Wal-Mart was able to distinguish itself from its competitors by seeing the customer as the boss.
When Sam Walton understood that the customer was boss, everything he did from then on was based upon that reality. Every decision he made was filtered through that principle. While others may have spoken it, Walton lived it.
This has not only challenged his competitors, but it has enraged Wal-Mart's (WMT) critics who attempt the numerous smear campaigns against the company.
The truth is that the customer is king and they vote with their dollars. It's the ultimate democratic action to take our money and spend it where we want to. A lot of people hate this concept, and I include some in America.
In our businesses we need to hold to the concept of the customer being our priority. There are a lot of people with hidden and not-so-hidden agendas that can get us sidetracked into something else. Those that respond and are taken off track will find their businesses hurt and their customers leaving.
How do you know that what you're doing is what your customers want? They'll tell you with their wallets. That's even far more accurate than any survey, poll or focus group you may enlist to help you. Many times the types of questions and way they're asked can skew the results.
But if people keep giving you their business, that's the determining factor in measuring your strategy. We need to be careful about what others besides our customers' actions are telling us. Over a period of time we will always know if what we are doing is right by their continual patronage of the business. That's the only thing that really matters.
Sam Walton: 10 Rules for Building a Successful Business
Sam Walton - Retail Success Story
Sam Walton: King Of The Discounters
Sam Walton: Great From the Start
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