CNN Money writes:
According to Dick Kovacevich, CEO of Wells Fargo there’s no such thing as an unprofitable customer – just one you haven’t figured out how to make money on yet. And, he argues, if a customer is truly unprofitable, that’s the company’s problem, not the customer’s.
Perhaps we have to work harder at the lower income levels. But it’s our fault if a customer is unprofitable. It’s because we haven’t done a good enough job of convincing them to give us all their financial business instead of just a piece. And when you believe that, then you get more internally focused. You’re the problem, not the customer.
Every transaction is an opportunity to engage a customer – both to satisfy a transactional need and also to sell him something. And the transaction actually gives you an understanding of customer needs or another new opportunity.