Rolex is just a name many people will quickly say but only a few will ask how did it get such a name that commands price?
You may not know this before now! Let me tell you. Two critical currencies place a company in such a towering symbol. Please, I will come back to this in a jiffy!
Rolex is a Swiss luxury watch manufacturer based in Geneva Switzerland. It was originally founded as Wilsdorf and Davis by Hans Wilsdorf and Alfred Davis in London, England in 1905.
The company registered Rolex as the brand name of its watches in 1908 and became Rolex Watch Co. ltd in 1915.
The two critical currencies are:
1) Performance currency.
2) Relationship currency.
Performance currency is a currency a company acquires for delivering consistent quality service/product both for the short-term and long-term periods.
This simply means that the company understands the market it is serving. And the best possible way to serve the market is always Work-In-Process that is there is a continuous improvement plan.
Similarly, the relationship currency is built on trust which creates referrals. Of course, there is no relationship currency without performance currency.
Yes, performance currency varies but there must be a certain level of performance for a need to be met by a company.
In your small business, look out for these currencies by providing answers to these two questions:
1) Is there consistency in the quality of service/product delivery, that is how to carry out performance currency test. Please, this is not a yes or no answer. There must be a piece of empirical evidence.
2) What is the level of repeat patronage of service(s) or product(s) by clients/customers, that is how to carry out a relationship currency test? The higher the repeat patronage the higher the rate of referrals and vice versa. This also requires empirical evidence.
In conclusion, the two critical currencies are needed by every trading or business organization irrespective of size or geographical location. And Rolex has both currencies in tons!
Jiffy means a moment.
Empirical evidence is the data and information obtained by observation and documentation of patterns and behavior through experimentation.