Tuesday, 8 July 2014

If They Hate You Badly Enough, Nothing Will Stop Them from Complaining

For the RTA Business complaints series this week we want to show why, if they hate you badly enough, nothing will stop them customers from complaining!

Potential Buyers Take Complaints Seriously

When you come to RTA Business, either looking to sell your or looking to buy a business, we make sure that you get what you came for. Either, we’ll make sure that you walk away with a decent profit for the sale of your business, or that you buy the company that’s right for what you need.

That’s why we’ve taken the time to explore complaints in depth. Nothing can sink a business sale like a complaint. If a potential buyer finds out you’ve had a string of complaints lodged against you; they’ll scarper in a heartbeat. It pays to make sure you avoid customer complaints.

The Shame Factor

This week we want to turn our attention to more sensitive industries i.e. the loan industry. Often, the perception tends to be that if you own a company that operates in this industry, you can get away with more, because people aren’t going to complain.

Why? Most people, especially if they fallen into debt, don’t want to shout about the fact that they’ve taken out a loan. Whilst that might be true, we would argue that you still need to prioritise customer service, because if you make them mad enough, it doesn’t matter how ashamed they are of having taken out a loan, they’ll hate you enough that they’ll decide that bringing you down is worth the small sacrifice of making that information public.

Case In Point: The Payday Loan Industry

Let’s take the payday loan industry as the perfect example. Recently the Independent reported that the Financial Ombudsman has revealed that complaints about payday loans have doubled in the past two years, ‘despite,’ the “shame factor” that formerly put most people off from complaining.

Principle Ombudsman Caroline Wayman made her stance very clear on the issue, when she said: “Its important people don’t feel trapped with nowhere to turn for help because of the stigma that is associated with short-term lending.”

RTA Business Suggests You Don’t Make Enemies of Customers
These recent figures are, of course, a disaster for the payday loan industry. Not only are they getting complaints about it, but it’s being reported, and people are being persuaded to forget the “shame factor” that would otherwise have dissuaded them from lending.

So, in conclusion, don’t make enemies of customers. You may think that you’ll be able to get away with it, but you won’t. They will eventually complain, and those complaints have the capability to drive any potential buyer away when you decide it’s time to sell your business. 


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