Telecom companies are the most hated companies in the US.
The world is full of…
Fat cats that make a killing on greed.
Builders who don’t care if normal people can’t afford a house.
Pharmaceutical companies with irresponsible R&D.
Merchants who thrive on chaos.
And yet…
People hate Comcast the most. Yes, The Consumerist called Compast “The Worst Company in America” in 2010 and 2014.
How so?
My theory is:
Telecom companies build their whole business model by ripping off existing (and loyal) customers.
The longer you stay, the more you pay.
All the good deals are only available to new customers.
“Lure people in with a temporary good deal. Get their CC info. Keep a low profile so customers don’t remember you. End the good deal. But make it such a hassle to switch service that 90% of people would tolerate.”
(it’s weirdly the model most gyms adopt)
But as a business owner, you know:
Retention >> Acquisition
Focus on KEEPING your best customers is much cheaper and more profitable.
(not to mention, when you do an outstanding job serving your existing customers, word of mouth tends to take care of acquisition)
So… here’s a quick challenge:
What’s ONE thing you can do TODAY to improve your customers’ experience? I’ll share mine tomorrow.
Cheering for you,
– WYH