Customer service experts agree: customers have changed. They are more likely to share their feelings on different channels such as social media or blog articles, have higher expectations and are keener than ever on the customers’ lifecycle. 89% of customer service professionals agree that customers are more likely than ever to share the good or bad experience they had with businesses.
On the other side, most companies are not equipped to connect with and answer with their customers on every channel. They simply haven’t adapted yet to this new multichannel environment that is growing fast. I believe companies still have to shift to a customer-first-mindset to just not grow bigger, but also better.
Customer service is the new marketing, here is why it’s important
As stated before, customers lifecycle has been modified and is now increasingly complex. Customers can interact with businesses on multiple touchpoints and are waiting for the fastest answer at the highest level of quality.
By 2020, it is believed that customer experience will be the main brand differentiator instead of price or product.
Customer service is a form of marketing
Whatever people say about the customer service they experienced, it has more impact due to the internet. A potential customer usually wants to know what are the main feedback about your product and there are lots of ways to do it.
85% of consumers trust online reviews just as much as personal recommendations.
With a great customer service strategy, you can market your services or product through word of mouth, reviews, comments on social media, testimonials and so on.
Customer service is important for your company to grow
When you offer good customer service, you retain your current customer and gain more customers. The only side effect can be your growth and the troubles that go with it.
Customer service is very powerful when focusing on repeat buyers and I believe every company should have that focus rather working on acquisition.
More than repeat buyer, it can also increase the global lifetime value of your customers which is even greater if you want to invest in acquisition then because it will increase your acquisition cost.
Regarding B2B, great customer service leads to a shorter sales cycle which leads to a lower acquisition cost too.
More than acquisition, customer service can also help your business to retain your customers. Bain and Company revealed that increasing customer retention rates by 5% could increase profits by 25%
As customer retention is key for every business, the latest technology can help a lot to improve your customer service.