Can Your Firm Meet Amazon’s Standard?
May 31, 2016
by Dan Solin
David Einhorn's Greenlight Capital funds were up 11.9% for 2021, compared to the S&P 500's 28.7% return. Since its inception in May 1996, Greenlight has returned 1,882.6% cumulatively and 12.3% net on an annualized basis. Q4 2021 hedge fund letters, conferences and more The fund was up 18.6% for the fourth quarter, with almost all Read More
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This is a difficult time for investment advisors. You’re confronted with challenges, such as robo-advisors, increased and costly regulation, the financial burden of keeping pace with new technology and pressure to reduce fees. A proven way to succeed in this environment is with exceptional customer service. My recent experience with Amazon set a standard to which every advisor should aspire.
Amazon and HomeAway
I recently had two online experiences that were wake-up calls for me regarding the level of service clients might expect.
The first involved a purchase I made from Amazon. Amazon’s tracking tool showed that my package was delivered, but my building had no record of receiving it. My building personnel scans every package received, so I was pretty confident that the package went to the wrong address.
I went to Amazon’s website and quickly found the process for making an inquiry about an order that its system indicates was delivered but was never actually received. I had the option of scheduling a call immediately or at another time convenient for me. I picked the immediate option and entered my telephone number.
The phone rang, and within five seconds, I was speaking to a customer service representative. She reviewed my information and, while I was on the phone, immediately credited the shipping costs to my Amazon account. She then checked her inventory and told me a replacement package would arrive the next day, which it did.
I asked her what I should do if the missing package was found. She said, “Feel free to use it as our gift or donate it to charity.”
The entire process took less than 10 minutes. I received an email confirming her actions within a few minutes of hanging up.
The second and equally positive experience involved booking a one-week vacation home rental through HomeAway. I received a call from the rental agent confirming the details. She then emailed a lease. The lease incorporated Adobe Sign. I typed my name in a box and a signature appeared on the signature line of the lease document. I hit “submit” and transmitted the executed lease to the agent.
Soon after, I got an email with links permitting me to download the lease to my desktop, download a mobile app that would provide check-in details and recommendations or print a copy of the lease.
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