The American Machine and Foundry (AMF) bought Harley-Davidson. In its greed for more customers, AMF reduced Harley’s price and quality, but Willie G. Davidson saved Harley from bankruptcy by delighting its key customers and attracting highly profitable new customers. As a result, Harley restored its legendary reputation and regained its profitability.
Aesop admonishes, “In their hunger for wealth, greedy people destroy what they already value.” Every business is blessed with a wealth-producing asset—customers who are loyal, heavy users. However, greedy entrepreneurs neglect their most profitable customers.
Instead, delight key customers and the business will be delighted with its profits. ...