ABC's 'Shark Tank’ Investor Kevin 'Mr. Wonderful' O'Leary: Customer Always Comes First, Service Always Trumps Price
Nov 11, 2014 06:12 PM EST
Kevin O'Leary of "Shark Tank" delivered a keynote speech in front of around 1,200 entrepreneurs during the recent Innovation IT Conference & Expo held at Marlins Park by Miami-based TigerDirect, Miami Herald reported.
O'Leary emphasized that "customer service is the whole deal" in his speech.
"The customer always comes first and service always trumps price. If your customers are very happy with their service, you can raise your prices 15 per cent without losing them. I've done this time after time," he explained.
O'Leary also talked about the importance of salespersons. He revealed the person he wants to meet the most when looking at companies to invest in is the head of sales. He then told the audience to pay their head of sales "very well" and "focus on customer service above all else."
By talking to the salespersons, O'Leary said he learns all he can about the business. He said, "When I am finished with that, then I go have dinner with the CEO and if that man or woman knows less than I do I know who to fire."
"Sales people know more about the companies than CEOs all the time," he noted.
For the salespersons, he advised, "Spend 10 per cent of your time researching your market. Stay on the cutting edge."
On the ABC's entrepreneurial competition show "Shark Tank," O'Leary is known as Mr. Wonderful. The most recent episode of the show put ABC on top by beating its nearest rival by 33% of the 18-49-year-old audience, according to The Futon Critic.
With the success of "Shark Tank" on ratings, ABC is currently working on a spinoff titled "Beyond the Tank." The spinoff will serve as a companion show that follows what happens next to the entrepreneurs after successfully making a deal on the show, The Wrap reported.
Sony TV's EVP of reality and syndicated programming Holly Jacobs said, "We became the leaders in going out into the Wild West of Friday night. We captured Friday night."