Creating a customer service experience is vital for any company’s success. Customer service is the support you offer your customer before, during, and after a purchase. This includes any and all efforts made by a company to assist its current customers. Offering your current customers the support they need creates loyal customers and ultimately saves the company money by investing less in new customers.
Investing in new customers is between 5 and 25 times more expensive for a company than retaining the existing customers you have (Invesp). What customer service looks like now is quite different from what it looked like in previous years. Customers are now demanding fast and efficient customer service interactions, like chatbots.
Chatbots have been around for some time now. Artificial Intelligence is continuing to adapt and develop, especially in the customer service world. Understanding your customer and how they enjoy being interacted with is so important. Chatbots are quick responses but give limited information, whereas live chat agents offer a true human connection, with tailored responses. Whichever route your company decides to take, keeping great customer service at the forefront is vital for customer retention.
But why is this so important?
Great customer service is what is expected in the modern-day. Your business could face serious consequences if you are lagging behind your competition. 65% of customers said they have switched to a different brand due to poor customer support experiences that left them disappointed, unhappy, and angry. It is important to have a system that will offer a solution to your customer’s problem.
Building customer loyalty starts with ramping up your customer service efforts. (Khoros) Understanding your customer’s problems and taking action to react accordingly will ultimately push you past your competition and save you money by driving customers to demonstrate loyalty.
If this is not enough to get your company thinking about great customer service, here are 6 statistics that may change your mind:
- Today, 7 out of 10 U.S. consumers say they’ve spent more money to do business with a company that delivers great service. (American Express) This is especially important if you are a company that has low-cost competitors.
- 68% of consumers say they are willing to pay more for products and services from a brand known to offer good customer service experiences. (HubSpot) Creating an environment where your customer feels supported and heard will keep them coming back.
- If the company’s customer service is excellent, 78% of consumers will do business with them again after a mistake. (Salesforce Research) If you are providing a good or service, there will likely be human error; it matters what is done after an error is made that counts to a loyal customer.
- 83% of customers agree that they feel more loyal to brands that respond and resolve their complaints. (Khoros) Responding and working towards a solution for a customer can be the decision for them to be a repeat customer or switch brands. The modern customer wants to feel supported and if they don’t, they know they can receive that from another company.
- About 97% of customers will tell others about very good or excellent customer service experiences. (Ameritas) This is a perfect example of how investing in your current customer will pay off. Let your current customers be the connection between you and a new customer.
- 84% of companies that work to improve their customer experience report an increase in their revenue. (Forbes) When customers are satisfied with the service and support that is provided to them, they talk about it. When they talk about it, others become interested which in turn can increase your company’s revenue.
Great customer service not only represents your brand’s mission, image, and value but customer retention is much more cost-effective than customer acquisition. (HubSpot) If customer service is something your marketing efforts could use a little help to deploy, send us a note. It would be our pleasure to assist you.