Top Reasons Why Customer Service Is Critical For Businesses
Social media has changed the way brands interact with customers. Today, customers communicate with brands on social media and prefer it over traditional channels like phones and emails. Customer service expectations are rising year-over-year and consumers are looking at brands to create a seamless online experience.
Social media has revolutionized the entire customer service process. Below are the reasons why customer service is critical for any business.
Most exciting business opportunity
A survey asked Digital Marketing agencies to state the single most exciting business opportunity. The results were as follows.
As you can see, Customer Experience came in first. It’s no surprise because business opportunities can be won or lost with the help of customer service.
“Customer Experience will overtake price and product as the key brand differentiator by the year 2020.”
Nowadays, consumers’ buying decisions don’t depend on price and product alone. They refer to online reviews & services to know about the experience of existing customers. They vent out their frustration on social media platforms if they’re unhappy with the services. So, it’s imperative for brands to turn a negative experience into a positive one.
Helps generate more business
“55% of consumers would pay more for a better customer experience.”
– Defaqto Research
Research shows that customers don’t mind paying extra for products or services if they get better CX. Brands must improve their customer service along with products and services to attract new customers. Focusing on customer experience will, in the long run, generate more business.
Influences buying decision
“70% of buying experiences are based on how the customer feels they are being treated.”
The increase in digital consumption of information has caused consumers to turn online at every point of their purchasing journey. Customers’ reviews & experiences are a few of the trusted sources for consumers to make buying decisions.
If existing customers write bad reviews on social media, it influences the buying decision of future customers. Whether you’re an already established business or a startup, these factors suggest that customer service should be the major focus.
After realizing the importance of customer experience, improving it has become businesses’ top priority.
“72% of businesses say that improving the customer experience is their top priority”
“By 2018, more than 50% of organizations will implement significant business model changes in their efforts to improve customer experience.”
All the above-mentioned factors and statistics indicate that customer service, in the future, will rule digital media.