Business must be run at a profit, else it will die. But when anyone tries to run a business solely for profit … then the business must die as well, for it no longer has a reason for existence. – Henry Ford
Ford started out with a dream: Build a horseless carriage affordable enough for every American household. He wanted Ford Motors to be special, not just another giant, aloof institution in the marketplace. Ford dreamed of an inspired business built upon customer-first principles and propelled by innovation. As history shows us with the Ford legacy, forward-thinking businesses with inspiration as a core part of their mandates yield inspired workforce, higher employee productivity, and increased customer loyalty.
Fast forward to 2018 and you will see the majority of the world’s population ordered online retail products via Amazon, streamed videos on Netflix, bought the latest iPhones, treated themselves to Dunkin’ donut, or wore Nike shoes while working out. This is simply owing to the fact that the dominant majority were loyal to these household brands, and would likely purchase similar products in the future, too. It’s no surprise, though: Like Ford, the aforementioned brands value innovation and customer-first principles, even if it means an increase in cost. And, most importantly, these brands invest heavily in developing customer loyalty.