Aetna Reaps the Rewards of a Customer-focused Turnaround Strategy

Being an avid reader of the Black Enterprise monthly publication, I am always encouraged to read articles where business executives of successful enterprises, big and small, testify and resoundingly insist that putting the relationship with their customers at the forefront of their company goals resulted in significant rewards.

And the September, 2006 issue was no exception. Black Enterprise featured an article on Ronald Williams the current CEO (and soon-to-be Chairman) of Aetna. In his 5 years of leadership at Aetna, Williams brought the organization from the verge of near bankruptcy to being one of the most successful healthcare organizations in the industry today. During his tenure, Williams and Jack Rowe (the current chairman), engineered one of the most successful corporate turnarounds in recent American history.

William's turnaround strategy? Along with good senior leadership and restoring employee pride at Aetna, his focus on targeting customer segments and developing new products within various lines of business contributed to Aetna's turnaround success. He insisted that understanding your customers' needs was an important component in succeeding in your product development.

"...Customers are at the center of what you do, and we win or lose by our willingness to listen to what they tell us. Lots of companies listen but don't do anything. If you listen and take action, then it could be extremely effective". (Pg 102).

Read more about the importance of listening to your customers and how you can win with this strategy.

Comments

[Florida Health Insurance]

Fantastic post! This is the epitome of what is needed across the board with carriers. I applaud Mr. Williams for focusing on the source of his paycheck

[Martin Y]

It does seem pretty obvious doesn't it? - Channel the majority of a company's resources towards understanding and meeting the customer’s needs and expectations and revenue + profits shall surely follow, right? But it’s amazing how many businesses out there; even those with deep pockets don't follow this seemingly simple formula for success. Ronald Williams and Jack Rowe obviously understood where to focus their energies (on the customer) and now Aetna looks poised to reap the rewards for a while to come!

Very good post