Customer Experience Management | | Published September 18, 2014

The Value of Customer Service is Worth More Than Price

 A Customer Relationship Management (CRM) system is absolutely essential in getting to know your customers. That’s important because every client wants to feel like the only client. If you’re not convinced, you could be left in the dust come 2020. By then, it’s expected that customer experience will be more valuable than price.

Why You Need an ‘Above and Beyond’ Approach to Customer Service

Humans make decisions based on emotion. It’s no wonder customers want a warm fuzzy feeling associated with a purchase. Check out these staggering statistics:

  • 86% of buyers justify paying more for a great customer experience
  • When reviewing a company, 70% of those experiences are based on how customers feel they were treated
  • 70% of customers will keep their business with the company that resolves their complaints

As you can see, customers are already starting to shift their spending to companies that offer remarkable service.

How to Offer that Personal Service

If you deal with hundreds of customers per day, it’s impossible to remember every name; let alone their details. When you have software that builds a knowledge base for each client, your customer support team can:

  • Call them by name – even a nickname if they prefer!
  • Ask customers about the satisfaction of their past experiences
  • Double check that past issues are still resolved
  • Update customers on product updates or details about existing products

When an agent is able to provide personal service, the customer feels cared for and will come back again and again.

Here Are a Few Other Things Customers Look For

  • Up-to-the-minute updates
  • Ability to resolve issues on their own
  • A chat function
  • Use of social media for customer service

With all of that in mind, companies are responding to the value of customer service. In 2013, about $20 billion was spent on CRM systems. In 2014, that number is already higher with companies having spent almost $24 billion, so far, on software to increase client relations.

*Data courtesy of Financeonline.com, check out the full info graphic here.