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Warren Buffett, one of the most successful investors in the world, has a simple yet powerful piece of advice for anyone looking to build a successful business: delight your customers. Not just satisfy them, but truly delight them.
Photo: Bill and Melinda Gates Foundation
Buffett explains this concept with a personal anecdote.
"Whenever I bought my last car a few years ago, I don't remember how much I paid, but I remember the experience I had," he says.
This highlights a crucial point: the lasting impression left by customer service often outweighs the specifics of the transaction itself.
"I either went out of there feeling very good about the person that dealt with me, or I felt, you know, next time I'm going to go someplace else."
He brings up Jeff Bezos, founder of Amazon, as a prime example of someone who has mastered the art of delighting customers.
"Here's a fellow that 20 years ago had a very, very, very small business. But he set out every day to delight his customer by fast delivery, by lower prices, whatever it took," Buffett notes.
Bezos's relentless focus on customer satisfaction has turned Amazon into a behemoth of e-commerce, consistently finding new ways to exceed customer expectations.
Buffett emphasizes, "You will succeed if you have delighted customers. So don't settle for satisfied." The goal is to create an experience so positive that customers leave thinking, "I've never had a better experience with a human being." When customers feel this way, they become loyal advocates for your business, effectively serving as enthusiastic salespeople who spread the word about your products or services.
This philosophy is echoed by other business leaders. Richard Branson, founder of the Virgin Group, has famously said,
"The key is to set realistic customer expectations, and then not to just meet them, but to exceed them—preferably in unexpected and helpful ways."
Branson believes that going above and beyond for customers is what makes a company stand out in a competitive market.
Another example comes from Tony Hsieh, the late CEO of Zappos, who built the company on the principle of exceptional customer service. Hsieh believed in creating a company culture that prioritized customer happiness. Zappos even had a policy where call center employees were encouraged to take as much time as needed to ensure customer satisfaction, leading to stories of employees spending hours on the phone with customers to resolve issues or just to chat. This dedication to delighting customers turned Zappos into a beloved brand with a fiercely loyal customer base.
These insights highlight a common theme: exceptional customer service is not just a nice-to-have; it's a fundamental driver of business success. Delighting customers creates a positive feedback loop. Happy customers are more likely to return and more likely to recommend your business to others.
In summary, Warren Buffett's advice on building a successful business is clear and compelling: focus on delighting your customers. When customers walk away with a memorable and positive experience, they become your best advocates. This approach, championed by other successful entrepreneurs like Jeff Bezos, Richard Branson, and Tony Hsieh, underscores the immense value of prioritizing customer delight in any business strategy. By exceeding expectations and creating truly positive interactions, businesses can build a loyal customer base and achieve lasting success.
Listen to Warren Buffett: