If Spectrum cable cared about customer loyalty, retention, or cord-cutting you wouldn't know it from the 122% price increase in my high-speed Internet. Well, it is actually not an increase, I canceled them today and picked up Frontier FIOS $45 per month or savings me $660 per year and costing Spectrum $900.
I am completely disappointed in Spectrum, and like most unhappy customers I am sharing. Disappointed customers often have a louder voice than happy customers. Treat your customers like gold or they will become customers of your competitor.
When Spectrum first raised my rate from $45 to $75 (a 66% increase) all for being a loyal customer I should have switched. I did not because I did not want to go through the hassle of switching. Also, I thought their high-speed internet was good. It never reached the speed promised and there were times when speed would slow, but overall it was good. The day I received my second increase from $75 to $100 I fired Spectrum. FIOS is less than 1/2 the price, I have had them in the past, my neighbors have FIOS and overall the quality is also good.
Most companies that don't have a monopoly, and Spectrum does not have a monopoly anymore thanks to CTV | Streaming, invest heavily in keeping their current clients, some have nice loyalty programs. A quick google search will reveal:
- The cost of acquiring a new customer is 5X more than retaining an existing customer.
- The success rate of up-selling to an existing customer has a 60% to 70%. the success rate of selling a new customer 5% to 20%.
- Loyal Customers are 4x more likely to refer new customers, the lifeline of new business.
Spectrums shortsighted gains will lead to long-term losses. The entire cable industry is dealing with cord-cutting and when there are better high-speed options cable companies will likely lose that part of their profitable business unless they start caring about their customers.
Treat your customers like gold or they will become customers of your competitor.
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