“There was no magic silver bullet, no new fangled business theory - just a series of improvements that we rolled out to deliver for the consumer, and earn loyalty...stick to the strategy of listening to customers. Never deviate from it, but accept that it means constantly changing tactics - in other words, how and what you deliver for consumers,” he advised. “Second, … nothing is sacred. Question everything - especially things which people tell you “can’t be changed”.”
“Third, loyalty has a price. It may demand short term pain - such as investing in lower prices - but it delivers medium and long term gain,” he added. “Finally, hold your nerve. Following the consumer means spotting trends and taking risks, not waiting for your competitors to move first....Find a business that has plans created on the basis of abstract theories and assumptions, not on what consumers say and think, and you have found a bankruptcy waiting to happen.”
