Is the Golden Rule Dead?

As we prepare to celebrate Thanksgiving and the start of the season of “good will toward all”, it seems ironic to hear, “The Golden Rule is Dead”, even if it is from a frequent contributor to a leading Leasing Industry publication. In a recent article in The Monitor, Dexter Van Dango explains that treating others how you wish to be treated has evolved to treating customers the way they want to be treated. 

“In today’s hyper- competitive marketplace, equipment finance companies must stand out and differentiate by delivering exceptional customer experiences. And that doesn’t mean one size fits all”, states the author. This means serving clients when, where, & how they want to be served. Suggestions include:

  1. Navigate the digital transformation.
  2. Examine your customer’s experience.
  3. Anticipate customer’s needs. 

Online applications are essential in this climate, as well as digital invoices and automatic payment methods. Communication has undergone a transformation also, and we have learned that the tool of choice is entirely the prerogative of the customer. 

Therefore, it is also necessary to offer various methods of executing a lease contract and transacting business. In addition to digital options, is there a live person who is readily available to answer questions, respond to an e-mail, and to process a payment? 

Secondly, are business owners and sales associates asking how they can help or make the process better? We need to assess who are customers are and how they want to be treated. When one hears that 96% of customers will never complain, but that 91% will never return, it can be disheartening. Companies must have many portals to engage those who have an issue with their product or service.

Finally, he advises leasing companies to “use technology to deliver greater value by giving customers what they want before they even know they want it – truly anticipating their needs”. This may seem impossible but listening attentively is critical to creating new efficiencies. 

While it is easy for a contributor to an Industry Publication to give advice, it may be difficult for business owners to implement the changes he suggests. However, we have witnessed a great transformation in the delivery of lease finance services and providers must adapt to survive. 

Let us know how you would like to be treated and what improvements our company can make to earn your business. This is how we would like to be treated. 

Happy Thanksgiving,

Kevin F. Clune, CLFP
Clune & Company LC