Why should investing in customer service be a business priority?

Customer service is the key to success for a healthy, profitable business. Not only can a focus on customer experience increase sales, it can also reduce costs. With technology change, social impact and increased competition clouding all industries; customer experience is one advantage that can differentiate you as a business leader. Here’s why customer service should be your number one investment for the future.

Customer retention will lead to increased profits

The cost of attracting new customers is said to be five to seven times higher than it is to keep current customers happy. Furthermore, keep in mind the old anecdote that a happy customer will tell a handful of people, but a dissatisfied one will tell many more. When customers have an exceptional experience with a brand or business, they become repeat customers and key to the overall success and profit of the organisation. The great thing about creating loyalty is that customers align more closely with the business, advocate the brand to their friends and, in doing so, increase your potential customer base.

Save on what your customers don’t want

At all stages of the customer experience, it’s essential to remember not only what your customer wants but rather what they DON’T want. That way, non-value adding components of the customer experience and process can be removed or re-considered.

Increased brand awareness

As public perception and reputation is crucial to business success, brand image can be the ‘be all or end all’. Customers can rate or share customer experiences with anyone who has access to the internet. Sharing their positive experiences amongst this wide network will help build your customer base and brand image for you.

Stay ahead of your competitors

Going above and beyond your customers’ needs will naturally result in being top of the ladder in your industry. Showcasing commitment in consistently providing exceptional customer service will differentiate your business from the ‘average Joes’ of the market.

Improved employee turnover

The treatment of customers resonates with employees and if customers are shown respect, understanding and care, employees will most likely share these feelings towards the brand and company. Employees will be motivated to make sales, work more closely with customers and perform above and beyond, improving business performance. Investing in employee satisfaction is also an investment in customer service and should be a priority of the business.

At Accru we are focussed on being proactive and providing excellence in service. In recognising how important our clients are to our business, we conduct client satisfaction surveys, and host client loyalty events, seminars, office tours and sport outings to give back to our clients.

Accru specialises in enhancing business performance. The Advisory team at Accru Melbourne or other Accru offices will be happy to provide more information.

By Tessa Gray, Accru Melbourne

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Accru Australia
Accru is an award-winning network of independently owned accounting firms. We help businesses grow, thrive and generate wealth for their owners while managing financial risk and compliance.
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