’ve gotten up, just write ‘delight my customer,'” Buffett advises, “the phrase is not satisfy my customer,” he goes on to clarify.
The concept behind this is really a basic business and advertising strategy. To start with the obvious, any business is going to need returning customers. Making sure your customers are leaving satisfied, or more than that— delighted, helps to ensure that they will return to you if need be.
Another idea behind this is free advertising. Warren Buffett explains this by saying your customers can actually act as a team of their own, so long as they leave as happy customers. He shares his own personal anecdote, which is easy to relate to, about how in the past he purchased a car. He says that while he doesn’t remember how much he paid, he remembers the experience very well.
“Any business that has delighted customers has a sales force out there. You don’t have to pay them, you don’t see them, but they’re talking all the time,” Buffett explains. He went on to say that he personally believes that a “delighted” customer is the main ingredient for success, and that if you have delighted customers you will, in fact, succeed.
“Don’t settle for satisfied,” he finished the thought with.