If you’re in business, you’re in sales. And as anyone who’s ever gone through sales training will affirm, selling is inextricably linked to Customer Satisfaction.
This intuitive universal truth is supported statistically, in study after study. And it applies to small businesses as well as large multinationals—in both the retail and the B2B space.
As a small business owner, you already know the importance of keeping the Customer or Client satisfied. You’ve probably experienced the powerful ramifications of succeeding or failing in that basic directive, so it never hurts to remind yourself about why.
A few reasons to focus on delivering consistently great service:
• Acquisition costs. Depending on the specifics, the cost of acquiring a new Customer will be between 5 and 25 times the cost of retaining a Customer you already have. That’s according to the Harvard Business Review.
• Retention is profitable. For every five percent increase in Customer retention a business experiences, the company’s profits increase by 25 to 95 percent, according to Bain & Company.
• People post about it. More than half (53 percent) of Customers who had a good experience are likely to post about it on social media. For those who had a bad experience, about a third (35 percent) are likely to post about it.
• People also talk about it. When you broaden the focus to include all forms of communication, like verbal, the trend lines reverse. Bad experiences are more likely to be shared than good ones. The AmEx 2017 Customer Service Barometer says a typical American who experiences bad service will mention it to 15 people; someone who experiences good service tells 11 people.
• Spend more to get more. Seventy percent of Consumers say they’ve spent more for a product or service if they were confident the extra cost would get them great service. How much more? On average, they’d pay a 17 percent premium, says the AmEx 2017 Customer Service Barometer.
The takeaway is clear: Whether you serve thousands of retail Customers a day or a few steady consulting Clients a year, there’s a strong business case for keeping those people as happy as possible. If your business could use a Customer Service tune-up, Expansion Capital Group can help. We can arrange convenient funding that gives you flexibility, so you can make the most of every Customer or Client encounter. Contact us at (877) 204-9203 to learn more.