• 5 reasons effective service management can increase profits

        • We all know that providing excellent customer service is important but do we really promote a culture that ensures we support customers and effectively drive bottom line profits? Here, Tony Milford, Managing Director of Vantage Computing, explains how to use support and service as a way to drive sales.

          Here are 5 reasons why customer support can impact your bottom line:

          1. Customer support directly affects retention

          Research also shows that between 75% and 90% of customers who are dissatisfied with their customer service don’t bother to come back. Therefore, it’s vital to consistently provide high quality customer service. Customer retention is extremely important for any company, especially as retaining an existing customer, costs significantly less than landing a new one. Repeat customers are also more likely to spend more money on each purchase in comparison to new customers.

          1. Customer support impacts conversion rates

          Your customer’s experience with your customer service can significantly affect whether or not they decide to carry out a future planned purchase. So, if you’re not providing helpful, timely and proactive customer service, you’re practically giving away money to your competitors.

          1. Customer support impacts your company’s reputation

          In business, reputation is everything. It has the power to differentiate between average businesses and successful businesses. When it comes to customer support, negative experiences travel faster than good ones, which is why it’s vital to address your customers’ issues to enhance your reputation.

          1. Customer support may allow you to raise your price

          Customers are likely to spend more money when they know they are guaranteed excellent customer service from a company they trust.

          1. Lastly, it’s really hard to make up for a bad customer experience

          Mistakes happen all the time, but when it comes to customer service, it’s got to be in your best interest not to make them. The shocking statistic is that it can take up to 12 good experiences to make up for a poor one. All it takes is one mistake to drive customers away, but multiple mistakes can really push your customers away for good.

          Customer support is the backbone of any business. It has the ability to make or break a customer’s experience, therefore impacting your company’s bottom line. The simple truth is that good customer service makes you more money. But remember, just because a customer doesn’t complain, doesn’t always mean they are satisfied, especially as only less than 20 per cent of dissatisfied customers let a company know when they are unhappy with a service. 

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