Customers as stakeholders: putting a figure on their value

Argues the case for developing loyalty among customers, as applied to stakeholders and including investor loyalty. Uses an illustration of a man wagging his finger at a dog as a dig at present thinking, regarding the social contract between employers and employees. Describes how companies recruit more sales staff as a response to a slow down in revenue growth, drop prices to new customers, adding new products. States this reduces productivity at a high cost — from inexperienced sales staff, unhappy customers pressured into making purchases subsequently regretted, or customers who price‐hop, plus higher production line costs — all of which lead to the company being worse off and prospects damaged in the long‐term.