As you probably know, fisheye has bought itself a home in Kensington Market. Being tenant and landlord adds a little complexity to the day, but it’s well worth the effort. We can create the kind of home that reflects our brand and our approach to business. It is also giving me a new perspective into the b to b customer relationship.
Case in point – we received our first gas bill from Enbridge and on it was a charge for a cash deposit, calculated based on a year’s worth of gas for this location. This surprised me because as a residential customer of Enbridge I’ve never had to do this. I called and was informed that this was a standard security deposit and was not negotiable. They hold our money for FIVE years and at the end of that period if you’ve been a good little business and paid all of our bills on time the amount is refunded. With interest, of course. Ahh – “how much interest do we earn” I inquired? After putting me on hold to check, the customer service rep informed me we would earn .55% annually! “How much do you earn on an overdue payment” I inquired? “18%” Interesting.
In a free market one’s normal reaction at this point would be to call another service provider, but in Southern Ontario Enbridge is it. But as we know, things change and at the first opportunity to make a different choice I will. Enbridge is taking advantage of their monopoly position and not creating their tomorrow. I will never be a fan. Relationships aren’t built with a gun to one’s head.
If you are in the wonderful position of owning the marketplace, whether by monopoly or a lack of real competition, ask yourself – am I building a fanbase for the future or am I just taking advantage of my position in the short term.
