When the C-suite comes together to discuss the budget plans for the year, customer service better be at the top of the list. There are many reasons as to why customer service is important to businesses, and they likely point to the same major points.
Those points being that great customer service retains customers, and a positive customer service reputation means current and future customers are likely to do business. And there is another major point that comes with great customer service and that is customers show a willingness to pay more to companies with better customer service.
These points are no different when it comes to a provider and its clients.
In fact, Fusion Connect, a managed communication service provider and Microsoft Cloud solution provider, conducted a survey with Gartner Peer Insights and revealed that more than nine out of 10 businesses would pay more per year to receive better customer service. More than half would pay up to 15% more and almost a quarter would pay whatever it takes to receive a better experience.
That raises the question(s) as to why customers or clients are willing to pay more for a product or service when there are cheaper options out there.
Customers put a high value on reliability. They want to reach the provider when and how they want, and connecting with a person who is familiar with them leads to a relationship. To them, they then feel that the company or provider cares for them.
As a result, more than half of the businesses in the survey say a positive experience encourages them to continue to use or invest more in the product or service offered by the provider, and 40% said they would recommend the product or service to others.
Looking at the other side of the coin, a negative customer experience can cause a bit of backlash toward the provider, which then results in a decline of profits.
Nearly half of the survey respondents would file a complaint or respond negatively to a survey after one negative experience with a supplier. That seems mild to most, but there are customers out there that would take more drastic actions such as never doing business again, reducing their spending or changing suppliers – all three hurting the business, provider or supplier financially.
“Customer service is the cornerstone of any successful business, yet too many companies overlook its significance, thinking of it as an expense rather than an investment,” said Rod Brownridge, senior vice president of customer support at Fusion Connect. “With outstanding support, businesses can attract and keep customers and discover countless new opportunities for growth.”
Again, customer service is important and should be a priority. It doesn’t matter if it’s a provider offering products and services to clients or a mom-and-pop shop serving the locals. Great customer service is needed to succeed and grow.
