Will your business stand up against the competition? Will it be able to thrive in today’s highly competitive business environment? Without ensuring that your business is adaptable, it is inevitable that it will experience a slow death.
What you need to do is make sure that your business can not only deliver products or services but also come through on customer satisfaction. Companies like Reception HQ give utmost importance to customers, as they know that the customer is king. It is a philosophy that they swear by because for any business to be successful you need to ensure that not only are you seeking maximum profitability, but also building a reputation for your business that you can rely on. You want to be able to attract new customers but also keep your old ones.
Customer Service Is Crucial :
Creating a business brand that consumers know they can trust is the first step to market dominance. The way to grow from strength to strength is to service your customers’ needs as a top priority in your business model. When planning out your business strategy, you should never be short-sighted in your approach when it comes to customer retention if you are hoping for long-term success.
1. Retaining Customers Costs Less Than Attracting New Ones :
Market research has shown that, to attract a new client to your business, it costs around five times more than it does to simply keep the current one’s ongoing custom. This alone should tell you how important is it to provide the best customer service you can, and never let this aspect of your business fall by the wayside. It costs a lot more to acquire a new customer than it does to keep an existing one, so you should never risk losing any of your current customers.
2. Your Existing Customer Base Is the Best Place for Expansion :
We have already established that retaining your existing customers costs far less than attracting new ones, but another excellent reason to try and hold onto your customers is that they are much more likely to buy something else from you. Market research has shown that the likelihood of selling additional products to existing customers who are satisfied with your brand can be anywhere between 60-70%, whilst the probability of being able to sell to new customers is much less at 5-20%.
3. Your Business Will Gain Longevity :
Providing revered customer service and being able to keep customers is an indicator that your business will have a long life. In this age of the internet and e-commerce, it is expected that only four out of every 100 businesses operating today will still be going in ten years’ time. Yet, with a strong customer base, you can make your business one of those that will last. It is worth focusing on the core of your business – the customers – if you wish for your business to be successful and last into the next decade.
Whichever direction you want your business to go in, it is vital that you have an effective customer service strategy at the center of your operations. If you do not feel that your business has the operational capacity to be on top of your customer service requirements, then you could look into outsourcing to be able to meet your needs. Outsourcing companies can provide reception overflow and a 24/7 call answering service if you need it, and be able to retain and keep customers happy.