For any successful business, developing and selling a good product or service is only half the battle, providing your customers with good customer service is just as important.
It is necessary to understand the reasons why customer service is so important and how it can foster your business growth. Especially for a business that is looking to expand its existing footprint in the market space.
With consumers facing so many choices with whom to patronize, you need to set yourself apart from the rest and give customers reasons to choose your business.
Even when you provide the same service or sell the same product as your competitors, one thing that will differentiate your business and drive customer traffic is the way you service your customers.
Great customer service boosts Customer Retention
Customer retention is far less expensive than customer acquisition. Existing customers are more likely to buy from you than new customers.
On average, it costs approximately five times more to attract a new customer to your business than it costs to retain an existing customer. That logic on its own should highlight the importance of providing excellent customer service.
Why risk losing a customer? It’s costly enough to locate new customers in the first place, and every business should do whatever it takes to ensure that customers stay happy and continue patronizing them.
Happy customers build a better reputation.
Positive reputation leads to higher growth. Reputation goes a long way in a business. It attracts customers, investors, partnerships, and employees.
When seeking to improve reputation, start with excellent customer service. The best way to sustainably grow a business is through word-of-mouth.
It conveys strong moral values and beliefs in the business’s mission.
Taking care of your customers conveys a strong set of moral values and beliefs in the company’s mission. It means that it’s transcending the necessity for profits by focusing on building its tribe.
It also means that there are greater forces at work in that business than mere profits. It’s indicative of a deeper desire to build something of value, to help others, and to somehow, in some way or another, change the world a bit by doing so.
Great customer service opens doors for new partnerships and other opportunities
Treating your customers like gold is infectious. It opens the doors for new partnerships, especially when other businesses see just how well you take care of your existing customers.
It says a lot about a company and what they value when they care deeply about their customers. It’s something that you rarely find in business these days, but it most certainly paves the way for powerful parternships, collaborations and other opportunities.
It improves employee turnover in your business.
Employees pay careful attention to how a company treats its customers. That resonates powerfully with people.
When they see an employer treating their customers like gold, it delivers a sense of endowment, making them proud to be part of the team and making them more willing to stick around.
When you ignore the needs of your customers, and you don’t focus on going out of your way for them, you’re cutting short the potential for longevity in business.
If you’re serious about your business growth, you have to focus on the core, which is your customers, without them, you have no business at all.