In Business, we all familiar with market share and mind share. Strategy is being used to win mind share and Tactic is being used to win market share. However, these two aspects are not strong enough to build long term customers. The most vital aspect in marketing is to win heart share! Why heart share?
In year 2000, SQ airplane experienced fatal accident in Taiwan airport. The plane routed from Singapore to Los Angeles hit the contruction equipment, including excavator and buldozer, when they were about to take off. There are 83 person died in this accident and others experienced injuries. It was the first accident ever for Singapore Airlines!
Soon after incident, CEO of Singapore Airlines, Dr. Cheong arranged a press release and expressed his apology for the accident. He said that no matter what caused the accident in the field, it is still SQ airplane and SQ is fully responsible for that. He's not trying to blame anything. Soon after, SQ was offered a kind of "Condolence Fund" for the family of those who are victims. They gave $400,000 for the family of those who died and $20,000 for those who experienced injuries.
The way of SQ handling the problems received many praises from everywhere. People called this as "Nothing Short of Outstanding". And now on, we can see the result of this, Singapore Airlines is still the number one airline in the world! This proved that they won the heart of customers despite of its failure. They focused on creating customer value for long-term relationship. Even though market share and mind share are important in the business competition, but Value Share is matter the most.
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