In times of market turbulence, CNBC’s Jim Cramer advised investors on Tuesday to focus on companies that make customer service their core philosophy.
“No stock can escape the daily gyrations of the market, but when you’ve got a great company that knows how to give its customers exactly what they want—and what they need even if they didn’t know it existed—that’s a stock you can buy into market-wide wide weakness,” he said. “At times like these, you want to circle the wagons around great businesses that have seized control of their own destiny, and nobody does that better than Apple.”
Cramer sat down with Apple’s SVP of services Eddy Cue earlier Tuesday at the inaugural CNCB CEO Summit in Santa Barbara. During their exclusive interview, Cue emphasized Apple’s commitment to only pursuing projects that will be meaningful to the customer.
While Cramer conceded Apple is not immune to the market gyrations roused by the debt ceiling crisis, he said the company is better positioned than most not just because of its stellar balance sheet, but because it is the best at what it does.
“I’ve had the privilege of watching Apple create, not a few additional pennies per share, but something that’s really cool—something that goes from nonexistent to a necessity overnight,” he said. “That’s how you get Apple’s incredible levels of customer loyalty.”
Cramer added that when he talks success with Apple executives, their conversations start not with financial figures, but with customer satisfaction.
“When I listen to Eddy Cue as I did today, I’m reminded that the lifetime value of an Apple customer is worth more than any stream of revenue from any other consumer products company,” he said. “That’s for one simple reason: the customer is always right.”
