How Providing Excellent Customer Service Makes You More Money
There are many statistics that show the importance of providing excellent customer service for businesses to make more money. Here are a few examples:
1. Repeat customers spend more: According to research by Bain & Company, increasing customer retention rates by just 5% can increase profits by 25-95%. This is because repeat customers tend to spend more money over time and are more likely to recommend your business to others.
2. Positive word of mouth is powerful: According to a study by Nielsen, 92% of consumers trust recommendations from friends and family over all other forms of advertising. This means that if you provide excellent customer service, your satisfied customers are likely to spread the word about your business to others, which can lead to more sales and revenue.
3. Poor customer service can drive customers away: According to a study by New Voice Media, 75% of customers believe it takes too long to reach a live agent when contacting customer service, and 33% of customers say they would consider switching to a competitor after just one instance of poor customer service. This means that if you don't provide excellent customer service, you risk losing customers and revenue.
4. Happy customers are more likely to make additional purchases: According to research by Help Scout, customers who have a positive experience with a business are 86% more likely to make additional purchases from that business. This means that if you provide excellent customer service and make your customers happy, they are more likely to buy from you again in the future.
In summary, providing excellent customer service is crucial for businesses that want to make more money. By retaining customers, generating positive word of mouth, avoiding customer churn, and encouraging repeat purchases, businesses can increase their revenue and profitability
Want to find out how you can increase your organization’s revenue through delivering excellent customer service? CLICK HERE TO FIND OUT HOW
By,
David Brownlee
CEO, The Brownles Group Customer Service Training Company
2X, #1 Best-Selling Author, Speaker and Trainer
Get your FREE copy of David’s latest #1 Best-seller, Customer Service Success! (Click here)
