Customers are the foundation of a business. The statement is cliche but it remains a fact all the time. Companies and businesses have an opportunity to grow through their customers. There is no doubt that customers are essential to business growth.
Prioritizing customer service should be part of goals. A happy customer will likely become a loyal customer. Loyal customers are valuable to your business. A study revealed that 80% of future profits will likely come from 20% of existing customers.
Customers are essential to business growth
There are dozens of reasons why customers are the backbone of your business. Without customers, your products and services are pointless. The business will not exist without them. However, listed down the other importance of customers to businesses.
Customers determine your business’ future
The customers determine the future of your business. Will your business continue or shut down? Will your business make it big or remain the same? Your customers have the power to turn around your business.
Customers support your business through the revenue they bring in. Whether your business is big or small, the profits generated from the customers hold your business together. In simpler words, they are the lifeblood of your business.
Customers are powerful
Customers know how they can affect the future of a business. They can either make or break your business. But nowadays, the power they have exponentially increases with technology. Making the customers wait more than 24 hours is now considered bad customer service.
With technology, customers demand faster action to complaints and concerns. In addition to instant solutions, they can easily influence existing and prospective customers with an online review and rating.
What is Customer Service?
The website Entrepreneur Handbook defines customer service as “the provision of service to customers before, during and after the purchase of any product.” Customer service involves all interactions between the customer and the business — from product inquiry to suggestion, resolving issues and handling complaints.
One of the goals of companies or businesses for providing dedicated customer service is to guarantee the brand is able to fulfill the product’s promise. Customer service monitors if the product or service is able to meet customer’s expectations and satisfaction.
Customer Service: Why Prioritize?
Since customers are essential and the blood of your business, it is about time to make customer service the heart of your business. Customer service represents how your business takes care of customers.
How will customer service help your business? There are different ways a customer service can grow your business.
- A business can also utilize customer service as marketing. When customers share their experience online or through word of mouth, it is free marketing.
- Good customer service increases customer satisfaction and experience.
- Good customer service leads to new customers.
- Businesses can redeem themselves through customer service. When a customer leaves a bad review or complains about a product or service, you have a second chance to resolve issues and concerns.
- Customer service is an opportunity for companies and SMB’s alike to stand out from their competitors.
Your business can avoid loss and earn trust of a customer with customer service. Remember, happy customers can become loyal customers. Keeping your customers happy is cheaper than getting new ones.
Now you see how customers can impact your business, it may be the right time to focus on your business’ customer service. There are five easy ways to improve your customer service without breaking a bank.
Increase your customer loyalty with us now.
