In an episode of Office Hours held on December 7, 2022, we talked about how successful CEOs and business leaders use the power of empathy to build their businesses.
The Power of Empathy in Building Successful Businesses
It is essential for leaders to be willing to do the work, even the things that others may consider beneath them. They should be empathetic in their communication with others, regardless of their status or position.
For example, one of our bigger clients, Mr. Darryl Isaacs, a personal injury attorney, who has made two billion dollars in the last few years, demonstrates empathy in all his communications. For instance, he gave out his cell phone number to a woman whose daughter was killed by a truck, even though the case came through social media. He has been doing this for the last 30 years, which has helped him build a significant business.
Leaders should be more like Darryl Isaacs. Another example is Shep Hyken, a renowned customer service speaker who has written multiple books. He has around six different businesses that generate over a million dollars a year. Despite his success, during my recent visit to his office, Shep took the time to show me around the town, took me to the best restaurants, and even went to the arch in St. Louis. Shep set a good example of being empathetic in business.
Empathy is a crucial trait that leaders should possess to build successful businesses. They should be willing to do the work, communicate empathetically with others, and lead by example.
As shown by the examples of Darryl Isaacs and Shep Hyken, being empathetic can help build lasting relationships with customers and employees, which is essential for any business’s success.
The Power of Empathy in Leadership: Insights from Successful Business Leaders
The key differentiator between successful business leaders and the rest is not about their business strategy, intelligence, or hard work, but rather it is their empathy that sets them apart.
Another example is Frank Ju’s grandfather, who was one of the wealthiest people in South Korea and owned multiple companies, prioritized the well-being of his employees and went out of his way to help them in times of need, which earned him their loyalty and respect.
His decision to help his security guard’s son find a job shows that he cared about the well-being of his employees, even those at the lowest rungs of the organizational hierarchy. This act of kindness not only helped the security guard’s son but also earned my grandfather the respect and loyalty of his employees.
Dick Hayden, the former CEO of Allstate Insurance, emphasized the importance of empathy and serving the employees at the bottom of the organizational hierarchy. Hayden’s description of leadership as an inverted pyramid, with the CEO at the bottom serving the employees, highlights the need for leaders to prioritize the needs of their employees.
By doing so, leaders can create a culture of care and support that fosters loyalty and productivity among employees.
Successful business leaders are often those who prioritize the needs of their employees and foster a culture of care and support. This not only helps to build loyalty and trust among employees but also creates a positive work environment that leads to increased productivity and profitability.
How Demonstrating Empathy Can Attract Potential Customers and Build Lasting Relationships
Empathy also plays a crucial role in marketing and can be used to attract potential customers. By showing empathy towards our audience, we demonstrate that we care for them, and this can lead to potential customers and clients feeling that we will also care for them.
Having a team of virtual assistants can amplify our marketing machine, as they can collect, process, and repurpose content, run ads against it using a dollar a day, and allow our marketing to live forever. Entrepreneurs should, therefore, actively generate empathy and demonstrate that they are empathetic people.
However, be selective about the clients we work with. We should not try to appeal to everyone, as this will mean we appeal to nobody. Instead, we should have a specific type of client in mind and be clear about the values and beliefs that we stand for. By doing this, we can attract clients who share our values and beliefs and are more likely to become long-term customers.
About the Author