The other day, I was discussing customer care on Twitter with a friend. We agreed that brands serve consumers better if they have two separate handles: one for content and one to handle questions and issues. It's important not to mix everything.
As Lauren Dugan states in this article, it also "indicates to customers that [brands] are serious about customer care."
Great companies are also responsive, have a personality, follow up, and know when to take things off of Twitter if need be.
"A basic tenet of running lean is validating a product or feature ideally without having to building it first. This makes complete sense when you look at every product or feature as it’s own customer factory."
The Guardian Is home emergency insurance the next PPI mis-selling scandal? The Guardian HomeServe said the fine related to "historic sales and marketing, controls and governance and complaints handling".
Scott Davidson's insight:
Homeserve may have been fined £34.5m (discount applied), but the FCA may yet decide a large-scale redress programme is required to return customers to the financial position that would have been in had they not purchased Homeserve's products.
FCA 2013 insurance fines soared 160% to £44.6m Insurance Age Only today the watchdog issued a draft warning notice to Homeserve proposing a penalty of £34.5m, in relation to sales and marketing, controls, governance and complaints handling issues.
Scott Davidson's insight:
Proof the FCA are 'bearing their teeth' as fines rise for insurance firms
The broker will increase its provision by £30m as a result of the penalty (@HomeServeUK issued with £34.5m fine by @TheFCA for mis-selling policies and customer complaints handling http://t.co/8oNHAyqSM7...
1. Experience: Make the customer experience easy, enjoyable and convenient. Companies that excel in customer experience make their customers so happy that they want to share their positive interactions with your brand.
2. Loyalty: Reward and recognize customers in a consistent way that is relevant to how they want to be rewarded. Loyal companies reward shoppers in ways that are meaningful to customers.
3. Communications: Personalize the message to customers, based upon what they buy, and in a way they like. Highly communicative companies provide tailored, relevant communications based on customer preferences.
4. Assortment: Have the right products and a strong variety to meet customers’ needs. Companies shouldn’t necessarily have the widest selection of products, but they should stock the ones their customers want.
5. Promotions: Leverage promotions on the items that are most appealing and often purchased by current customers. Companies with successful promotions programs promote the products that matter the most to customers.
6. Price: Provide prices that are perceived to be in line with what the customer is looking for on the products they purchase most often. Brands don’t have to be the price leaders, but they do need to have pricing that customers perceive as fair.
7. Feedback: Hear and recognize customer concerns. Companies that rank high in customer feedback have a two-way conversation and emotional connection with their customers.
Customer centricity isn’t just about making customers like you. Recent research demonstrates that when customers perceive a company as being “right for them,” it correlates to long-term revenue growth. Home Depot recently increased sales to $19.7 billion by offering a varied assortment of products, many of which can be personalized to a customer’s needs. Global beauty retailer Sephora has focused on the pillar of experience by using interactive products, self-serve counters and soft-sell sales tactics. Since then, Sephora has grown to more than 1,400 stores in 30 countries with annual sales of about $4.4 billion.
How can marketers help foster that kind of growth for their own businesses? It’s crucial to focus strategies, operations and activities on the people who are ultimately responsible for a company’s success: loyal customers.
True growth—and the customer centricity that drives it—is not accomplished by a strong rallying cry or a catchy slogan. A company must understand its customers’ behaviors and attitudes and have the internal processes in place to create a cultural change within the organization. By aligning deep customer insights with communications and operational processes, and identifying gaps in performance among the seven pillars of customer centricity, a company can drive sustainable results.
Warren Buffett once said, “If you’ve got the power to raise prices without losing business to a competitor, you’ve got a very good business. And if you have to have a prayer session before raising the price by 10 percent, then you’ve got a terrible business.”
By Buffett’s reckoning, then, Marlin Steel had a terrible business 10 years ago.
In 2003, Marlin made $800,000 selling wire bagel baskets, and it was sinking fast because of newfound competition from Chinese factories, which were selling bagel baskets for $6--half of what Marlin’s baskets cost. “Marlin’s customers were switching to save $200 a store. And Marlin would never be able to match its Chinese competitors on price,” reports Charles Fishman in Fast Company.
FOS to reduce budget by 20% and freeze general levy at £23.3m Insurance Age The FOS stated: “Although this continued increase is disappointing, the increase is smaller than we have seen in previous years – perhaps partly reflecting an improvement...
Scott Davidson's insight:
Ombudsman expects PPI escalations to tail off in financial year 1st April 2014 to 31st March 2015 ... but escalated complaints could still be with FOS for up to 18 months according to other reports ... a long time to wait if you are in dispute
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