31 October 2016

Understand the Value of Customer Service

customer-surveys-250pxYou understand the cost of running your business, and you probably understand the value of the goods and services that you provide to your customers. But, do you know the true value of customer service? Customer service can be even more important than the products or services that you’re selling–it can be almost invaluable. Here’s a little more information to help you understand the true value of customer service.

Your customers are your business

Without customers, your business will not succeed. If you don’t provide the level of customer service that your customers want and deserve, they’ll take their business elsewhere. Your business can’t grow without customers, and you certainly don’t want to spend all your time and money chasing new ones because poor customer service drove the old ones away.

It costs more to acquire new customers

If you think that there are plenty of ‰Û÷fish in the sea’ when it comes to customers, you’d better have deep pockets. It takes an average of five times as much money to gain a new customer as it does to retain one you already have. If you invested that money in improving your customer service, you’ll not only help keep the customers that you have now, but they’ll be more likely to refer their friends, family members, and colleagues to your business. That’s like free advertising, and it’s backed up by your customers’ actual experiences, which is priceless.

It improves employee morale

Every single employee in your company will be affected by the customer service you provide. Some, like those who deal with customers on the phone or face-to-face, will feel the effects of poor customer service more strongly. They may have to deal with customers who are angry after receiving poor service or who can’t seem to get their problems resolved.

Other employees will feel the effects down the line. If you’re not providing excellent customer service, you risk losing business, losing money, and potentially having to downsize the number of employees you have. Company morale can sink quickly when your customers are angry, but good customer service can make your employees feel more satisfied with their jobs and give them a sense of pride in the workplace.

Never underestimate the importance of great customer service. It can affect your business on so many different levels, and it’s a crucial factor in keeping your customers happy for a long time.