18 December 2017
Alexander Peschkoff

Beyond TEDIPAY

Alexander Peschkoff - TEDIPAY

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Futuristic Banking

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Before they move us, we move them

14 April 2017  |  6097 views  |  2

That is a slogan. Of a global multinational company. That for four years operated under Chapter 11 bankruptcy - the largest and longest bankruptcy case in the history of that industry.

A couple of years after the company emerged from that protection, it upset one of its customers. That unpleasant incident could have been resolved in a matter of days at a cost of US$2-3K at most. Instead, the company chose to completely ignore the customer and his concerns. Perhaps because it was on the brink of another bankruptcy – at some point its stock dropped 99% to US$0.01. A year later the stock recovered, but that disgruntled customer retaliated via social media. As a result, the company’s stock dropped again, by over US$200m. 

Fast forward to 2017. Same company. Similar obnoxious ignorance. Only this time social media carries a different weight, and ONE BILLION dollars is wiped off the company’s value. The CEO praises members of his stuff. Without realising, perhaps, that “Before they move us, we move them” doesn't mean dragging bleeding paying customer off the plane to make space for employees. (You would have guessed by now which company I am talking about.)

Compare that to another global player from the hospitality industry. A regular customer experiences some difficulty with customer service. On a Friday evening. He raises the issue with the company’s CEO. Within hours the CEO’s capable team takes the matter in their hands. Regional President is alerted. He instructs his local management accordingly. Eight hours later, by Saturday morning, the customer and his family feel greatly valued by the company. Deep sincere apologies for that small incident are graciously accepted. Problem solved.

To quote Lionel from Maid in Manhattan: “What we do, does not define who we are. What defines us is how well we rise after falling.” So true.

The second company does not have a slogan as such. Instead, one of its Service Culture principles simply says: we seek to deal with others as we would have them deal with us.

P.S. Oscar, give Allen Smith a call. Yesterday.

 

TagsMobile & onlineInnovation

Comments: (4)

Alexander Peschkoff
Alexander Peschkoff - TEDIPAY - London | 15 April, 2017, 08:03

Yes, the second company is indeed Four Seasons.

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Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune | 15 April, 2017, 19:02

Nice post but, in all fairness, let me cite another example from the same transportation industry. Forget luxury industry to which Four Seasons belongs, this brand comes from an industry that’s even more downmarket compared to airlines. I have a problem. I tweet a complaint. I get a response in 4 minutes. The problem is resolved in 3 hours. All of this while we’re in motion. Name of the brand and other details can be found in my blog post titled Why Social Media Has Become My First Port Of Call For Customer Service (hyperlink removed to comply with Finextra Community Rules but this post will appear on top of Google Search results when searched by its title).

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Alexander Peschkoff
Alexander Peschkoff - TEDIPAY - London | 15 April, 2017, 20:03

Great example, Ketharaman. Very impressive customer service, considering the circumstances. Ironically, British Rail should take master classes from the country they brought rail to.
As for FS, there are two interesting aspects there: overall sustainable company culture and specific individuals. Now, the latter can make HUGE difference - both negative and positive. BTW, just I've just learnt that David Dao lost two teeth and got his rib fractured during that incident... Talk of "developing" countries... 

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Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune | 17 April, 2017, 14:53

@AlexanderPeschkoff: LOL:)

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job title CEO
location London
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I am the co-founder and CEO of TEDIPAY, the company that is bringing to the market a game-changing platform for secure mobile transactions.

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