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Simple Success Solutions - Part 3: Put Customers First - Costco

Simple Success Solutions - Part 3: Put Customers First - Costco

Take a lesson from Costco and put your customers first.  As one of the largest retailers in the world, Costco originally opened as Price Club nearly 40 years ago in San Diego, California with a mere $2.5 million raised by friends and family. 

The company originally served only small businesses; however, they formed the first Costco about 7 years later which allowed non-business members. The newly formed Costco was an immediate hit and went from $0 to $3 billion in sales in less than six years. The two companies then merged in 1993 with over 206 locations and generates over $16 billion annually in sales.

Now, time for the lesson. One huge factor that allowed Costco to become the company it is today was that they always put their customers first. Customers at Costco pay membership fees to shop at their store. Pretty exclusive right? Their customers are loyal, though, for many reasons - including the hotdogs!  You can purchase a hot dog and a soda for only $1.50. This price has not budged in over 15 years. Costco went from purchasing these hot dogs to actually manufacturing them to keep the cost down and the customers loyal.

Costco continually shops around for the best product at the best price for the customer. With the motto of putting your customer first, businesses can devise strategic ways of earning their profit without upsetting the customer. If you put your customer first, your return will be greater because you will earn their loyalty.

At Gulf Coast Business Credit (GCBC) we put our customers first and have clients that have maintained their relationship with our team for much longer than industry averages.  GCBC  assists a variety of companies, including start-ups, through account receivable financing. We look to to provide “the simple growth solution” for all of our customers. To learn more about GCBC, please call 866-577-8867 or email us at gcbcinfo@gulfbank.com.

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Article Posted On: November 04, 2014

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