Providing excellent customer service is something you've likely had in mind from the start of incorporation. Good customer service has a trickle-down effect on virtually every aspect of your business, including the bottom line.
While excellent customer service increases profitability, negative customer service also negatively affects your company's revenue.
Today, good customer support has expanded beyond addressing complaints alone. Instead, it is an integral part of your customer journey worth looking towards. With its many possible results, we've compiled some exciting ways that customer support affects your company's bottom line.
Customer retention rates are directly tied to customer support quality
As a SaaS organization, customer retention is vital to your business model. You can stay in business with returning buyers and continually provide top-notch services. Additionally, it costs less for your company to retain existing customers than to search for potential customers.
According to research, 87% of customers who claim to have a great customer experience tend to purchase from that company again.
Repeat customers are your bread and butter for growth. Getting them to stay will only be possible if you've got excellent customer support. Fantastic customer service includes a high rate of availability across multiple channels and personalized solutions.
Additionally, when you've got happy customers, you can further incentivize them to look towards other parts of your service, including loyalty programs for sticking with you, customer rewards, and other things that will impact their retention.
While retention is an apparent way customer support can help your company, many companies struggle with actualizing its benefits and investing their resources into attracting new customers. Yes, while new customers may be happy with your service at first, they will quickly become disillusioned once they realize how little value they have in the long term.
Economically, it is far more valuable to retain your existing customers.
Excellent customer support generates higher engagement
Getting your name out there is always worth doing if you want to be seen as an authority within your industry. You stand a better chance of increasing engagement with good customer support, especially over social media. As an accessible company on social media, there are many benefits you can yield, and profitability is one of them.
When your organization is comfortable addressing the opinions and questions directed through social media, you'll be able to become a reliable resource for incoming customers.
Social media tends to share content through algorithms, and when new impressions are generated for your company, they will visit your page and check out what you're about. A very encouraging sign with impressions is to see a good level of customer engagement.
With good engagement, they will have an easier time feeling confident with purchasing your service. These impressions can quickly result in a high conversion rate for your company and boost success.
Customer engagement helps with gathering insights
As good customer support and engagement allows you to pull back the curtains a bit, you'll get a good idea of how your customers view your services. The best way to encourage user engagement is by having a support team that understands how to get information from customers.
Listening to customers allows you to get a good idea of the reception for your services. For example, when customers tend to voice out frustration with your payment channels, you may want to consider remodeling how the payment integration works for your organization. This vital information would have been impossible to perceive without the power of customer engagement.
How you take advantage of this knowledge to generate insight is by having a good team of agents that can recognize when this information should be passed on to your company. When your company acts on this information, customers will feel like they've been heard, which will positively affect their brand loyalty.
Good customer support is not a privilege; it is a necessity
If you're trying to maximize the potential gains from customer support, it is essential to view every investment and reiteration as a part of something essential to your company. Viewing it as going the extra mile will only hinder your bottom line. With the competitiveness of SaaS, being able to stand tall among companies as a leader in customer support initiatives will significantly affect your success.
For most people using your service, you will be the go-to company to address whatever problem they have turned to you for solutions. Therefore, they are owed transparency and utmost dedication to their concerns.
When a company can cover every avenue for reachability, such as providing social media, email, phone numbers, and other forms of communication, customers will see the company in a positive light.
Good customer support also encompasses availability, so having genuinely invested agents in their role will be quite helpful. Adding to that, you should also have an active willingness to resolve the issues presented by customers.
You should follow a basic set of priorities to have a solid customer support structure. This includes fast resolutions, 24/7 support, and diverse channels for communication.
Excellent customer support is incredible for marketing
While it is nice to invest in marketing strategies that come with a promise to revolutionize your industry, the crux of the matter still comes down to how you can satisfy your customers' day-to-day needs. Good customer support is something that should help complement your marketing.
Alongside your promising marketing solutions, you should also have excellent customer support. When your customer support is top tier, it won't be hard for customers to remain with your company.
Sure, marketing helps with customer acquisition, but getting them to stay will only be possible if you've got a support solution that incentivizes them to remain with your company.
Good customer testimonials can be presented through various channels to help with marketing, showing that you've got a solid backing behind your words.
In fact, marketing through user-generated content tends to generate positive responses as people respect the opinion of their fellow customers rather than the words of your brand alone.
Satisfying customer support provides solid windows for upselling to your customers
Upselling in customer service has the power to impact your bottom line astronomically. The best way to approach these opportunities for upselling is not by being too straightforward with it. That can seem like too much of a gimmick in a customer's eyes. Rather than that, target your sights to serve as a reliable and trustworthy avenue for customers to air out their concerns.
You could do this by asking for their feedback through a call or message after providing support services. At the end of your call or message, provide a platform for customers to express any other needs they would like to see addressed by your company. Doing this lets the customers feel heard, and if your company has the right solution with an additional service, it may be advertised to them.
For example, suppose you provide an e-commerce platform, and a customer wishes that they could handle payment processing faster. In that case, you can upsell them with your premium plan and present other advantages. You can also present a special offer unique to that customer to sweeten the deal further.
With the first act of providing a platform for additional concerns, upselling is much easier. If you don't have the right tools to address those concerns, you can still go back to the drawing board, look at customer insights and check if there is a demand for that addition. If there is, it might be time to bring in that solution.
Wrapping things up
It's no secret that providing excellent customer service is key to a successful SaaS business. But managing and tracking customer interactions can be difficult and time-consuming, especially when your team is spread across different time zones.
Fullview is here to help. Our customer service software makes it easy to manage and track all of your customer interactions so that you can provide the best possible service. With Fullview, you'll have everything you need to improve your bottom line and keep your customers happy.
All of these factors considered, it's evident that customer support is essential to your bottom line. Not only do you lose money when customers churn, but you also miss out on potential future revenue from increased engagement and insights. That's why providing excellent customer support should be a top priority for your business.