Providing honest, good customer service is a low-bar to clear – or so it seems. A good customer service platform really just has to do one thing, put the customer first. On the outside, it looks like a simple grade-school high jump competition. The bar is low, it looks easy to jump, but once you get into all the technicalities of the Fosbury Flop, it starts to get a smidge dicey.
Ultimately, the more effort and focus a business puts into providing quality customer service, the more the business benefits.
The Fosbury Flop
Good customer service increases retention
Like the Fosbury, good customer support can get complicated fast despite stemming from a simple core tenet of customer-centricity. But if a business does commit fully, one of the greatest effects is a spike in retention. Customer retention and loyalty is the essential focus of good customer service – much like how the point of the high jump is to, you know, jump high.
Greater customer retention means greater annual returning revenue and increased opportunities for expansion and cross-sell. We’ve said it before but it bears reiterating, customer support is not a cost center.
On that note, TeamSupport’s State of Support 2022 survey found that:
74% of revenue comes from existing customers.
The average customer churn rate is 21%.
16% of existing revenue is at risk if no action is taken.
Retention is not just a buzzword in the customer support space, it has real, very tangible effects for a business. The longer a business keeps a customer, the more revenue they are securing long term, and the more they are setting themselves up for future success.
Good customer service drives revenue
Along with retention, a good customer service tool helps businesses grow their revenue stream. With more cross-sell and expansion opportunities, customer-first support serves up avenues for revenue growth on a silver platter.
Hopefully it’s now clear that growing revenue isn’t just about new sales. Cross-sell and expansion opportunities are significantly more viable if your business provides award-worthy customer service, and particularly if it uses customer support software that’s built to enable revenue growth in the first place.
Better customer service means wider horizons
The better customer service your business provides, the higher retention and revenue will climb. If your business can successfully market the success of your team and customer support tools, and showcase the success of your customers, the more you will attract new customers seeking that same sort of dedication and success. Whether by tactful marketing or by prestige and word-of-mouth, the better your business performs good customer service, the more customers will flock. If you build it, they will come.
Customer service is an empire-builder
By using great customer service tools and putting customers first, your business is enabling growth and success. The better your customers perform, the better you perform – it’s a symbiotic relationship.
During the Dutch Golden Age in the 17th century, goods, commerce, and information was exchanged from Japan to Rotterdam to New Amsterdam (York) and back again. This is what a great customer service platform can achieve for a business. The Dutch trading system excelled because of a customer-first attitude (or burgher/merchant first). These used the very best technology available at the time, providing quick maritime communication and trading networks and a contemporary business should still hold to this ethos – using the very best tools to achieve the best possible outcome.
Smash communication barriers, put customers first, and reap the rewards for your services. The better relationship a business has with its customer base, the more the empire enriches.
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