Fraud and Customer Service Go Hand in Hand

It’s National Customer Service Week. But that has nothing to do with fraud solutions, right? Wrong.

On CommPRO.biz, fraud expert Dan Draz explains why customer service is so important during fraud events:

The reality is, when a business is at its worst, and there is nothing worse than a major fraud event, this is the point where customer dissatisfaction with your business is at the highest. In a world where customer satisfaction and retention are paramount, this is the height of the “customer disenchantment mountain,” the point where your business is the most vulnerable to failure, customer loss and lost revenue associated with customers going to your competitors.

When a business experiences a major fraud event, and service provided by the company is anything less than “world class,” it is at this point that most customers have lost faith in your company and are saying things like “should we stay with this company or should we find someone else who provides better service, protects our information and values our business more? Doing business with them is just too risky.” This is the juncture where business loss and the cost of securing new customers intersects and if you ask any sales or marketing professional worth their weight, there’s definitely a higher cost to develop and secure new business than the cost to maintain it so keeping customers on board is critical. The increased customer development cost, of course, is on top of the revenue lost from the major fraud event, the negative publicity, lawsuits and the brand damage done to your firm, which also have a significant cost attached to them.

Don’t let your business be the sinking ship that customers abandon. Visit CommPRO.biz to find out how and why you should plan for exceptional customer support during a fraud event.