Have you ever had a bad experience with your cable TV provider? If you have, then you’re not alone — a lot of people have and they aren’t happy about it. In a recent research report called The Enjoyability Factor, I analyzed survey responses from over 5,000 consumers to the question:
How much do you enjoy doing business with these types of firms?
- Only 28% of consumers enjoy doing business with their Cable TV providers (the lowest level across the 14 types of firms).
- Only 30% enjoy doing business with their health insurer (second from the bottom)
- 73% of consumers enjoy doing business with discount stores (top of the list)
- 61% of consumers enjoy doing business with department stores (second from the top)
We also asked whether consumers would be willing to switch providers if they thought that another firm would provide a more enjoyable experience. Looking at both of these two questions together, we developed a 2 x 2 matrix that segmented consumer attitudes towards each of the providers into 4 segments:
It turns out that there are a lot of consumers who fall into the “At-Risk” segment across all 14 industry groups that we looked at. Here are the 5 industries with the most at-risk consumers:
Cable TV providers (56% of all their customers)
Health insurers (51%)
[tie] Airlines (49%)
[tie] Wireless phone providers (49%)
Computer manufacturers (47%)
The bottom line: That’s a lot of bad news for some companies, but a lot of good opportunity for others.