Customer Service Skills Influence Your Bottom Line- Document360

5 Ways Customer Service Skills Influence Your Bottom Line

on June 28, 2019

Let’s get down to the facts, good customer service skills can make or break a business. In fact, they’re often the difference between long-term success and failure. Customer service delivers significant financial benefits in any customer-facing business and often reflects strongly on a companies’ position in the market.

Market leaders regularly showcase strong customer service skills at every stage of engagement, as this is a reflection of a companies’ commitment to quality and their care for the customer. There’s a reason they lead the market, and often, its because of the high-quality customer service they offer.

With this in mind, we’re taking a deep-dive into just how good customer service skills impact your bottom line and why they’re worth investing in.

Let’s get started…

Great customer service skills generate word of mouth promotion

It may be obvious, but in the modern world, word of mouth is everything. With more choices than ever and performance data at their fingertips, the modern customer is increasingly looking for strong indicators of quality, before buying. This includes everything, from the product quality and the brand, to the customer service experience, it will all be judged accordingly and has major potential to influence future business.

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By offering a consistent high-quality customer service experience, you can turn your customers into brand advocates that do your marketing for you. Just think about how much you spend on awareness, education and conversion… now imagine your customers doing all that voluntarily for you. That’s what good customer service can do. Exceed your customer’s expectations with great customer service and you’re likely sowing the seeds of your future success.

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A great customer service experience drives repeat custom

Customer loyalty is hard to build, but with great customer service skills, you lay a fantastic foundation to create a regular return customer. By offering a high-quality customer service experience, you can develop connections with your customers that show you not only care about their problems but are actively prepared to dedicate resources to finding solutions. This commitment is often highly appreciated and in many cases, drives repeat custom. Once a consumer has had a good customer experience, it’s likely they’ll return looking for it again, and be much more open to engaging with your company if you have what they need.  

If you can build good customer service skills in your business as standard, you’ll be turning every purchase into an opportunity to create a customer for life, why would any business turn that down?

High-Quality Customer Service skills unlock up-sell opportunities

A happy customer is an opportunity. Chances are if your customer enjoyed their first experience engaging with your brand and your products/services, they’re likely to be much more open-minded to purchasing further offerings. Customer service skills play a key role in this opportunity as it’s often the communication between customer service and customer that unlocks the potential for upselling. During these communications, the customer’s problems and challenges become that much clearer and it may actually be in their interest to investigate additional solutions to reduce their stress.

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A good customer service function should be able to recognize opportunities like this and present them in a way that is mutually beneficial for all involved. This can significantly impact your bottom line as the average value of your customers increases.

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Delivering beyond customer expectations improves cash flow

This is more a by-product of the previous points but is still worth mentioning. By generating more repeat customers, encouraging upsell throughout the business and cultivating word of mouth, you will have significantly better cash flow at your disposal. This opens up the opportunity to invest further in your customer service skills and create a perpetual cycle of delivery and improvement. As your customer service experiences drive more revenue, you can continue to iterate and improve – generating even more indirect and direct ROI from your investment.

Fantastic customer service skills build brand value, amplifying your market position

What’s the true value of a brand? Well if you ask the likes of Coca-Cola or Microsoft, the answers would be in the billions. A great brand fundamentally supercharges any business and is often a key differentiator when attracting new customers. By developing high-quality customer service skills in your business, you can develop your brand and create an asset that not only improves awareness and authority in the market but also develops a reputation that showcases a high level of quality and care, without having to explicitly say it.

Imagine a customer and prospect base that knows what you stand for, without having to tell them. Not only does this make communication easier, but it builds a level of familiarity that makes starting new business relationships simpler as well. It’s always more comfortable to reach out to a business when you’ve heard the name before, or at least have some idea what they stand for and what they do. That’s what a powerful brand does and good customer service is fundamentally critical to successful brand building. The higher the quality of experience you can deliver, the strong your brand will be and the greater the impact in the market.

Good customer service skills and your bottom line are intertwined. Playing such an integral role in the delivery of your offering, you need to ensure your customer service skills are up to scratch and actively contributing to your success. Businesses who choose to ignore the financial benefits good customer service can deliver are not only set to miss out but may be actively risking their future prosperity as competitors take full advantage.

It’s a fact, high-quality customer service skills influence and impact almost everything you do and there financial implications for both good and bad performance. When planning your customer service resources and capabilities keep these opportunities in mind, as it may just help you make better decisions.

If you only take one thing away from this article, remember, good customer service is a fantastic business opportunity and can significantly drive your revenues and business success.