How Customer Service Helps Build a Valuable Business
Customer service is not to be ignored by any business organization. Even near monopolies like power and gas companies have to engage in some kind of customer service. In a competitive business environment, customer service helps attract and keep customers, which is the sole reason a business exists. The call pick up time of a simple telephone can mean the difference between keeping a customer and losing one. Get your customer service right and watch as your online accounting software starts showing better returns?
Quick customer service stats
A study by marketing service Groovy shows that;
- 81% of customers will come back after good customer service
- 5% customer retention
- 125% rise in profits
- Loyal customers will on average spend 10 times their first purchase on repeated buys
- Repeat customers spend 33% more than first time customers
- It is 7 times more expensive acquiring a new customer than keeping an old one
- Negative reactions spread 2 times more than positive reactions
- It takes 1 bad experience to undo 12 good experiences
- An unhappy customer will tell 10-15 people about the bad experience
- 96% of unhappy customers do not complain and 91% of them will not return
- 46% of customers today expect a business to have a presence on social media
- 52% of potential customers will believe online reviews
- Businesses with social media presence see 40% more sales from customers who engage with them on those platforms.
Customer service is largely able to influence customer perception of your business. Instead of seeing themselves as only money sources, they feel like partners in your business. This builds loyalty and keep repeat customers coming back. Build loyalty and watch your accounting books always in the black with better revenues and profits.
Keeps marketing cost low
Implementing a customer ticketing service will help you avoid incurring money on marketing efforts in the future, fighting negative reactions. As it has been shown, acquiring a new customer will cost 7 times more than keeping an existing customer. Tracking costs with your online accounting software, you will see the impact of good customer service.
It makes your business processes smoother when you concentrate in service or product delivery rather than frequent firefighting. Good customer service makes it easier for you and your customers. The customer gets what he wants, and you make more money with less effort.
You can build a dominant brand with good customer service. A business with a strong brand finds it easier to pull new customers as there is a pre-existing positive perception.
Good customer service makes good business sense. It keeps your business running smoother and pulling in more revenues, making it a more valuable brand.
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