Focusing on the customer makes a company more resilient.
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You know, if you make a customer unhappy they won't tell five friends, they'll tell 5,000 friends. So, we are at a point now where we have all of the things we need to build an important and lasting company, and if we don't, it will be shame on us.
The most important single thing is to focus obsessively on the customer. Our goal is to be earth's most customer-centric company.
I think technology advanced faster than anticipated. In that whirlwind, a lot of companies didn't survive. The reason we have done well is because, even in that whirlwind, we kept heads-down focused on the customers. All the metrics that we can track about customers have improved every year.
If you're going to succeed, you need a vision, one that's affordable, practical, and fills a customer need. Then, go for it. Don't worry too much about the details. Don't second-guess your creativity. Avoid overanalyzing the new project's potential. Most importantly, don't strategize about the long term too much.
We've done price elasticity studies, and the answer is always that we should raise prices. We don't do that because we believe, and we have to take this as an article of faith, that by keeping our prices very, very low, we earn trust with customers over time, and that actually does maximize free cash flow over the long term.
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