During the recent Radio 4 broadcast about the anniversary of the financial crash of 2008 the BBC journalist asked the British banking authority what was the main lesson for the City from the collapse of the troubled investment bank Lehman Brothers. The answer was: the banking sector learnt that it had to look after the long term interest of its customers.
Well, it is quite astounding and revealing at the same time that it took a multibillion pound worldwide crisis to teach the professionals in high finance such a simple lesson.
These words came back to me when I was preparing a report featuring the interview with John Hutchinson which I conducted in Cheltenham a few weeks ago. I was not only very impressed by his passion for his chosen area of business but also by the focus with which he approaches his customer market. John is very clear about whom he wants to serve: "I can only serve 5% of the local business. I cannot give best service to 100% of the market with my resources, but I can look after my 5% well. If I try to beat Tesco or Currys, I will fail."
If all businesses had such a clear customer focus it would be greatly beneficial for both parties. The companies wouldn't be wasting resources on irrelevant activities and chasing people who neither have interest nor money to take their offers. It would also save a great deal of time and effort for customers if they were clear about who has suitable products and services for them and is committed to look after their long term interests.
Anna Ryland, Editor
