5 Reasons Why Good Customer Service is Important to Long-Term Business Success
85% of customers would rather spend more money with a company who consistently delivered an excellent level of customer care. Why is this?
Organisations who continually treat their customers poorly face a constant struggle to grow their business. Repeat business can only be achieved if a customer is willing to return to your company and is satisfied with the level of service they experience.
The importance of customer service can never be under estimated. Constantly attracting new customers can be financially costly, particularly for small businesses. Making your customers feel valued and happy can be the difference between liquidation or long-term success.
Warren Buffet once said, “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”
Ultimately, great customer support truly drives a brilliant customer experience particularly when your staff exceed customer expectations by going above and beyond the call of duty.
Why do companies fail to deliver great service? Corporate greed is a common cause, also, owners setting up a business and their sole intention is to only make a profit. A recipe for failure!
On the other hand, if your primary goal is to add genuine value to your customers, then your chances of growing a more profitable business becomes immensely stronger.
5 Reasons Why Customer Service is Important for Your Business
#1 – Customer Retention is A Popular Way to Increase Company Revenue
Ready for this? Depending on the industry you work in, it can cost up to x5 times more to attract a new customer to your organisation, than it costs to retain an existing customer.
Customer relationships matter! If that doesn’t highlight the importance of customer service in business, then I’m not sure what will.
On average, customers who experience poor service tell 9 other people the bad news. Don’t risk losing a customer due to heated arguments or customer conflict.
The benefit of customer retention is your customers are more likely to stay loyal even if you increase your product prices. New customers are more price conscious where as long serving customer value your business over your competitors.
Want to increase your revenue? Improve your team’s customer service standards through our powerful 1 day Customer Service Training Program delivered on-site at your workplace.
#2 – Great Service Reduces Customer Conflict
All businesses experience customer complaints from time to time, it’s how you handle them that separates you from your competitors.
Customers appreciate honesty, own up to your mistake and put it right immediately. Do not react in a personal manner to complaining customers, even if they become aggressive.
React and behave with a professional mind-set and avoid complaints from escalating.
#3 – Excellent Customer Service Helps Convert Prospects
If you do not take care of your customers, your competitors will.
Your customer service team can be the main difference between a prospect converting into a valuable customer or leaving your business premises before they even reach the checkout.
Treating your customers well and creating positive interactions will help increase your sales revenue due to repeat business. On average, one happy customer can lead up to 9 referrals depending on your industry.