It's known for its fantastic customer service.
Why? It allows its employees to spend up to $2000 to solve the customer problem without asking the manager.
How can they afford $2000?
They know their customer value (lifetime value of a customer for them is $250,000), so they can afford to spend $2000 per incident.
Note, it also shows they are thinking about the long-term benefit and want the guest to have the best experience while staying in their hotel.
Here are 3 things we learn from the Ritz Carlton $2000 Rule (for Customer Success):
-- Have a LONG-TERM VISION
-- Know the LIFETIME VALUE of your customers
-- EMPOWER YOUR TEAM to make the right decisions 💪
