Читать книгу Growing the Top Line - Cliff Farrah - Страница 10

There are all kinds of customers and they have different values to companies when considered over a time period.

Kevin Watters is blazing fast in every sense. Physically, he’s a marathoner who is a top competitor for his age group. He processes information quickly and insightfully. He is quick to offer his help, and his fast‐tracked career is an incredible success story. Currently retired and an adjunct professor at Tulane’s Freeman School of Business, Kevin started his career in consumer packaged goods working for Proctor & Gamble, where he received his “MBA on top of an MBA” through their training program. He then went on to dip his toe in entrepreneurial waters, got married to his amazing wife, Fern, had their first child, and then he needed to go back into the corporate world. He found his way into the world of online banking in 1999 and never looked back. He joined Bank One, and was noticed by Jamie Dimon, who asked him to take over as President of their Consumer Internet Group. From there Kevin took over wholesale banking. When Bank One was acquired by JPMorgan Chase, he took over as CEO of business banking and grew it to over a billion‐dollar business. Being one of the few businesses that managed credit well through the Great Recession, he was asked to fix the wreckage that was the mortgage portfolio, which he did. In his final role at JPMorgan Chase, Kevin took over as CEO of their credit card business. We talked about the true value of customers in the world of financial services.

Banking is a little bit interesting. It doesn’t matter what age you are when you go into Starbucks and you buy a latte. Whether you’re 25 or 65, your latte is the same price. Well, in banking chances are if you’re 65, you’ve got a lot more money than when you were 25. So part of the game is for your existing customers to stay with you, with the more money they have. In your 30s you’re borrowing for your mortgage, in your 40s, your investment account is growing so great, let’s make sure we’ve got your mortgage and your investment account. You know in your 20s, I want to make sure you’ve got a credit card and I have your checking account, but I’m getting everything else as you grow. Within your life I’m growing with you, and then I’m getting your retirement account. I’m growing up with you, which is a little bit different than other products where you know, like you’re buying your latte if you’re 25 or 65, is still $4 and thanks. Much different in the banking world.

I loved the insight Kevin’s example gave. This is just one industry. Every industry and business has their own version of this.

As strategists, there are a few important things to consider when you think about customers that I want to talk a bit about. Some basic rules of thumb:

 All money comes from your customers.

 All customers are not equal.

 Customers buy differently.