Does Your Company Keep Its Promises?
In our private lives, keeping a promise is seen as something sacred. We swear to cross our hearts, hope to die, and stick needles in our eyes before breaking these honorable vows. However, does this same dedication that we vow to in our private lives translate into our corporate endeavors?
In a recent study reported in Marketing Daily, researchers found that of the 3,000 people surveyed, 70% responded that a company had made a promise to them and 40% say they have had a promise broken by an organization. In the same survey, 90% of consumers said they would switch providers or vendors because of a broken promise. With the chance of lost business or high changeover as a result, broken promises are important to note, track, and fix in order to maintain customer loyalty.
The types of broken promises are important to keep in mind in order to effectively engage the consumer and try to avoid these business blunders. On-time delivery of products and services was the promise broken the most often, followed by no hidden fees, and quick resolution of complaints. Those who experienced broken corporate problems also experienced problems with customer service, unresolved billing disputes, and repeat unsuccessful attempts at resolution with multiple, different agents. Most importantly, 67% of those surveyed had multiple promises broken by an organization at a given time. With these problems in mind, it is up to the company to mend the relationship before the business is lost.
The good news for businesses is that correcting a broken promise is often as easy as resolving the issue. However, in some client cases, acknowledgement of a broken promise and an apology is needed to sufficiently fix the problem. In some cases, the best way to resolve a broken promise is to prevent it before it occurs. Keep track of the promises you are making as an organization, both implicitly and explicitly, and make sure that the product or service you are supplying lives up to those promises. While business transactions do not begin with interlocking pinkie fingers, consumers expect the same vows of honesty, quality, and respect when they choose to purchase your service.