Don't Break the Basic Promise

By John Malmo

http://stream.publicbroadcasting.net/production/mp3/wkno/local-wkno-874744.mp3

12-09-2009: Don't Break the Basic Promise, by John Malmo.

Memphis, TN – Every business category has some basic principle for whatever service is provided. A good mechanic will have a following wherever he works. A great restaurant can serve you as slowly as they want if their food remains better than the competition. The banking industry's fundamental promise is one of trust, but how are we to trust banks after a seemingly complete collapse in the trust of the financial industry? Once the financial industry became unmoored from its ethical base, financial firms were free to act in ways they had not before: primarily, to the benefit of the executive, rather than the institution, its stockholders, or customers. It will take decades for banking to rebuild a foundation of trust. Think of the basic promise of your business. Whatever else you may do in ancillary benefits, never, never break the fundamental promise of the category.

John Malmo is a Memphis marketing consultant with more than fifty years experience. He is former chairman of Archer Malmo Advertising and specializes today in helping small businesses grow. To reach Mr. Malmo - or to buy a copy of his book When on the Mountain There is no Tiger, Monkey Is King - go to http://www.johnmalmo.com.