It takes more than just a unique business idea to kick your company off the ground. If you’re searching for a secret to success, we are about to reveal it. With exceptional customer service, you can define your brand and gain a competitive advantage over others even if you are a new kid on the block!
Customer service is critical to the success of any company. If you ask a subscriber why love telecom companies like Cox, apart from the usual, they will definitely sing praises of Cox cable customer service because it matters so much!
Long story short, customer service should be your priority regardless of the type of business. Here’s why it’s important and how to correlate it to drive success:
1: It Brings More Revenue
Customer service is directly linked to your company’s revenue. 84 percent of companies that continue to improve their customer service see an increase in revenue as a result of their efforts.
So, provide online help and make it simple for a customer to connect with your salespeople to get answers to their woes.
2: Because Retention Is Cheaper Than Acquisition
All business owners can relate to this fact! Don’t take my word for it, check the statistics. A 5 percent increase in customer retention can boost your profit by 25 percent! This is because repeat customers are more likely to spend more on your brand – up to 300 percent more which means you will be spending less on operating expenditures.
Hence, investing in good customer service can reduce your churn rate, lowering the amount of money you have to spend on gaining new customers and lowering your overall customer acquisition cost.
4: It Brings Referrals
Every company strives to grow, expand, and reach a wider audience. You can achieve that exactly by offering excellent customer service. Because we all know satisfied customers are more inclined to tell their friends, relatives, coworkers, and even strangers about a company that treated them well.
Even a single referral customer is critical to your company’s growth and success. It’s a chain reaction: when customers are happy with your brand, they instantly advertise for you and refer others, and your customer base grows.
5: Business Longevity Benefit
Excellent customer service is the purest method for any business to maintain business momentum and prevent failure. Approximately 20 % of small businesses fail in their 1st year of operation whereas 50% fail in their 5th year.
Customers are the lifeblood of a company. It’s important to take care of your customer’s welfare to ensure that you do not go out of business. Customers that are treated like kings keep coming back and referring others, which demonstrates the value of customer service. The longer you stay in the market with excellent customer service, the more clients you will gain. Longevity is a competitive sport in and of itself.
6: Customers Are Willing to Spend More
Did you know that 67 percent of customers would pay more for better customer service? Customers clearly value customer service so strongly that they would pay more to contact a company that excels at it.
These are facts that should not be overlooked. Any company that fails to prioritize customer service in today’s competitive time is likely to fail.
Customers are influenced by even a single positive encounter. one positive experience could convince them to continue doing business with a company, whereas a poor experience could send them off to your competitor.
7: It Strengths Your Company’s Culture
Employees will follow your lead if you build a culture of better service.
The term “company culture” has become a buzzword. It’s a new name for something that’s been there for a long time. Some businesses have it written on their walls because they require their staff to remember it. The thing about company culture is that even if you haven’t defined it explicitly, it still exists.
If you are able to build a company culture around valuing your customers, this could become your unique selling point.
8: It Boosts Your Conversion Rate
Not only can superior customer service increase your revenue, but it can also improve your conversion rate.
When you add a personalized consumer experience to your service, it can increase conversion by as much as 8 percent. More conversion means more sales and money. Customer service, like marketing and sales, keeps your wheel spinning. You better not ignore it!
Today, customer service is everything. You could be selling an average product or service but with exceptional support, your business could be ruling the market. It’s that powerful!
Now all you have to do is come up with a plan to improve your support services and start treating your customers like kings.