Are You Holding Your Customers Hostage?

It's hardly the ideal customer experience.

0
Customer experience
Not quite the ideal customer experience.

Vic recently spoke to a friend who had been with her phone carrier for years and spent upwards of $150 a month. She wanted a new iPhone, but her carrier didn’t carry it.

So, she paid $200 to end her contract and went with a new carrier. Although the old carrier got her $200, it lost out on thousands of future dollars from her – and from her friends, relatives, and co-workers who she recounted her unpleasant experience to.

In the old days, many companies held customers hostage like this – think of record and book clubs that were hard to opt out of. Today’s customers however want to be free to make choices, and thanks to technology they have more choices than ever.

Yet, many companies still try to force customers into a contract – phone companies and gyms are two very common examples.

Holding customers hostage isn’t a sustainable business model in the 21st century. Like another inadvisable business model – the hard up-sell – it will anger customers and frustrate employees.

Does your company hold customers hostage in any way? Is there a way you can give your customers freedom without impacting your profit?

This is an excerpt from the workbook of “The Culture Secret” by Dr. David Vik.

Lisa McCarthy
Lisa shares the most simple, powerful and proven tips and strategies that have helped her add hundreds of thousands of dollars to the bottom line for owners of small businesses as a business coach. She has been a business owner herself for many years working across three continents - as a licensee, franchisee, and independent business owner. In a former life she has created and led start up programmes for entrepreneurs, and held senior leadership roles in the world of finance, banking and insurance.

LEAVE A REPLY

Please enter your comment!
Please enter your name here