How good service and great tools can generate growth and increased revenue in 2020 & Beyond.
Every year, companies worldwide lose billions in revenue and millions of customers to competitors, often due to inadequate service. In today’s digital landscape, customers can switch to a competitor in an instant, and if they feel disrespected or undervalued, they won’t hesitate to do so.
Sectors such as FinTech, gaming, cryptocurrency, and e-commerce are particularly vulnerable to rapid customer dissatisfaction and turnover. It’s crucial to commit to enhancing client retention. This means actively listening to customer feedback and making necessary adjustments.
Whether you’re a C-level executive or just starting your career, remember this: providing exceptional service to your most valuable asset — your clients — is paramount.
While the challenges of 2020 may seem daunting, they present an opportunity for businesses to adapt. During the pandemic, consumers have become more discerning about where they shop and how they spend their money.
Throughout my career in the service industry, I’ve often observed that companies don’t forget about service; rather, they mistakenly believe that simply changing personnel will solve their problems. Avoid shortcuts in service delivery. Poor service can significantly harm your company’s revenue and reputation.
Exceeding customer expectations in service delivery is invaluable for any business. Additionally, supporting and respecting your service teams reinforces customer satisfaction.
To enhance business profitability, there are two main strategies:
- Increase sales
- Decrease costs
In today’s climate, cutting costs can be stressful and may seem like a necessary evil. However, boosting sales through excellent customer service is both effective and cost-efficient.
As we look forward to a return to normalcy, the latter part of 2020 provides a unique opportunity to prepare better than your competitors. Assess the tools your company currently employs — are they effectively meeting the needs of your brand ambassadors and business?
If you find yourself hesitating to answer that question, it’s likely time for an upgrade. Talk to your current provider or explore alternatives that align with your requirements. Improved service can help you retain clients and the revenue they bring.
Reactivation and retention are also crucial components of customer service. If you’ve lost clients, reach out to them personally. Understanding their reasons for leaving can provide valuable insights.
Demonstrating a willingness to listen to client concerns often encourages them to stay or return, which can significantly enhance their perception of your company.
One of the primary reasons I consult for or join companies is their commitment to building solutions that enhance customer experiences — whether through automated support or active engagement. These passionate teams consistently strive to deliver exceptional products.