Take care of your most fragile clients
Episode 16 covers the topic of fair treatment of vulnerable customers. According to the Merriam Webster dictionary, a vulnerable person is one that is easily hurt or harmed physically, mentally or emotionally.
In each business, there is a segment of vulnerable customers that due to specific factors or circumstances. Those are not limited to disabilities or old age. This segment is susceptible to poor decisions and payment problems, especially in the cases when met with aggressive sales techniques.
Our guest – Matthew Tod, helps business leaders take advantage of data, analytics and AI. In his 2 decade-long experience, he has helped Publicis Groupe establish the first UK digital advertising agency with rewards with Renault, ASDA, HP and the European Central Bank. Later on, he founded Logan Tod & Co – a leading online optimization consultancy, that to this day he runs as a CEO. His professional portfolio includes PwC, The Book People and as of November of 2019 – GemSeek. Talk to Matthew on LinkedIn.
WHAT CAUSES US TO BE VULNERABLE
There are many factors that make you potentially vulnerable. All people could be vulnerable. Why we’re vulnerable? It comes down to this set of factors that are about your personal capability, about equality, about health, about what’s going on in your life and about your resilience. Resilience is all about having family support and financial support. One can also be vulnerable because of your past experience with an organisation. So if you have a terrible experience and decide never to contact an organisation again, effectively you’ve cut off communication and that makes you potentially vulnerable to not getting the right deal. So kind of that’s the that’s the sort of the background to vulnerable customers and who they are, and a little bit about why they might be vulnerable.
Our study on consumer behaviour in similar setting suggests a customer stays with a brand out of habit. If a competitor comes up with a better offer or product, the customer is likely to switch. There are a few fundamental steps companies should take to convert those potential switchers into promoters, reduce churn and further boost loyalty among other customers.
The CX Impact Podcast focuses on pain points companies face in their day-to-day customer experience programs and provides recommendations on how to speed up your CX success. Our host – CX champion, Momchil Blaskov, is deep-diving into real CX stories thorough honest conversations with thought leaders and industry experts.
