Why investing in Customer Service Can Boost the Bottom Line
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With increasing energy costs, rising inflation and customers tightening their belts, some companies are taking a cautious approach to investing in their business. When it comes to customer service, this strategy leaves businesses missing their biggest opportunity to reduce costs. Retaining loyal customers is cheaper than finding new ones, in fact customers generate increasing profits the longer they stay with a company and tend to buy more as the relationship progresses.
Happy customers are your best brand advocates, and according a Superoffice survey, 72% of them will recommend you to others. That’s marketing gold dust, and research tells us loyal customers will often pay a premium to stay with a company they trust.
According to a recent PwC Insights Survey, consumers haven’t given up on expectations of quality, choice and high levels of service. The patience shown during the early days of the pandemic, as companies simplified supply chains, streamlined their product lines and cut customer service, seems to be waning.
Investing in customer service is a smart choice but its important to get it right first time or lose customers. According Superoffice, one in three consumers (32%) say they will walk away from a brand they love after just one bad experience.
The same insights reveal your competitors are likely to be investing in this area. The survey of almost 2000 business professionals revealed it’s a priority for them over product and pricing – demonstrating how your competitors are seizing on this way to maximise profitability.?
Can you afford to be left behind?