We live in a fast-paced world that lets us buy almost anything when we want it and how we want it. Technology today has powered us with the ability to shop, bank, or socialize online without ever getting out of our living rooms. This ability has given rise to a new class of informed customer base for businesses- ones that demand a flawless experience each time they transact.
The internet has played a major role in creating this fusion. Customers today have the power to make or break your brand through social outreach. And they demand a fast, convenient and consistent customer experience each time. This has left many organizations scrambling for ideas to improve customer satisfaction and implementing a CRM. The pursuit of customer success can be a real struggle without the correct customer service management (CSM) software.
Why You Should Care About Customer Satisfaction
Customers are the lifeblood of your business, any business. They fuel your growth and bottom-line. Even if you have the best product in the market, without users you are sure to fail. Increased competition for innovation and service has seen organizations find new ways to gain a competitive edge. This is why businesses have started taking customer satisfaction more seriously in recent years. There are statistics to back up this claim too. Did you know it costs 5-times more to land a new customer than to keep an existing one? Yes. It makes more sense to try and appease your existing customers before they leave. But, it’s not easy keeping up your service levels, and one mistake can cost you big.
According to HBR, 48% of customers that have a negative customer experience tell at least 10 more people in their social circle about it. The margin for error is slim, but the rewards for getting it right are aplenty too. According to the White House Office of Consumer Affairs, brand loyal customers can be worth up to 10 times more than their first purchase. In the book, the Loyalty Effect by Fred Reichheld, he mentions that through loyalty economics a mere 5% rise in customer retention can lead to a
25%-100% rise in margins for a business via value-add services like upsells, repeat purchases, and referrals.
How Can Improving Customer Satisfaction Save You Money?
Whether you’re a small local company or a large global business, effective customer support management today requires a robust customer service management (CSM) solution. CSM allows you to map customer experience and respond to every query efficiently. A well implemented CSM can help your save or make more money in the following ways:
1) Customers Retention: As discussed before, the cost of acquiring a new customer is exponentially bigger than retaining an existing one. CSM tools empower you with powerful analytics and a detailed database that allows you to make the most of any interaction they have with your company.
2) Self-Service: A customer service management solution with self-service capabilities let you save on expensive hires for an elaborate team, while also drastically improving customer satisfaction through instant solutions for common queries.
3) Using Insights For Better Business Decisions: The best CSM software can integrate with other enterprise software like CRM, and bring together other business functions such as finance, accounting, and sales. The result is a complete data pool for customer information that helps you
What Metrics To Track To Increase Customer Satisfaction?
A customer service platform can bring you a plethora of data that makes it easier for you to track and measure your progress. Here are some key customer service metrics you should be tracking as your KPIs.
1) Mean Response Time: The time it takes for an average customer to establish communication with you.
2) Repeat Purchases: The best way to judge if people like your products or services, is to find out if they’re coming back for more.
3) Engagement Activity: Are your customer active on your social? Are they visiting your website? Are they continually engaging with you after the initial sale? Tracking post conversion activity and creating follow-ups accordingly is one of the best ways of breeding brand loyalty.
What are you doing to increase your customer satisfaction? If you are considering investing in a customer service management tool, give us a call at ProV. We are a premier global managed service provider that feature the best CSM and CRM implementation techniques along with post-deployment support services that elevate your customer satisfaction levels.
Our mix of outsourced services complement your existing teams and help you achieve the most ROI from your software investment. To learn more, ask for a FREE consultation today.
