Once the savant of the mobile industry, Nokia is nowhere to be seen in the market today. If nothing else, Nokia did become a major case study for all companies to understand how customers can make or break a company and success lies within the spectrum of customer care and adaptability.
Back in 1909, when Harry G. Selfridge advised the businesses, ‘customer is always right,’ – not many agreed or even took notice of it – however, today, times have changed. Most companies provide the same level of products and services but the way they handle their customer base is what determines their growth arc.
Quoting a personal example, I am someone who likes to have the best of the best. This aspect of my personality has led me to try out various internet providers, and the reason for this whirlwind attitude is poor customer service norms. Now that all the telecom providers offer more or less the same products and services, I find the customer care and responsiveness to be the deciding factor. Experiencing Cox Communications en Español made me realize how efficient and customer-oriented a brand should be.
Companies should focus primarily on coming to the meat and potatoes of the business industry, offering solutions to customer queries, and fashioning new policies for them.
Why Is Customer Service Significant For Business Growth?
Offering effective and well-managed customer care can play a prominent part in elevating your business growth and revenue trends.
Here are some elaborated aspects of how customer services make a difference in your company’s progression.
Improved Customer Retention
In business communities, it is a well-known fact that customer retention is cheaper than customer acquisition. In other words, companies that do not invest in customer care might lose out more money in attracting new customers. Not only this, but good customer service also ensures a decrease in the churn rate (percentage of customers lost within a month).
Stellar Revenue Levels
Revenue generation is the number one priority of any business owner but what if I tell you that customer service severely impacts your revenue numbers? Nowadays, a large customer base is eager to pay more for premium services. The way you value your customers is the same they value you, and your brand. A study shows that 80 percent of customers responded positively to paying more in exchange for a better experience.
Impressive Brand Positioning
There is no better way to market your brand than to make your customers your ambassadors. Not only will they be providing you with free promotion, but an honest review coming from them will influence more people.
Inducing Customer Delight
When your services exceed the expectations of your customers, it induces a sense of delight among them. Bringing your customers that bliss is a sure-shot recipe for your business’ success.
While you might think that your primary products and services can do the trick, customer care is the one brick that holds your wall together.
Improved Customer Lifetime Value
Customer Lifetime Value, or simply CLV, is the total revenue that a business can get from a single customer. The more customer spends at your business, the better your CLV rate is, and if that is not what businesses should go after, what is?
Since better customer service levels are the basis of both customer retention and improved CLV, you might want to invest more money and time in this sage metric of business growth.
Increased Business Longevity
Increased business longevity ultimately entails customer retention and longevity. There can never be a business without a steady inflow of cash from customers and customer services play a key metric in growing your business ROI.
The Last Words
A happy customer not only comes back but also brings more revenue by spreading positive WOM marketing about your brand. Customers, presently, are more interested in getting better services even if that means spending more money. For businesses, this ensures a double win – because a) this brings more revenue, b) improves customer longevity.
Hopefully, this article will have brought insight into your customer service levels and protocols.
Good luck and if you have any queries or thoughts about it, pen them down in the comment section below.
