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Why direct marketers treat their customers right — and can’t afford to do otherwise

by on
in Business Management

Are there certain industries whose business model is dependent on not helping customers — businesses designed to actually be more profitable when not giving customers the best advice, products, and service?

Here are some that have been suggested to me by various people:
  1. Insurance — my late father, an insurance agent for five decades, once said, “Insurance companies want to write fire insurance policies for pig iron at the bottom of the ocean.” They want to collect fat premiums for policies they will never have to pay off, and often make it difficult for policyholders to collect on legitimate claims.

  2. HMOs and others in “managed care” — see #1 above.

  3. The pharmaceutical industry — it’s much more profitable to create an expensive drug you have to take for the rest of your life rather than cure the illness or eliminate the condition (e.g., high blood pressure). As comic Chris Rock points out in one of his comedy routines, “There’s no...(register to read more)

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