A virtual Customer Service Stock Exchange is being launched to make it possible for people to rate a company's value based on how well they are treated.
Consumers will be able to score businesses brave enough to list on the virtual market using the SERVDAQ mobile phone application, which is part of 'HOME of SERVICE' - the world's first customer service collaboration platform. It was launched yesterday by UAE firm Ethos Consultancy.
HOME of SERVICE founder Robert M Keay told 7DAYS: "It's like you'll go to a restaurant and you'll have an experience - so you will be able to rate that experience by buying or selling shares.
"The app will say to you 'based upon your experience, would you buy more shares in this company - or is the service bad, do you want to sell them? Then the share price will fluctuate on the stock listing."
Keay explained the objective was to get firms to realise that their value is a function of their customer service.
"Quite often, business owners look at the balance sheet and see numbers,
they don't factor customer service into those numbers," he added.
Keay said the company is currently approaching organisations to join the exchange, which is expected to go live in the summer.
"Some may choose not to, of course, but then they will have to think about why they aren't on the app - is it because their service is rubbish?" said Keay, adding that he believes the concept will be embraced worldwide.
SITE FOR INDUSTRY EXPERTS
HOME of SERVICE (www.homeofservice.com) allows customer service professionals to share best practice and exchange ideas online in an effort to improve the public's experience.
Founder Robert M Keay said: "Because traffic to the UAE is huge, I think there are retailers, or hospitality chains or other vendors, that just don't realise the value of the customer because they see another customer following them in."
He said poor customer service can stem from the fact that many companies do not hire the right people or provide proper training. "Companies don't always screen employees properly for that customer service job.
"I spoke to a server in a restaurant last week and came to know she's actually a lawyer from the Ukraine. She's had no training as an actual waitress and absolutely no product knowledge!"
© 7Days 2013
