Dear Mr. Tan,
The price of every thing has gone up. I believe that every one feels the pinch. This year, made people have to think about their household budget or personal budget. The relief that the Government gives to tax-payer has remained the same over the years. Do you think that the Government should raise the amount by 5% or more?
REPLY
The Government has been quite firm about not changing the income tax relief. They prefer to reduce the tax rates.
My personal view is that the income tax relief should be increased over the year, in line with inflation.
Sunday, April 6, 2008
Products that are good for customers
Products that are good for customers have the following features:
* meet the needs of customers
* transparent, easy to understand
* educate the customers
* low marketing expense
* fair profit margin
* easy to compare the price of similar products
Many products in the market have these features. The prices are kept competitive and at a fair level. They represent good value to the customers.
* meet the needs of customers
* transparent, easy to understand
* educate the customers
* low marketing expense
* fair profit margin
* easy to compare the price of similar products
Many products in the market have these features. The prices are kept competitive and at a fair level. They represent good value to the customers.
At the expense of customers
How can you identify a business that is being operated "at the expense of the customer"?
These businesses make big profits as follows:
* overcharge the customers
* mislead the customer into buying a bad product
* pays high commission to sales people to sell the products
The features of these products are:
* complicated
* lack of transparency
* speculative
Examples of these types of bad products are:
* time sharing
* land banking
* high cost insurance and structured products
These businesses are able to design products that are not suitable for customers, make them complicated, train marketeers to push the products and pocket big profits.
Lesson: Avoid these products that are developed to "rip off" the customers.
These businesses make big profits as follows:
* overcharge the customers
* mislead the customer into buying a bad product
* pays high commission to sales people to sell the products
The features of these products are:
* complicated
* lack of transparency
* speculative
Examples of these types of bad products are:
* time sharing
* land banking
* high cost insurance and structured products
These businesses are able to design products that are not suitable for customers, make them complicated, train marketeers to push the products and pocket big profits.
Lesson: Avoid these products that are developed to "rip off" the customers.
More Trust & Faith in Our Younger Generation
Dr. Lee Kum Tatt’s (LKT ) blog is now one year old. He has many visitors from all over the world to his blog. They range from students, parents, professionals, professors and friends besides the men in the street. He has to cover a wide spread of people.
He has asked three of his grandchildren who are a University graduate, and two undergraduates for their views on his articles and the issues that affect them.
Read about their views in his blog www.leekumtatt.blogspot.com.
He has asked three of his grandchildren who are a University graduate, and two undergraduates for their views on his articles and the issues that affect them.
Read about their views in his blog www.leekumtatt.blogspot.com.
Customer Service in Singapore
COMMENT POSTED IN MY BLOG
Customer service level in Singapore is getting worse than expected. When you stand in front of the shopping centers customer service staff, they can just ignore you and act busy or chatting among themselves.
Hopefuly, every shopping centers management can really put in some effort to promote "Service with a good manners".
VIEW FROM TAN KIN LIAN
It is extremely impolite for customer service staff to chat among themselves, instead of serving a customer. This bad habit seems to be a Singapore culture. I hope that this weakness can be removed.
Customer service level in Singapore is getting worse than expected. When you stand in front of the shopping centers customer service staff, they can just ignore you and act busy or chatting among themselves.
Hopefuly, every shopping centers management can really put in some effort to promote "Service with a good manners".
VIEW FROM TAN KIN LIAN
It is extremely impolite for customer service staff to chat among themselves, instead of serving a customer. This bad habit seems to be a Singapore culture. I hope that this weakness can be removed.
Terminate an existing policy?
Dear Mr. Tan,
Please advice if it's good for me to terminate this policy (benefit illustion attached) which I hold since 1993. I intend to buy term and invest the cash in ETF STI. Appreciate what you are doing…
REPLY
Please follow this guide and let me have your preliminary conclusion:
http://www.tankinlian.com/faq/existinglife.html
Please advice if it's good for me to terminate this policy (benefit illustion attached) which I hold since 1993. I intend to buy term and invest the cash in ETF STI. Appreciate what you are doing…
REPLY
Please follow this guide and let me have your preliminary conclusion:
http://www.tankinlian.com/faq/existinglife.html
Being accessible to customers
Dear Mr. Tan,
I was reading your blog entry titled: Excellent Customer Service. I also understand that you used to communicate with customers directly when you were a CEO, is that what you mean by being "accessible"?
I can't figure out the rationale behind needing to have top people who are accessible to customers. Personally, as a buyer of a service or product, I do not really care about who solved my problems when they arise, I do not go directly to the highest level but work my way up until my problems are fixed. So if an organisation is able to hire and train good customer service officers, I do not see the need to have access to the top people.
I must say though, to have a very good customer service team is not easy. As a customer or shareholder of a company, I don't think it's a good idea to have the top people handling customers, as I think the cost will have to be passed on somehow, either to the customer or the organisation's bottom line will suffer. I hope and would appreciate if you could enlighten me.
REPLY
Most customers have their issues solved at the lower levels. Only a small number of cases go to the top. Some customers write an email to me (3 to 5 per day). It was quite easy for me to handle them.
I give them an immediate reply (usually a partial reply) and forward the issue to the right people to handle it. It worked quite well.
I was reading your blog entry titled: Excellent Customer Service. I also understand that you used to communicate with customers directly when you were a CEO, is that what you mean by being "accessible"?
I can't figure out the rationale behind needing to have top people who are accessible to customers. Personally, as a buyer of a service or product, I do not really care about who solved my problems when they arise, I do not go directly to the highest level but work my way up until my problems are fixed. So if an organisation is able to hire and train good customer service officers, I do not see the need to have access to the top people.
I must say though, to have a very good customer service team is not easy. As a customer or shareholder of a company, I don't think it's a good idea to have the top people handling customers, as I think the cost will have to be passed on somehow, either to the customer or the organisation's bottom line will suffer. I hope and would appreciate if you could enlighten me.
REPLY
Most customers have their issues solved at the lower levels. Only a small number of cases go to the top. Some customers write an email to me (3 to 5 per day). It was quite easy for me to handle them.
I give them an immediate reply (usually a partial reply) and forward the issue to the right people to handle it. It worked quite well.
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