He also recognizes

Continuing the theme of State-Owned Enterprises, the latest Post Office podcast is an interview with new Postmaster General Steiner.

The first part of the interview is the usual biography and corporate buzztalk about logistics and execution. The salient part starts around 20 minutes, where Steiner points out the unique qualities of a regulated monopoly or State-Owned Enterprise like the Post Office.

1. When he joined the PO he realized that he doesn’t need to listen to shareholders. The first priority is customers and employees, not Larry Fink. When the PO makes a profit, it can invest the money in its own facilities and workers. It doesn’t need to feed all of its profit to Larry Fink.

2. He compares the PO to a utility, emphasizing that postal service is like turning on the light switch and getting light. You don’t think it’s a miracle because it’s the automatic default. When the power fails you notice it. If the company responds well to the failure, you feel good about the company. Restoring the power, or getting the package delivered right, develops loyalty.

This resonates with an experience last year. The wrong package was delivered when I was expecting something important. I found the postman a few blocks away and gave him the wrong package. He immediately knew who I was and knew which package should have been mine. We walked back to the truck and he handed me the right one. Brand loyalty!