Lessons in Customer Service and Upselling from a Fur Coat Dealer

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This article is a summary of a YouTube video "Hardcore Business Lessons I Learned From A Dealer" by Alex Hormozi
TLDR Working in a fur coat warehouse taught the speaker valuable lessons about customer service, upselling, and the importance of improving one's craft to achieve success in a win-win exchange.

Key insights

  • 💼
    The business has survived through multiple challenges, including two world wars and recessions, highlighting the importance of resilience and adaptability.
  • 💯
    The dealer quickly resolved the problem and received gratitude from the customer, emphasizing the significance of providing excellent customer service.
  • 😡
    When dealing with an upset customer, it's important to validate their anger and take responsibility for any mistakes, even if their complaint seems ridiculous.
  • 🚗
    The analogy between fur coats and car insurance helped customers understand the value of the service, highlighting the importance of effective communication and relatable comparisons in business.
  • 🤔
    People are often trained to say no to upsells, but by flipping the script and aligning the response, saying no can actually result in saying yes and completing the purchase.
  • 💰
    "They gave away something that cost them nothing that people still perceive value as bait to get people to come in and actually take the upsell."
  • 💪
    Hard work and dedication are key factors in achieving long-term success in business, as demonstrated by the dealer's ability to withstand challenges for five generations.
  • ⏰
    Big business owners understand that implementing important tasks, such as setting up a blog, doing email follow-up consistently, creating content, and building a sales team, may take time but ultimately lead to even bigger outcomes.

Q&A

  • What lessons did the speaker learn at their first job in a fur coat warehouse?

    — The speaker learned six valuable lessons, including how to handle angry customers and take responsibility for their mistakes.

  • How did the speaker resolve a customer's complaint about a coat?

    — The speaker fixed the customer's coat in five minutes after initially expressing frustration and then backpedaling.

  • Why is validating someone's anger important when dealing with upset customers?

    — Validating someone's anger is important because downplaying their emotions can lead to increased anger and a larger discrepancy between the two parties.

  • How can upselling be achieved?

    — Upselling can be achieved by getting customers to say no to an offer, which can lead to them saying yes to the upsell, and by providing additional services for a low cost.

  • What is the key to the fur coat dealer's success over five generations?

    — The fur coat dealer's success is attributed to their consistent dedication to improving their craft, despite criticism, and owning access to a $200 million portfolio.

Timestamped Summary

  • 📝
    00:00
    Learned 6 lessons at first job in fur coat warehouse, including handling angry customers with empathy and responsibility.
  • 👍
    01:06
    A customer's coat complaint was quickly resolved by the speaker in just five minutes.
  • 💡
    01:39
    Validating customer anger is crucial to prevent escalation and bridge the gap between parties.
  • 🧥
    02:28
    Store and condition fur coats during the summer to extend their lifespan, like an insurance product.
  • 💰
    03:20
    Saying no to an offer can lead to saying yes to an upsell, and offering low-cost additional services can increase upselling success.
  • 💰
    04:34
    Capitalism is a win-win exchange where both parties benefit.
  • 💰
    05:53
    Create demand and limit resources to boost sales and loyalty for a one-time product; 🧥 Fur coat dealer's success over 5 generations from improving their craft and owning a $200M portfolio.
  • 💼
    07:30
    Big business owners prioritize daily basics for bigger outcomes.
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This article is a summary of a YouTube video "Hardcore Business Lessons I Learned From A Dealer" by Alex Hormozi
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