Running a business nowadays is far more complicated than it used to be. The competition is cut-throat, and you can’t even make a single mistake as competitors are waiting to claim all your customers at the drop of a hat. Running your business is a continuous and arduous struggle that never seems to end. No matter how good your business is, you find yourself continuously working at making it better and keeping your customers satisfied. Customers have changed too. They now want super-fast delivery, personalized service and customization products that they can vary according to their needs. Businesses that do not adapt to these situations are finding it more and more challenging to survive in today’s marketplace. Those that do not take care of these things find themselves in severe financial loss and with a bad reputation that sticks to them like glue, no matter what they do.
The struggle today is all about pleasing the customers. Your profit and the continued survival of your business is directly proportional to your customer’s satisfaction. Some companies don’t care about the customers that much. They are all about turning a profit, but if they don’t implement exceptional customer service strategies, they might find themselves in a situation that takes a turn for the worse every time they try to do something. Some companies that want to stay in the market for a long time are implementing customer service strategies like the small business phone system, CRM, AI-based chatbots, and other procedures.
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WHAT IS CUSTOMER SERVICE ALL ABOUT?
Businesses need to understand the importance of customer service. It doesn’t mean that the customer is always right; it means that you have to treat your customers like they are essential. Think about your family; how will you handle them? That is how you have to manage your customers. You cannot do that if you don’t listen to them, only think about money when you talk to them, and look down on them or neglect them. What you have to realize is that they are trusting you and putting their faith in you, your brand, your products, or services. If you don’t go out of your way for them, it might send them all away.
WHAT CAN CUSTOMER SERVICE DO FOR YOU?
If you handle your customers right and make them feel important, make them feel like they matter, it will mean that you can write your own success story. Rather than putting your business down, it will take you to heights that you never thought possible. Excellent customer service is the foundation of any company that wants to put down its roots in the community and be a part of them for a long time.
How can you do that?
It all starts by having your customers’ best interests in your heart. Start with this and make your way forward, and you can surely find your way towards an iconic position in the market.
Take any company around the world, and you will see that they genuinely understood the importance of excellent customer service, and they put their customers first.
There are examples of many, including Apple and Amazon. They wanted to create huge businesses and broaden their horizons. They had a choice and chose to put their customers above all else. That is what makes them great.
So, if you want to make a difference, then you have to ask yourself:
- What makes you different?
- What additional value can you provide to your customers?
- Why would a customer choose you over any competitor?
We all know how fast bad news spreads. It takes no time going viral. Warren Buffett said, “It takes 20 years to build a reputation and five minutes to ruin it.”
So, save yourself a lot of trouble and put your customers first.
Why is customer service so outstanding?
If you need your business to thrive, then you have to give the utmost importance to customer service, whether it is through chat, phone, email, or any other methods. We have mentioned the apparent reasons why exceptional customer service is so essential for businesses, but it goes deeper than that. Our entire existence revolves around our customer service. The way we treat our customers tells them who we are and what we believe. It tells them if we are in it for the long haul or if we are looking for the next payday. People want long term relationships whether it is with individuals or with brands. They don’t want to stick with companies that don’t have the same goal in their minds.
1. Customer Retention is Less Expensive than Customer Acquisition
Did you know that acquiring new customers costs five times more than keeping an existing one? Well, it’s true. It should be simple enough for businesses to understand, but a lot of them miss this point. You should be more worried about losing your existing customers than gaining new customers. The current customers mean repeat orders, recommendations, and referrals. A new customer might make a purchase once, and then they might not like your product or service or they might move towards a new direction. Also, it is expensive trying to find new customers. You have to create different types of marketing schemes and promote them through various channels so that you can grab your target audience’s attention and if they are already working with one of your competitors, move them away. Doing business with existing customers is relatively easy and far less expensive.
2. Existing customers are more likely to buy for you than new customers
Retaining existing customers is not just important because gaining new ones is costly. It is also essential because existing customers easily give you repeat orders and purchases. New customers are 15-20 percent inclined to buy your product while existing ones are 60-70 percent incline. Since they have already used your product before, they know what it delivers, and they are satisfied with the results. Also, they are more likely to try your other products based on the goodwill of your first product that they acquired as well as your stellar customer service.
3. Excellent customer service results in a reduction of overall problems
If you treat your customers right, you will see that your issues decrease exponentially. If the customers know that they are in good hands, even if there is a slight problem, they will overlook it. Also, if they don’t, they will inform you about the issue and wait for you to solve it. On the other hand, if you treat your customers poorly, you can be assured that they will take all their frustration out on you the first chance they get.
Only a handful of businesses stay longer than the 10-year mark in the market. That is a failure rate of a whopping 96%. If you treat your customers right, listen to them, solve their problems, and let them know that you are there for them, your journey to the top will be fast and long-lasting. Remember: Your customers are your core element. Without them, you have no business at all.