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Go4customer Blog

Loyal Customers: Should You Provide More Or Less Service To Your Established Customers?

Posted by Sanjay Poddar

As the call center industry continues to witness sluggish growth owing to escalating costs, regulatory pressures, and stagnating user demand, it is imperative for businesses to meet dynamic customer demand. Meanwhile, retaining existing customers is becoming costlier for organizations. This is attributed to the fact that consumers have now become accustomed to the level of service offered.

So, the challenge is whether an organization’s focal point needs to be offering more or less services to their existing client base.  Additionally, it has equally become crucial to deliver tailored services defining and balancing customer requirements in the best possible way. This blog attempts to throw light on how customer service centers can help enterprises in redefining user experience while gaining competitive advantage over their counterparts.

Developing strategies to enhance end user responsiveness starts with delineating an optimal customer-based operating model with primary focus on meeting high priority activities. In the last two decades, call center customer service has emerged as an important channel for serving customers. It operates via agent management, relationship management, and various sophisticated software like CRM and PBX, to name a few.

Customer loyalty is directly proportional to the amount of measurable service efforts. Many research reports have confirmed that customers are more inclined to repeat their purchase when they experience better services. In this digital world, they have accessibility to endless sources of information. To enable users stick to your brand, companies need to surpass their level of expectations.

As per the Marketing Metrics concept, it is easier to sell products to existing clients than to the new prospects. Higher customer attrition rates always call for a downfall in profits, which in turn affects their bottom line performance. A recent statistics by Bain and Co. indicates that a mere 5% boost in consumer retention can multiply an organization’s revenue by 75%. Another report by Gartner indicated that 80% of an enterprise future income is derived from only 20% of its existing customers. Hence, attracting new users as suggested by Lee Resource Inc. costs a firm nearly 5 times the amount of retaining an existing consumer.

Hence, socializing with customers by strengthening better communication and augmenting their experience with higher service levels is the key to build retention. This is the major reason behind the growing popularity of social media channels like Facebook, Google plus, Twitter, etc. Such channels enable businesses to stay connected with users and provide timely alerts to identify and follow the most loyal deliver personalized services.

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