Consumers have more options than ever before and won’t hesitate to switch companies if their service experience doesn’t meet their expectations. In fact, 67% of customers report that poor customer care is their top reason for leaving one vendor for another. On the other side of the coin, 86% of consumers will pay more for great customer experience.
Don’t be misled in thinking that customer experience is limited to your product or development teams. It’s far more than a user interface or set of features. The heart of a great experience beats firmly inside your customer care organization.
If your customers are your most valuable asset (and they are), it has never been more important to protect them and care for them well. Don’t give them a reason to leave you. As we prepare to enter the new year, here are some reasons why customer care needs to be a priority for your business.
It’s less expensive to keep a customer than gain a new one
On average, it is five times more expensive to acquire a new customer than to keep an existing one. If most customers say they will remain loyal to a brand that provides excellent customer care, then the solution to customer churn is largely in our hands-- take regular pulse checks with your customer base to gauge satisfaction. And don’t simply manage through your CRM or databases; take the time to develop business relationships with as many customers as you can. They will be more likely to provide honest feedback and let you know if you’re sliding off course with customer support.
Great customer care strengthens your brand
Perception is everything in the competitive world we live in today. We’ve all watched brands rise and fall based on public opinion of their brand. One of the easiest ways to protect and strengthen your brand is to let your customers do it for you. Up to 73% of consumers say they will gladly tell others about a brand that provides excellent customer care with consistency.
Ask happy customers for positive reviews and referrals. Create case studies to highlight customer successes--there is no end to how happy customers can tell a positive brand story for you. The key, however, is having and keeping happy customers. If you don’t provide them with exceptional customer care, you can’t ask them to provide you with an exceptional endorsement. Even worse, if your customers are unhappy, they’ll do the opposite, by telling friends, family, and colleagues about their poor experiences.
Think of your customers as an extension of your marketing department. They are going to talk about you either way. Give them something great to talk about.
It boosts customer lifetime value
Customer lifetime value (CLV) is the amount of revenue your company will gain from a customer during the course of their interaction with your business. While there are some expenses that come with supporting customer relationships, consider this: a new prospect has a 20 percent chance of purchasing from you, while the odds of an existing customer buying even more from you are between 60-70 percent.
Add to that number the potential impact to lead generation and new business you’ll see from the word-of-mouth advertising we already discussed, and it’s clear that customer lifetime value should be a top-of-mind metric for every organization.
Customer care teams should be trained to think “what value can I offer this customer to make this interaction even better?” Customers notice when companies make an effort to differentiate and personalize their experience. Customer value has a boomerang effect; provide value to your customers, and they will become more valuable to you over time.
Customer care will become increasingly important
By 2020, customer experience will become more important to customers than price or product features. Let that sink in for a second. Your customers are going to care more about how you treat them than they care about what you sell them.
Your customer care and support strategies have never been more important than they are right now. As you plan for 2019, consider your ability to care for your customers. Are you responding quickly enough? Are you finding ways to personalize the customer experience when customers interact with your brand?
Each person that interacts with your customers will either strengthen or dilute consumer perception of your brand. Build the right team with the right skills to cultivate happy, lifetime customers.
Want to learn more about our services and products, as well as how each can play a role in growing your business? Feel free to get in contact with us, today!