{"id":9520,"date":"2024-12-03T13:22:30","date_gmt":"2024-12-03T17:22:30","guid":{"rendered":"http:\/\/parmaks.com\/Resources\/does-it-pay-to-nickel-and-dime-frank-sonnenberg\/"},"modified":"2024-12-03T13:22:30","modified_gmt":"2024-12-03T17:22:30","slug":"does-it-pay-to-nickel-and-dime-frank-sonnenberg","status":"publish","type":"post","link":"https:\/\/parmaks.com\/Resources\/does-it-pay-to-nickel-and-dime-frank-sonnenberg\/","title":{"rendered":"Does It Pay to Nickel-and-Dime? \u2014 Frank Sonnenberg"},"content":{"rendered":"

\"Profit<\/a>
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It seems like hidden fees are sprouting up everywhere these days. Airlines charge for baggage and seat selection, hotels add fees for Wi-Fi and late checkout, law firms bill for making copies, banks penalize for not meeting minimum deposit requirements, and certain restaurants tack on a wellness fee to support staff healthcare benefits. Why don\u2019t they include those costs in the up-front price? The answer is that they want to keep their prices down \u2014 or at least their published prices. Does it pay to nickel-and-dime people?<\/p>\n

Some folks argue that burying fees is deceptive because the perpetrators hope you won\u2019t notice them \u2014 until it\u2019s too late. But is that any way to build trust<\/a>? Essentially, they risk the entire relationship over a small fee, and then they end up spending a fortune trying to attract new customers. Does that make any sense?<\/p>\n

Hidden Fees \u2014 What Do You Have to Lose? <\/strong><\/h3>\n

Unfortunately, nickel-and-diming people isn\u2019t confined to customer relationships. Picture this: You\u2019re enjoying a fun evening out with friends at a restaurant, but things take a turn when the bill arrives. Instead of splitting it evenly, one couple pulls out a calculator to tally each person\u2019s share down to the penny. Similarly, an employee who takes an extra day off due to a family tragedy is asked to repay it because, well, rules are rules.<\/p>\n

I recognize the significance of setting a precedent by granting someone an additional day of vacation. However, considering what they\u2019ve probably been through, is it worth alienating a valuable employee<\/a> just to strictly adhere to the rules<\/a>? Additionally, I recognize that every company deserves to make a profit. But how far are they willing to go to maximize those profits?<\/p>\n

Let\u2019s face it \u2014 if you constantly nickel-and-dime people, you\u2019ll pay a price. Think about the time and effort you\u2019ve invested in building relationships, fostering trust, earning respect<\/a> and credibility, and establishing your reputation.<\/p>\n

Are you prepared to risk it all? If so, you will have to pay the piper.<\/p>\n

The Hidden Costs of Hidden Fees<\/strong><\/h3>\n

Some people make shortsighted decisions without considering the long-term consequences. Their primary focus is satisfying their own needs, often at the expense of others. In doing so, they disregard the impact their actions have on intangible assets like trust and credibility<\/a>.<\/p>\n

The best way to look at this is to take the shoe-on-the-other-foot test. How would you react if you were the affected person?<\/p>\n