Posts

What Wells Fargo (and the Rest of Us) Can Learn from Samsung

  • “Who knows what happened to us two years ago?” Wells Fargo’s Chief Marketing Officer Jamie Moldafsky (I originally wrote about this here)
  • “Who’s heard of our product, the Note 7? [pause] Yes, pretty much everybody, in every plane trip, for about a year.” Michael Lawder, SVP, Customer Care, Samsung Electronics America

Both these speakers began their speech with a similar attempt at humor to grab the audience’s attention, referencing an event that happened in late 2016, but a small difference speaks volumes to their contrasting attitudes. This small difference shows why Samsung has fully recovered while Wells Fargo continues to falter.

Problems can happen in even the best-run company. Pixar, Amazon, GE – all have experienced problems. This post isn’t about preventing problems (although many of these – particularly Wells Fargo’s problems – should have been avoidable). Instead, it’s about what to do once it happens. Read more

Trust: I Don’t Think Wells Fargo Gets it Yet

I attended an excellent conference today. The Carlson School of Management sponsored their second annual Ignite Conference which focused on “Protecting Trust in Today’s Consumer Journey.”

The opening speaker gave some great stats about trust, including research that 73% of the variance in how customers have trust with you is predicted by team members’ trust of the organization.

At the end of the day, Wells Fargo’s Chief Marketing Officer Jamie Moldafsky spoke on their journey to regain trust. It was a well-crafted speech, showcasing all that Wells Fargo was doing to admit wrong-doing and earn back the trust earned over 150+ years in business.

All in all, it was impressive. But two warning signs have me concerned that they have further to go than they think. Read more

The Three Keys to a Game-Changing CX 

Customer experience pays. There’s no shortage of research on the impact of an improved customer experience, including improved revenueprofit, and, as a result, stock price. But how do you improve your CX? By focusing on Effectiveness, Ease, and Emotion. Improving on these three factors will ensure you are improving your customers’ outcomes, as well as your own. 

Read more

Put an End to Customer Frustration and Build Real Loyalty

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I was talking with a call center manager who made a startling comment: “We have some problems with our website. But we deliberately don’t fix them. That way, our customers call us and we can fix their problems and delight them.”

Wow. This was one of those situations where I wasn’t really sure how to react. Who really believes that’s a good thing?

The myth of the Service Recovery Paradox is apparently alive and well. This is the belief that when you do a great job fixing customer problems, they become more loyal than they were before they called. It’s a reassuring belief. At call centers we spend so much time resolving problems that we want to believe that we’re building loyalty. But maybe a better way to view it is that we’re saving loyalty. Read more