The Purple Goldfish: Unveils the Power of Customer Experience as Business Growth Driver

Investing in providing a unique and exceptional customer experience can be the ultimate differentiator for businesses, leading to significant growth and success. In this video, business expert Stan Phelps shares some deep secrets on how to grow and drive your business forward.

Key insights from this Video

• 🌱 The size of the market is like the size of the bowl for a goldfish, the bigger the market, the more the business can grow.
• 📈 Gartner research shows that 89% of companies expect customer experience to be their number one competitive differentiator, a significant increase from just 36% five years ago.
• 🛍️ Customer experience is now more important than price, location, or even the service provided.
• 🤯 Customer experience is the ultimate differentiator, not just chasing impressions and eyeballs.
• 💰 Zappos built a billion-dollar company by investing back into their customers, offering returning customers upgraded shipping to overnight.
• 🐠 Kimpton hotels offer a unique customer experience by providing pet goldfish for lonely guests, a program called guppy love.
• 🍪 Double Tree Hotel gives away warm chocolate chip cookies as a little something extra, giving away 300 million cookies last year.
• 🏥 The company's investment of $2000 in pies saves them over $100,000 in potential lost business.

Time Stamp

• 00:00 🐠 The size of the market and business environment impact growth, just like the size of a goldfish bowl.
  • The speaker recalls getting his first pet, a goldfish, at the age of six, but it didn't live long.
  • The size of the market determines the potential growth of a business, just like the size of the bowl or pond impacts the growth of a goldfish.
  • The growth of a business is impacted by competitors, the quality of the business environment, and the performance in the first four months.
• 04:11 🔑 Focusing on differentiation and providing a unique customer experience is crucial for the success of a product or service within the first 120 days of launch.
  • The genetic makeup of a product or service, including differentiation, determines its success in the first 120 days of launch.
  • Differentiating your product or service from the competition is crucial, and focusing on providing a unique customer experience is the key to standing out in the market.
• 06:33 🌟 Customer experience is key, with potential profit increase of 25-125% if retention is increased by 5%, referred customers are 4 times as valuable, and it's the ultimate differentiator in marketing.
  • Customer experience is now more important than price, location, or service, as it directly impacts the bottom line, with a potential profit increase of 25-125% if customer retention is increased by just 5%.
  • Referred customers are four times as valuable as traditional customers, spending twice as much and referring twice as many people, so it's important to apply these principles to both your company and yourself as a leader.
  • Customer experience is the ultimate differentiator in marketing, as it is no longer about chasing impressions but about what the customer experiences and shares with others.
• 10:00 🕒 Meeting customer expectations is not enough, companies need to find ways to exceed them in order to truly serve their customers.
  • People are either early or late, being on time is a myth.
  • Meeting customer expectations is not enough, companies need to find ways to exceed them in order to truly serve their customers.
• 12:28 🐠 Southwest and Zappos shifted to competing on value, inspiring the Purple Goldfish project to find companies going the extra mile by giving more beyond the transaction.
  • Southwest and Zappos shifted from competing on price to competing on value by offering free checked bags and investing in customer experience, inspiring the Purple Goldfish project to find more examples of companies going the extra mile.
  • Purple Goldfish is a concept inspired by Mardi Gras and New Orleans, emphasizing the idea of going beyond the transaction and giving more.
• 14:51 🐠 Kimpton hotels provide exceptional customer experiences, including free gourmet coffee, wine tasting, fresh fruit, and even a pet goldfish for lonely guests, as part of their "guppy love" program.
• 16:34 🐠 Providing a little something extra for customers, like warm chocolate chip cookies at Double Tree Hotel, creates an emotional response and triggers dopamine release, making the experience memorable.
  • The speaker discusses the concept of creating a "purple goldfish" by providing a little something extra for customers, and gives the example of Double Tree Hotel's warm chocolate chip cookies as a successful implementation of this idea.
  • Small gestures, like receiving a mini scoop of ice cream for free, create an emotional response that triggers the release of dopamine in our brains, making us remember the experience.
• 19:02 💡 Safelite auto glass provides unexpected extras like cleaning the interior of your car while repairing your windshield, Nurse Next Door sends handwritten notes and apple pies to apologize for mistakes, saving them money in the long run.
  • Safelite auto glass provides unexpected extras by cleaning the entire interior of your car while repairing your windshield, creating a memorable and shareable experience.
  • Nurse Next Door, a Canadian home health care company, sends a handwritten note and a freshly baked apple pie to apologize for mistakes, which costs them $2000 a year but saves them over $100,000 in potential lost business.

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