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Do the Right Thing?
Author: Bill Cusick
August 10, 2004
When is selling a customer another product a benefit, and when is it just self serving - and ultimately a long-term problem? Consider this Fast Company article describing how Capital One approaches serving its customers who call in:
A woman from Miami, who has called to find out if she has to pay her $39 annual fee every year, cheerfully signs up to pay $59.95 a year for Privacy Guard, a service that helps you check your credit report. “That’s called a sale!” says Brannon. “That’s called fattening your paycheck. Give me more calls!”
Carolyn from Illinois, whose credit history has won her a Visa with a $200 limit and a $59 annual fee, calls to find out how to get a cash advance. After answering that question, Brannon warns Carolyn that her Visa has less than $100 of credit available. Then she offers Privacy Guard to Carolyn. The cost: $59.95. “If you want to get your credit report, this is the way to do it,” Brannon says. “This is what you need.” (Actually, if your Visa has a $200 limit and a $59 annual fee, you don’t really need a credit report.) Says Carolyn: “Yes, I would like to try that.”
I don’t know about you, but to me these don’t seem like customer advocates. Capital One has the right idea in terms of exploiting its tremendous database, but maybe the goal should be reexamined.
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