Bad TARP/Good TARP
Fred Glick—quoted at right, under In the News—came into our lives 15 years ago when he arranged a mortgage for me and my wife, Peggy. Good guy. Straight arrow. Easy to do business with. Did everything asked of him. He was an absolute, dead opposite of the shyster real estate people and bankers who recently threw their customers under the bus and busted this country.
The main business of business is acquiring customers and then doing your very best to continually delight them.
Customers are the lifeblood of every business. If you don’t have customers, you don’t have a business.
The Basic Rule of Business
Legendary direct marketer Bob Hemmings, now in his 90s and still going strong, once worked for a jeweler in New York's West 47th St. diamond district. There, merchants rent counters and window space in a kind of giant co-op. Every evening, all the jewelers would dutifully take their diamonds out of the windows and showcases and lock them in the safe until the next morning. All the jewelers, that is, except for Hemmings's boss, who’d leave his diamonds out all night and put his customer list in the safe. "If I lose the diamonds, the insurance company will pay," he told Hemmings. "If I lose my customer list, I’m out of business."
Acquiring customers costs money. If I run an ad for $10,000 and get 100 responses, I have paid $100 to acquire each customer. ($100 x 100 customers = $10,000.) For my business to flourish, it’s up to me to sell enough goods and services to not only make back the $100 I paid, but also create a profitable relationship over the coming months and years.
Each new customer represents an increase in my share of market.