Part 4 of our series on Goals for CX Management
A promise is a promise! Expectations should not only be met to build loyalty, advocacy and trust, but they should be met because it creates community lifetime value. Yes, customer lifetime value is important, but can you imagine the power of a whole community advocating for or against your brand? All too easily companies get trapped by the immediacy of a transaction, rather than focus on the enduring value of a relationship.
The evidence supporting the adoption of an ethical business perspective is overwhelming. Ethical practices attract customers, make employees want to stay with the company, reduce costs, attract talent, and increase productivity. Trudel and Cotte conducted a series of experiments to test whether buyers will reward ethical practices. Indeed, they found that customers were willing to pay more when they perceived companies as ethical in their business practices (see inset).
Not conducting business consistent with ethical practices is simply wrong and it will create overwhelming negative publicity. Consider the case of United Airlines’ failure to respond to David Carroll’s request to stop breaking his guitars and to, at the very least, apologize for the blatant disregard of his property. Because of this disregard, David went on to create additional videos, and his videos now rank among the top 10 most viewed videos on YouTube. United Airlines failed to display ethical and professional behavior that resulted in creating a negative brand advocate with global reach. David himself is now a popular keynote speaker sharing his United experience at conferences across the globe.
This post was created by Mohamed Latib, Ph.D., of CX University–a training organization tailored to provide the on-the-go professional development in the CX discipline–and formerly of Opinionmeter, a company dedicated to helping organizations conduct effective, impactful customer experience programs for over 20 years. To learn more about CX University, please click here. To learn more about Opinionmeter’s unique mix of technology and best practice guidance, please visit Opinionmeter.com.