As the CEO of a successful company, you likely have many things on your plate. From bookkeeping to sales to HR, the list is seemingly never-ending. If you are not careful, it can be quite easy to accidentally neglect an aspect or department of your business. For many companies, customer service ends up being this neglected sector. This is likely because lousy customer service rarely has any immediate negative results for a company. Instead, the impact of sub-standard customer service tends to be slow to appear but can be both long-lasting and devastating to a company’s bottom line. So then, why does customer service have such a significant impact on your company’s long-term success? Below, Victor Mitchell details how customer service impacts your company’s bottom line:
Just about everyone has seen or heard a “customer service gone wrong” video on social media. These videos are popular (and often go viral) because most people can relate to the frustration of dealing with terrible customer service. Seeing a video of your company’s customer service representatives acting in an unprofessional or unhelpful manner is likely to leave a bad taste in the viewer’s mouth. Indeed, if the incident is unfortunate enough, the viewer may decide that they will never do business with your company again.
Word of Mouth
While lousy customer service is likely to be plastered across social media, excellent customer service tends to pass along via word of mouth. If one of your customers has had a positive experience with your customer service team, they are much more likely to recommend your services to a friend. Your company will soon become known as a company that you can rely on, and your bottom line will reflect your growing reputation in the community.
The quality of your customer service team can potentially limit the functionality of your products. If your customers do not understand how to use the product, their first step will usually be to call the customer support line for assistance. However, if your customer service team is not able to assist the customer with getting the product up and running, then the product is virtually useless to the customer. This will mean that your company will see an increased number of returns and bad reviews.
Though customer service is just one of the many things that entrepreneurs and business owners need to worry about on any given day, it is not something that should be neglected. The quality of your customer service team can have huge and direct impacts on the growth and ongoing success of your business.
About Victor Mitchell:
A serial entrepreneur, Victor Mitchell has successfully founded, acquired, and/or turned around numerous diverse business ventures over the past 30 years. His ventures include interests in finance, transportation, communications, technology, building supplies, real estate development and brokerage services.
Victor Mitchell is the founder and CEO of Lead Funding, a specialty lending organization that provides innovative private financing solutions for homebuilders and developers, reducing their red tape and speeding up loan decisions.
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