Customer service is an integral facet of any business. This aspect of your business is about how you address your customers’ issues, help them with your product as well as make sure they’re happy with their purchase. But beyond that, customer service can also assist you with reaching your other core business goals.
With the correct approach, customer service can play a vital role in your ability to build customer relationships in addition to growing your business. With a growth-focused state of mind, your team can be an central part of your strategy in terms of reaching your company’s acquisition as well as revenue goals.
Retaining the customers you’ve got is a lot more profitable as opposed to attempting to acquire new ones. The majority of customers visit your site or, alternatively, your brick-and-mortar location just one time. Think about this. All the digital marketing efforts as well as money which are spent on driving traffic to your company results in the majority of customers only giving you a single shot. In addition it can cost you five times more to attract a new customer as opposed to retaining an existing one.
The perks of increasing customer retention
Upping customer retention rates by 5% causes profits to rise by 25% to 95%. With these numbers in mind, it makes sense to concentrate efforts as well as funds in order to nurture your existing customers who are spending their hard-earned money on your goods or services every single time that they visit your shop.
This is not to say that you must not take the leap and market to new clients, which is a must-do, of course. However, these statistics should be taken into account when budgeting how much you want to spend on acquiring new customers as opposed to taking care of your existing customer base.
In this article, we’ll have a look at some actionable tools which you can use to improve your service.
