Your Customers drive your Profitability

By | November 28, 2016

Research has proved the strong correlation between customer experience and loyalty. Businesses those get this concept are likely to maintain their customers and have them recommended to others too. Businesses that offer a high level of customer satisfaction will reap the benefits in terms of revenue and reputation.

•  Customers will pay more

The FORBES, in one of its research mentioned that 86% of buyers will pay more for a better customer experience while only 1% of them felt that vendors consistently meet their expectations.

This means most customers are willing to pay more for your products and services if they receive quality service experience. So, having dedicated customer service actually allows you to charge more for your services and products.

•  Great experiences get the customer

Your good customer support could actually result in better sales. According to MCKINSEY, 70% of buying experiences are based on how the customers feel they are being treated. If you are providing a better customer experience then 70% of them will surely return to you for more business.

•  No need of decreasing the costs for better results

Sometimes for better sales you need to cut costs or offer discounts for your value services. But Emmett and Mark Murphy stated in their Leading on the Edge of Chaos that a 2% increase in customer retention has the same effect as decreasing costs by 10%. So for better result you just need to retain your customers from leaving by providing them the best possible customer service.

•  Treat customers better for remaining in competition

In its report, The Service Council (TSC) Service Transformation: The Business Case, they have stated that 60% of organizations see that customer service will be the top source of competitive differentiation in the next three years. GARTENER also reported that 89% of companies plan to compete primarily on the basis of customer experience by 2016.

•  Bad customer experience can cost a lot more than money

According to Right Now Customer Experience Impact Report, 89% of consumers have stopped doing business with the company after experiencing poor customer service. Poor customer service not only makes you lose your business but can affect you in other ways too. Major fraction of recipients takes action for negative experience when they also have a big contribution in negative publicity.

•  Better service Drive Revenues

Other than all the stated impacts of customer service on your business the ultimate but major impact is the impact on your revenue. Forrester Business Impact of Customer Experience estimated that the revenue impact from a 10 percentage point improvement in a company’s customer experience score can translate into more than $1 billion.

While customer support is the backbone of any business keeping up with their demands is becoming more and more difficult. Customer expectations have never been higher. Just because a customer isn’t complaining you don’t mean all is well. So you need to keep working hard to provide the best customer support possible. Our SharePoint based helpdesk, MetaCaseDesk is a ticket and case management software that assist you in providing the better customer service experience.

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