Lesson #5: Invest Your Best Capital in Your Customers
Lesson #5: Invest Your Best Capital in Your Customers
Barnum had a great respect for the customer, long before such a philosophy became standard in the business world. He believed that like begot like: “The truth is, the more kind and liberal a man is, the more generous will be the patronage bestowed upon him,” said Barnum. “Men who drive sharp bargains with their customers, acting as if they never expected to see them again, will not be mistaken. They will never see them again as customers. People don’t like to pay and get kicked also.”
One day, Barnum ran into one of his ushers as he came running out of the lecture room at his museum. The usher was disgruntled and told Barnum that he wanted to whip one of the customers inside the lecture room as soon as he came out. Apparently, the customer had told the usher he was not a gentleman. Barnum tried to convince the usher that whipping the man would not convince him he was a gentleman, nor would it be good for business. “If you whip him, he will never visit the museum again, and he will induce friends to go with him to other places of amusement instead of this, and thus you see, I should be a serious loser,” said Barnum.
Still, the usher would not relent. Barnum continued to impress upon him the importance of treating all of their customers with respect. “If he owned the Museum, and you had paid him for the privilege of visiting it, and he had then insulted you, there might be some reason in your resenting it,” said Barnum, “but in this instance he is the man who pays, while we receive, and you must, therefore, put up with his bad manners.” Finally, the usher gave in, but jokingly suggested a raise in salary if he was to endure that kind of abuse from customers.
Barnum might have been king of the hoax, but he never once tried to put one over on his customers. He strove to give them exactly what they wanted and in a manner that would have them coming back for more. Barnum knew that getting the sale was not the end goal. He wanted to give people the perfect experience that would keep them talking - and coming back – for weeks. It was to that end that Barnum ensured he invested his most important capital – respect – into each and every one of his customers.
Lesson 5 Invest Your Best Capital in Your Customers
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“Politeness and civility are the best capital ever invested in business,” said Barnum. “Large stores, gilt signs, flaming advertisements, will all prove unavailing if you or your employees treat your patrons abruptly.” In growing the most successful circus in the U.S., Barnum came to learn that it was not enough just to get the sale. Instead, what was important was making sure that customer would come back time and time again. Barnum was a master promoter, but he knew there was no advertising as valuable as word of mouth recommendations.
Barnum had a great respect for the customer, long before such a philosophy became standard in the business world. He believed that like begot like: “The truth is, the more kind and liberal a man is, the more generous will be the patronage bestowed upon him,” said Barnum. “Men who drive sharp bargains with their customers, acting as if they never expected to see them again, will not be mistaken. They will never see them again as customers. People don’t like to pay and get kicked also.”
One day, Barnum ran into one of his ushers as he came running out of the lecture room at his museum. The usher was disgruntled and told Barnum that he wanted to whip one of the customers inside the lecture room as soon as he came out. Apparently, the customer had told the usher he was not a gentleman. Barnum tried to convince the usher that whipping the man would not convince him he was a gentleman, nor would it be good for business. “If you whip him, he will never visit the museum again, and he will induce friends to go with him to other places of amusement instead of this, and thus you see, I should be a serious loser,” said Barnum.
Still, the usher would not relent. Barnum continued to impress upon him the importance of treating all of their customers with respect. “If he owned the Museum, and you had paid him for the privilege of visiting it, and he had then insulted you, there might be some reason in your resenting it,” said Barnum, “but in this instance he is the man who pays, while we receive, and you must, therefore, put up with his bad manners.” Finally, the usher gave in, but jokingly suggested a raise in salary if he was to endure that kind of abuse from customers.
Barnum might have been king of the hoax, but he never once tried to put one over on his customers. He strove to give them exactly what they wanted and in a manner that would have them coming back for more. Barnum knew that getting the sale was not the end goal. He wanted to give people the perfect experience that would keep them talking - and coming back – for weeks. It was to that end that Barnum ensured he invested his most important capital – respect – into each and every one of his customers.
Lesson 5 Invest Your Best Capital in Your Customers
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Jay Kubassek(Jay's Full Bio: EvanCarmichael.com/jaykubassek) In five years, Canadian-born entrepreneur Jay Kubassek went from selling mufflers at a Midas franchise to revolutionizing Internet marketing with the 2004 launch of CarbonCopyPRO, a online marketing education company, now worth over $20 million with customers in over 160 countries.
As an independent film producer, his upstart film fund Aliquot Films is currently producing a films with Spike Lee and Abel Fererra (starring Ethan Hawke and Dennis Hopper.)
Jay's entrepreneurial spirit is irrepressible. He’s the owner of five companies, a professional speaker and trainer, international real estate developer/investor, extreme sport enthusiast and emerging philanthropist. Jay resides in NYC with his wife Jamie, son Milo and dog Cooper. Visit Jay's official website: www.JayKubassek.com - Visit Jay Kubassek's Website |
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