The Effective Executive – Customer Lens Conundrum



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This is the 29th episode of the Effective Executive podcast. In this episode, Tripp Babbitt shares a story on his difficulties setting up an investment account.  Download our Effective Executive Starter Kit.

Show Notes

The Effective Executive – Episode 29

The Customer Lens Conundrum

Schiff Gold / Entrust

GoldSilver / Equity Trust

The Customer Lens Lessons



[00:00:00] Welcome to the effective executive, if you are new to this YouTube channel or the podcast, I recommend that you go to the ninety five method dot com forward slash executive playlist, all one word and watch the videos. It tells you exactly what it means to be an effective executive and kind of the purpose of this whole podcast and YouTube channel.


[00:00:31] So this week I wanted to cover the customer lens. I’ve talked about this in my previously in my trip to Disney World and how I kind of look through the lens. But I had a scenario come up personally that I’m going through presently that I thought I’d share, because I think it highlights some of the things that I’ve talked about, both in the podcast and the YouTube channel. So basically to walk you through two scenarios, one, because it failed led to the other.


[00:01:05] And the first scenario was I’ve been diversifying my portfolio, my investments, and I want it decided. I want to buy some gold and silver and keep it in my IRA and stored off site and a number of other things. So on February 1st, someone who I follow talks about gold and silver and investments and how the economy’s in the process of being blown up is Peter Schiff, and he owns a company called Schiff Gold and he also has Euro Pacific Fund. But I was interested in the Schiff gold portion. And basically what you go through is the process of setting up your IRA and then actually they take the gold and the silver and they put it into a storage area.


[00:02:02] And so Schiff Gold had several actually options of of companies I could set the IRA with. They recommended Enrust, the one at the top of their list. And the person I had contacted at Schiff Gold sent me some forms and. You know, I filled them out as best I could, I wasn’t sure what was supposed to be filled out, what wasn’t, and I submitted the forms and then I got a couple of questions back from Schiff Gold. And so I took care of those. And I told the person there that I was working with that, you know, I’m struggling to figure out what. When it’s supposed to fill out or not fill in on the form and this has been a very difficult process because there’s a whole slew of things on these forums. You know, seven pages of forms are 11 pages of forms, two different applications, one for a new account, one fire and IRA transfer. You know, all these things had to be filled out. And it’s not clear who is the customer going through these forms, what needed to be and what didn’t need to be. And some of the terms that they use were difficult. You know, they were almost like jargon for the industry. And so finally I filled it out. I contacted my contact at Schiff Gold and said, hey, I’ve got the funds. You know, I think I filled everything. I’ve got everything. Well, I never heard from them again.


[00:03:37] I asked them to follow up and then they asked me to do, you know, did you fax a form to so-and-so, you know, and that wasn’t anywhere in the instructions that I got. So I finally just said, OK, the heck with this. I give up on February 25th.


[00:03:52] Well, I still wanted to get this accomplished. So I had hoped that maybe things would some would contact me and say, here are some of the things you can do to from Schiff Gold. It never happened. I got off to some other things, but so it led to the second scenario, which another person that I listen to is a guy named Mike Maloney and does some excellent things about the economy and gold and silver and things of that sort. So they’re at gold, silver, dotcom. Now, they use or recommend. They also had multiple choices of IRA organizations that I could set up my IRA with for this transfer of gold and silver to hold it and those types of things. But they recommended a company called Equity Trust. And so I filled out the application on March 19th and they said, oh, you know, you’ll be contacted in a few days about your application, if there’s any questions, those types of things. And of course, they always want you to call them, which I find very interesting, you know, when giving them money types of things. So but so I fill out the application on March 19th. Now, Friday, I hadn’t heard anything. So I called up and I got a hold of a gentleman that kind of said, oh, I see your application here.


[00:05:14] There’s some something really strange going on here and I’m not sure exactly what’s happening. There seems to be a problem with our Salesforce, CRM application and, you know, those types of things. And I was just like, OK, so is this something that that can be resolved? And so this person is now in the process of working on it.


[00:05:37] But I think there’s some very important lessons here and, you know, to develop your synthetic thinking skills. And again, if you’re new, go to the effective executive, the ninety five method dotcom for last executive playlists. Watch those videos. You’ll understand a little bit more about what it means to be an effective executive. But most of it or not, most of it, but a part of it is developing your synthetic thinking skills. I take through my executive education program, taking through what are looking through that customer lens, looking through your thinking lens. But the customer lens can inform a lot about what’s actually going on. So the lessons that you can learn from the scenario that I had is kind of what the customer needs are my case. You know, I get these forms. There’s no direction on them, fill them out type of thing. And there are sections in there. As I look through the form, I wasn’t sure whether I’m supposed to fill that out. Was it clear, you know, those types of things just leads to more contacts, more time taken, things of that sort.


[00:06:45] And there’s no clarity about kind of what the next step was. And it becomes a burden to me to be the one who has to follow up on all this stuff. Now I’m the one giving them money. So you would think that there would be some interest in following up with me on, you know, make sure I got got the information. But that doesn’t resolve the number of contacts back and forth that I had to go through in both scenarios. The second one developing, the first one, there was emails back and forth and phone calls and, you know, for just setting up a simple account and, you know, giving money to a purchase of silver and gold. So that’s what I saw. See, I don’t care that there are two different companies involved. There’s shift gold in the first scenario and entrust there, two separate organization. Well, you know. And the conversations were, well, you know, I don’t really know what goes on with interest, I’m just the Schiff gold piece. You’ll have to work that out with them. Well, that if you’re doing this to your customers because they’re the experts, meaning your partner or that you’re doing business with, this has to be transparent to a customer. I shouldn’t be the one who has to figure out all the stuff. You know, it should be very clear about what’s going to happen step by step from what I need to fill out on the form.


[00:08:17] And you know, what’s going to happen with the form, what timeline I should look for. You know, the questions. If you can do it correctly up front, then this is something then that that doesn’t will reduce the number of phone calls. Now, I’m sure there were at least 10 communications back and forth or interactions, as I call them, between myself and SIFF Gold trying to get this this thing resolved, which ultimately it did not. So that’s why I moved on to the to the second company and the second scenario or companies, I guess I should say. And so I’m with gold, silver and equity trust. But they’re losing customers here. Jeff Gold did lose a customer. If I don’t get this resolved pretty soon with gold silver then and equity trust, then, you know, I may have to move to a third one and I’m not sure that it’s going to be any better. Now, what they can do is, again, make this transparent from the directions to the clarity about what’s going to happen next to making it seamless. To me as a customer there, I almost feel like, you know, it’s my honor to be doing business with. And now I’m sure they would say something very different. But I’m the one having to do all the follow up. I’m the one who has had to initiate everything in this process. And having worked in banking industry, you know, I’m amazed and consulted with many banks. You know, this stuff goes on all the time. And it’s you know, they don’t see it.


[00:10:05] It’s very you know, you get different people doing different things and it gets lost. And, you know, stuff is maddening, you know, from that standpoint. And the waste is incredible. And then they’re like, well, you know, we’re not our profits aren’t what they should be. Well, the customers, you’re making the customer mad. They cost you a lot of money to be, you know, ineffective in your organization. And if they work on the wrong stuff, they optimize the pieces and not look at the whole of the way that the customer looks at it. And as I’ve mentioned, the customer doesn’t care that there’s two different vendors. You can’t just say, oh, I’m Schiff Gold and Entrust this got that part, you know? No, no, that’s not going to work for any customer. So I thought it was a good lesson and I wanted to get to it this week. As these things arise, I’m going to be purchasing, in fact, systems. So that’ll be interesting. But you need to to look through that customer lens and realize what’s going on in the end. And, you know, just because they’re in different computer systems within your own organization, most people can’t see what happened with the customer unless you look and again, part of my executive education program. But I’ll give you what your priorities should be in your organization, help set them. And so I thought it was a good lesson. I wanted to share it. And that’s what I wanted to cover this week.

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