What’s the best way to make your company stand out in a competitive field? One option is to win on price. But, if you go that route, you’ll quickly find your company in a race to the bottom. Your profits will suffer and you may not be able to make ends meet.
A better way to distinguish your business is to focus on what matters most: Your customers. Without customers, your company wouldn’t be what or where it is today. Providing excellent customer service starts at the top of the company. As the CEO, make offering the best service possible part of your company’s overall goals.
The Benefits of Top-Notch Customer Service
It’s not only what you sell and how you sell it that matters. How your company treats its customers can go a long way, too. If you provide the best service in your industry, customers will be willing to forgive a lot, including higher-than-average prices.
With excellent customer service, your company is more likely to retain customers. People will keep coming back to you if they know your business is there to support them. Retaining a customer costs less than getting a new one, so your business will see the benefits financially.
Happy, loyal customers are likely to spread the word about your company. When people like how they’re treated, they will tell their friends. Loyal customers do more than send others your way. They’re also more likely to spend more with your company, more frequently.
Great customer service reflects well on you as the CEO. Your employees will likely feel happier and more productive on the job when they know that the company respects and wants to do right by the customer. Your business’s reputation will improve, which can lead to more sales.
How to Improve Customer Service
Change is possible if your company’s customer service leaves something to be desired. And it starts from the top. Try being a customer-centric CEO. Put the customer first in everything, from your company’s five-year plan to your financing applications.
You can also develop policies that serve the customer better. A lenient return policy may look expensive on paper, but it can also mean that people order more from your company, more frequently. Adding more options for customer contact, such as by installing chatbots on your website or extending the hours of your customer service center, can also go a long way.
Employee training is another critical part of customer service. Run training sessions that help employees learn how to manage customer concerns, even if they aren’t in customer-facing roles.
A Virtual CFO Can Help You Work Customer Service Into Your Strategic Plan
Feeling overwhelmed by the idea of focusing on customer service? New Direction Capital’s virtual CFOs can help. Our vCFOs can work with you to develop a strategic business plan with customer service at its heart. Hire your vCFO todayto see what we can do for you.
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