We all know this. It takes years for a company to win the loyalty of their customers and make their business successful but all these efforts can crumble so easily with delayed customer support. Many businesses have closed because of poor customer service. Customers value their time so much and expect to have their issues and needs met immediately. Hence, a slow customer response time might sever your ties even with your most loyal customers.
According to American Management Association, the excellence you put in your customer service can grant you a competitive advantage in a tough and increasingly uncertain business climate. That said, speediness is imperative in providing excellent customer support. If your company can’t keep up with the pace, imagine the damages it can cause to your business. We will tell you why a prompt customer service can actually save your business from a long-term blow to your brand.
Prevents negative publicity
Word of mouth can either make or break your company. As per 2012 Global Customer Service Barometer, “Consumers are 2 times more likely to share their bad customer service experiences than they are to talk about positive experiences.” A bad publicity can cause so many cracks in your company that will eventually make your company fall and discredit your brand. Your quick response to your customers’ requests will gain you happy and loyal patrons who will speak only of the good customer experience they had with your company.
Maintains customer loyalty
Bain and Co. found out that a competitor can steal a sale four times if the problem is service related vs. price or product related. So keep your client base intact and do not lose them over to your competition by not prioritizing speediness in your customer service. Every customer interaction is a golden opportunity for your company to strengthen your brand. This establishes your company in the market and attracts potential customers while retaining your patrons. It is also good to mention that this may help you acquire partnerships with other companies that will make your business grow.
The effects of slow customer service can be detrimental to your company’s profits. As you lose customers due to delayed reply to their requests, you will see your company stock value and revenue go down gradually. The faster you attend to your client’s needs—from inquiry to product delivery—the more secure your profits will be.
According to Bain & Co, “a 10% increase in customer retention levels result in a 30% increase in the value of the company.” Satisfy your clientele by assuring them of a prompt customer service and see the significant increase in your sales and profit.
Customer service guru Shep Hyken pointed out that technology has dramatically caused everything else to up their pace—and that includes customer service. Think fast, instant and quick in your customer service delivery and reap benefits that will establish your brand.