Three big stories in the last 2 months where well known consumer brands have put aside customer experience in favor of servicing their quarterly results:
- Why Best Buy is Going out of Business…Gradually (Link)
- After Outcry, Verizon Abandons $2 Fee (Link)
- In Retreat, Bank of America Cancels Debit Card Fee (Link)
The problem is that most companies do not give Customer Experience metrics the same importance as they give to revenue, profitability, and market share. After all, the latter form an important part of the quarterly results and impact the stock price.
I wish these companies learnt from the likes of Apple, Amazon, American Express, Nordstrom (and many more) that customers would pay a premium if they are provided with quality products and services. Raising fees or up-selling unnecessary services are an easy way to make fast cash but not a sustainable way. Such tactics might save the quarter but destroy customer’s trust and negatively impact the brand equity.
One could argue that unless companies have it in their DNA to provide the best customer experience they will be not successful at it. But, I think it is possible to slowly create a culture where customer experience is of paramount importance. Including the customer experience metrics as part of the quarterly results could be the first step to force companies to prioritize customer experience over short term profit.