Before I dive into this article’s topic, I’d like to inform all our Bizna Kenya readers that we have organized an SME Forum on Customer Service which will be held on 15th February 2018 at the August 7 Bomblast Memorial Park here in Nairobi (opposite Co-operative Bank House.)
This Forum is due to the realization that most SMEs here in Kenya do not fully appreciate the value of Customer Experience Management. Instead, they place more focus on product enhancements and sales.
Forbes recently reported that 86% of buyers are willing to pay more for a better customer experience. Also, Research by McKinsey & Co found that brands which improve their customer experience see revenues increase as much as 10 to 15 percent while lowering the cost to serve by 15 to 20 percent. Therefore, more SMEs need to become
aware of the fact that customer experience and profitability come hand in hand.
Some of the topics to be discussed at the Forum include:
What exactly customer experience is all about
The difference between customer service and customer experience
Why SMEs should focus more on customer experience
Vital steps to take when investing in customer experience
How SMEs can Leverage the power of CX
..Back to this article’s topic..
So why is customer service so important?
Good customer service; a topic I have written countless articles on, and you have probably come across several articles on this topic while scrolling through your smartphone. So why do I really insist on this topic?
This is because customer service is the backbone of every business not only here in Kenya but worldwide. Looking at the world’s Fortune 500 Companies, one major contributor to their success is by offering an exceptionally excellent customer service to its clients.
Anyone who is serious about making considerable headway in business needs to understand why customer service is so important. It’s not just for all the obvious fiscal reasons. It goes far beyond that. It delves into the very existence of who we are and why we do the things that we do.
The way we treat our customers is indicative of the way we look at things in life. Are we short-sighted, merely searching for the next payday, or does our vision give us a deeper understanding of the long-term implications of our actions? Clearly, if you want to make strides today, you really do have to place the customer on a pedestal.
Customer Retention—and Increased Revenue
Satisfied customers are loyal customers. Keep customers coming back with customer service that shows you prioritize their needs, and see real results in increased revenue. Retaining your current customers is more efficient and profitable than seeking out new ones, and loyal customers are easier to sell to than those without any experience with your company.
Positive Word of Mouth
Happy customers are likely to recommend your company or product to friends, as well as engage with your company on social media channels. This increases your visibility and draws new customers to you—again, saving you effort and resources in customer acquisition.
Feedback for Future Improvement
Your customers—the people actually using your product or service—can tell you how well it’s working and how it can be improved. Customer feedback is an invaluable resource as you continue to refine and scale your offering to make it the best that you can provide. Feedback will also help you improve your customer interactions to further improve the customer experience.
People that have a positive experience with a company’s customer service department will likely tell two or three others about their experience, according to Consumer Affairs website. Therefore, quality customer service can be a source of promotion for organizations. Contrarily, a person who has a bad customer service experience will likely tell between nine and 20 people.
NB: As I had mentioned at the start of this article, Bizna Kenya has organized an SME Forum on Customer Service which will be held on 16th Feb 2018 at August 7 Bomblast Memorial Park.