by DW Green — January 5, 2010I’m an ardent proponent of product and service guarantees. A guarantee is a promise or assurance that a company will stand behind the quality of products it sells or services it performs. Guarantees build trust and loyalty with consumers. In a sense, a guarantee is a company’s commitment to the well-being of its customers. Wow, what an intriguing approach to serving the customer. Imagine a conscious intention by company leaders to enhance the well-being* of a customer. Is that possible?
5 Reasons Why A Guarantee WorksFirst, it pushes the entire company to focus on customers’ definition of good products/service, not an executive’s assumption. Second, it sets clear performance standards, which boost employees performance and morale. Third, it generates reliable data (through payouts) when performance is poor. Fourth, it forces an organization to examine its entire service-delivery system for possible failure points. Last, it builds customer loyalty, sales and market share.What is a good guarantee? It is (1) unconditional, (2) easy to understand and communicate, (3) meaningful, (4) easy and painless to invoke, and (5) easy and quick to collect on.Cheating. Fear of customers cheating is a big hurdle for some when considering offering guarantees. Sure, there will be cheats—the handful of customers who take advantage of a guarantee to get something for nothing. What they cost the company a...read more
by DW Green — December 28, 2009
In the marketing classic Positioning, authors Al Ries and Jack Trout, probably the world’s best-known marketing strategists wrote that it is unwise to use initials for a company name. They have coined the practice the “no-name trap”. While there are successful exceptions to the initial rule, Ries and Trout warn against using the letter “w”. As “dou-ble-U” is the only letter in alphabet with more than one syllable. Unfortunately I didn’t read the book until after I had named my company…unknowingly falling into the “no-name trap!”
I named my company DW Green after myself. It is easy for me to remember and I wanted to honor my parents. Neither is named DW, though DW is my father’s initials. Ries and Trout might still approve because DW Green is only 5 syllables long! And green is a popular word now.When I incorporated DW Green, way back in 1988, my choices from Alaska’s Corporation Commission were Corporation, Inc., or Company. I selected company because of its many positive connotati...read more