In this article, I will be sharing with you, a profitable business growth strategy. This is one strategy used by Amazon; and many small businesses are adopting same and seeing great improvement in revenue.
Did you know that 73% of businesses with above-average customer experience perform better financially than their competitors? This is according to an article published on forbes.com, written by Blake Morgan.
Smart business managers are constantly looking for how to get more customers, not forgetting that the sustainability of a business is built on the backbone of loyal customers and loyalty is not earned on a table of complacency. It takes effort, human effort.
In today’s competitive business world, most products are largely identical, therefore, a consumer may randomly choose to purchase from any producer at every given time, hence they are not loyal to any particular producer/company.
Knowing that a lot of product design and branding can be imitated, astute business owners seek to find that unique feature that can make them stand out, without being easily imitated.
Customer Service is that unique bait that can help sustain a business and propel it to greater heights.
● Customer retention: Customers expect to get the best of service for every penny spent and where this expectation is met, they will definitely become repeat customers. A company that knows that it costs less to retain a customer than to acquire one, will always put its best foot forward.
● Referrals: Satisfied customers will more often than not, speak to someone else about the great experience they got from a company. That’s free advert if you ask me- the icing on the cake.
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● Good customer service reduces problems: When a customer is treated well, problems are averted. A customer knowing that he can count on good customer service will rather report a challenge/problem to the company rather than sue the company or go ranting on social media.
● It Strengthens Brand Image: Great service gives a company a good reputation. This takes time and consistency, but it is definitely worth it. In the words of Warren Buffet ‘It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently'
● It gives a business a longer life span: A company exists as long as customers keep patronizing it substantially. The more satisfied your customers are the more they keep coming back and the longer you stay in business. It is as simple as that.
Take the bull by the horn today and revamp your customer service approach
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Author: Anne N. Okorie