10 Reasons Why Good Customer Service Is Your Most Important Metric
In today's highly competitive business environment, there's a constant and never-ending struggle that every entrepreneur must face. Those who can adapt will survive and thrive, resulting in near-boundless financial success and market saturation. Those who cannot see the proverbial forest through the trees, suffer a slow and inevitable death.
Clearly, for anyone who is serious about "making it," so to speak, it's imperative to realize the utter importance of rock-solid customer service. It's not just about the customer always being right. It's about treating your customers like you'd treat your family. And that doesn't happen by talking down to them or looking for any possible way to extract more money from them. It happens by truly going out of your way for them and adding enormous amounts of value to the equation.
1. Customer retention is far less expensive than customer acquisition.
On average, it costs approximately five times more to attract a new customer to your business than it costs to retain an existing customer. That logic on its own should highlight the importance of providing excellent customer service. Why risk losing a customer? It's costly enough to locate new customers in the first place, and every business should do whatever it takes to ensure they stay happy and continue doing business with them.
2. Existing customers are more likely to buy for you than new customers.
Aside from simply trying to retain your existing customers for sake of it being less expensive to do so, it's important to note that selling anything to anyone new is also far less likely. For the most part, the probability of selling to a new customer hovers in the range of 5-20 percent, whereas selling to an existing customer resides in the range of 60-70 percent.
3. Great customer service results in a reduction of overall problems.
By treating your customers like gold, you are sure to reduce the overall problems associated with your business, sales and the potential for any legal issues that might arise. Treat your customers poorly, and you can almost be certain that you'll run into problems at one point or another. And those problems can oftentimes lead to the ominous and untimely demise of your business.
At Bullen we talk a lot about customer service, it is one of our core values. # 2. Delight the customer, their needs are our focus.
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Please take note of important holiday deadlines and closings:
Bullen Holiday Schedule
We will be closed from Friday, December 21, 2018 until Wednesday, January 2, 2019.
The last day for stock product and drum orders will be Tuesday, December 18, 2018.
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