United Airlines Fiasco Drops Stocks by over $1 billion; what can ALL businesses learn?
With the market cap of United Airlines dropping over $1 Billion dollars, not to mention lost revenues, we can learn feom the mistake in all industries no matter how big or small our company is.
By: James Cousineau Group
As the world expresses outrage over the handling of a passenger on a United Airlines flight, we are all reminded that the customer experience is important. More so, when we, as business leaders have issues brought to our attention, we must take ownership, demonstrate a SINCERE concern for how we let our customer(s) down, and find a solution that not only satisfies the customer but also restores their confidence in our brand.
As I have consulted with many companies to improve the customer experience, I always look at all opportunities to build the brand, improve customer retention and create an inviting environment to bring in new customers. Many companies look to each individual sale instead of building relationships for longer term growth and profitability.
When something goes wrong, take ownership of the problem and find a solution quickly that exceeds customer expectations. Mistakes happen in business so focus on solutions. Had United Airlines taken ownership of the incident and looked at promising reviews of internal policies, they could have saved themselves the PR nightmare and a drop in valuation of over $1 Billion USD.
James is a business development consultant in addition to running operations for several moving and transportaion companies in the Edmonton, Alberta area. He has assisted companies ranging from auto sales and leasing, real estate to retail and passenger transportaion in Western Canada. James can be contacted in Edmonton at 780-454-2414 or Vancouver at 778-908-2811. http://www.canadianrelocationspecialists.com