Do your customers hate you?
In the June 2007 HBR, Gail McGovern and Youngme Moon ask why companies bind customers with contracts, bleed them with fees and battle them with fine print?
Their answer is simple.
Confused customers make bad decisions and lock themselves into dumb deals.
The banking, health care and mobile phone industries are full of examples where customers lock themselves into long-term deals that make them angry and frustrated.
Beware!
Competitors who come up with customer friendly alternatives are making a killing.
Virgin Mobile USA has enticed millions of angry mobile phone customers away from incumbent carriers.
ING Direct, has quickly become the fourth largest bank by offering accounts without fees, without tiered interest rates and no minimums.
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