Transparency In Business
Delivering an Experience That Makes Price Irrelevant
Shep Hyken sits down with Ty Collins. They discussed how to raise your prices without losing customers, why you should be transparent, and how to give customers the best experience possible.
Shep’s Opening Monologue:
- In Shep’s opening monologue he answers the question, what is the difference between a loyalty program and a marketing program?
The Interview with Ty Collins:
- In July 2018, a 25% import tariff forced Rad Power Bikes to increase their prices. Because they created a unique experience and were transparent with their customers about the price increase, this did not affect sales.
- Rad Power Bikes decided to share their opinion about the trade tariffs publicly. This didn’t make every customer happy, but because they expressed their situation diplomatically, they were able to set the narrative and jump ahead of the issue.
- Because their customer experience and tech support teams are so passionate and fired up about their industry, it wasn’t difficult for Rad Power Bikes to convey the correct message to their customers.
- Ty likes to sit in with his customer experience team, answer customer emails, and listen to phone calls. No matter what your position is, everybody needs to spend a little time on the front line to hear the real voice of the customer.
- Most of Rad Power Bike customers never see the bikes in person before making a purchase. It’s the CX team’s job to ease the customer’s concerns, build trust, and give them a memorable experience.
- Providing good CX doesn’t mean always saying yes. There will be times when you have to make hard decisions and say things the customer isn’t going to want to hear at the moment.
“Customer service continues beyond the sale.” – Ty Collins
“Some of our greatest customer advocates are customers who’ve had issues that have been resolved. ” – Ty Collins
“You never have to remember your story if you’re telling the truth.” – Ty Collins
Ty Collins is the Co-founder and CMO of Rad Power Bikes. He helped increase the company’s revenue to over $40M in just four years despite trade tariffs that forced him to raise his prices.
Shep Hyken is a customer service and experience expert, New York Times bestselling author, award-winning keynote speaker, and your host of Amazing Business Radio.
This episode of Amazing Business Radio with Shep Hyken answers the following questions … and more:
- How do you retain customers?
- How can you raise your prices without losing customers?
- How can you build trust with future customers?
- Does customer service change after the sale?
- Do you always have to say “yes” to customers?