Israel: 054-321-6176 / USA - 210-820-3070 alan@weinkrantz.com

Good Morning, America: I Want to Help Create a $600 Million Savings For America’s Families

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This morning, I was on ABC's Good Morning America.  I'll be posting the video later this morning.  The theme of the story was about saving money for your family, with a focus on services like phone and cable.

My goal is simple:  I want to help 100 million Americans save a minimum of $50 per month on family budget line on services such as phone, cable, internet, and more.

That comes to $600 per family or $600 million in sum.  That money can be used as savings, applied to something else you might want or need, or perhaps to be given to the charity of your choice or someone in need.

Here are some basic tips:

1.  Do your homework.  Make sure you have your bill in front of you and go line by line item 

2.  Do your research.  Get competing offers.  If you are with AT&T, find offers from your local cable and satellite provider.

3.  Be diligent (and be polite).  Chances are the first person you speak to may just offer you a $5 or $10 discount.  Turn it down and ask to speak to some in the Customer Retention Department.  Retaining customers is a whole lot less expensive than losing you as a customer and having to start over.

4.  Ask.  Ask. Ask.  Be prepared for the standard response about how much they love and appreciate your business.  This is not a customer courtesy call.  It's a call to help you and your family save money and get your money's worth in this economic climate.  

Acknowledge what they say, and tell them how much you love the service from AT&T, Verizon, Cox, Comcast, etc.  But this is 2009 and this is reality. 

5.  Prepare to disconnect.  What would happen to you if you killed your phone or cable service for a month?  Try it.  Disconnect.  And then re-connect.

6.  Ask for a rebate or credit on your next bill.  In the case of your wireless bill, if they won't budge, ask for a rebate.  Ask for a credit on your next bill.  The more wireless phones you have on your plan, the more you can negotiate.  I have 5 wireless phone lines and while AT&T would not lower my rates, they did give me an $80 credit on my next phone bill.  

7.  Every dollar you save is really $1.30 to you.  Think about how much you pay in taxes.  Give or take your tax bracket, this is more than just saving money.  It's putting money back in your family's budget.

If you are a journalist needing more information, email me:  alan at weinkrantz dot com and I will return your call.

4 Comments

  1. Alan,
    I look forward to seeing the video on Good Morning America. I was not able to catch it on TV.
    Regarding the advice list, these are great points and I’d agree and would really encourage people that read this to force the issue of disconnection. I worked in wireless telecom for a number of years and retention is a high priority for these companies. Especially when you consider that cost it takes to acquire a new customer.
    In wireless, although it has changed over the past couple of years, most companies push free phones and deep discounts for 1 and 2 yr term contracts. Well, this is a good thing for you as a consumer because the carriers are subsidizing the cost of the handset and expect to recover it 9 to 18 months in your contract. Then hopefully they can keep you as a customer to earn revenue from you for a longtime. So, retention is key for these companies.
    Alan’s point on research, research, research is spot on. The communications industry has become so competitive that you need to look not only at price but long term service value – get the best value for your money.
    I’m looking myself at how I can reduce costs and get more – it is very possible in this economic climate and these companies will work with you.
    Thanks for the post Alan.
    Jason

    Reply
  2. Alan,
    I look forward to seeing the video on Good Morning America. I was not able to catch it on TV.
    Regarding the advice list, these are great points and I’d agree and would really encourage people that read this to force the issue of disconnection. I worked in wireless telecom for a number of years and retention is a high priority for these companies. Especially when you consider that cost it takes to acquire a new customer.
    In wireless, although it has changed over the past couple of years, most companies push free phones and deep discounts for 1 and 2 yr term contracts. Well, this is a good thing for you as a consumer because the carriers are subsidizing the cost of the handset and expect to recover it 9 to 18 months in your contract. Then hopefully they can keep you as a customer to earn revenue from you for a longtime. So, retention is key for these companies.
    Alan’s point on research, research, research is spot on. The communications industry has become so competitive that you need to look not only at price but long term service value – get the best value for your money.
    I’m looking myself at how I can reduce costs and get more – it is very possible in this economic climate and these companies will work with you.
    Thanks for the post Alan.
    Jason

    Reply
  3. Alan,
    Thanks for sharing. I have used a few of those techniques in the past and I have found that #2 and #3 helps a great deal. I have even been surprised to find several of the compaines I have dealt with actually have a Customer Retention dept designed specifically to address the above.
    It seems some companies are keeping in mind that it costs 7-10 times more to recruit a new customer than to keep an existing one, a gain in customer loyalty of only 5% can lift lifetime profits per customer by as much as 95% and that an increase in loyalty of just 2% is, in some sectors, equivalent to a 10% cost reduction.
    Now if only more would follow the lead….

    Reply
  4. Alan,
    Thanks for sharing. I have used a few of those techniques in the past and I have found that #2 and #3 helps a great deal. I have even been surprised to find several of the compaines I have dealt with actually have a Customer Retention dept designed specifically to address the above.
    It seems some companies are keeping in mind that it costs 7-10 times more to recruit a new customer than to keep an existing one, a gain in customer loyalty of only 5% can lift lifetime profits per customer by as much as 95% and that an increase in loyalty of just 2% is, in some sectors, equivalent to a 10% cost reduction.
    Now if only more would follow the lead….

    Reply

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