When growing businesses need to compete with incumbents in any industry, they need to bring a secret weapon to the market. Those larger companies have bigger guns, bigger budgets, and serious resources to keep their brands relevant.
Some companies stand out through disruption (Uber and Netflix), some through personality (American Badass Beer, Dollar Shave Club), or a unique take on the product (Man Crate). While those can all be used to attract an audience, they lack a little something on the backend.
When a brand focuses on customer service and support, it has the greatest growth potential. Companies like Wagepoint go way past “good enough” to solve problems for customers, in addition to the core solutions they provide. They offer value beyond the product, and treat customer support as their USP.
Why Customer Delight is So Critical
If a company wants to stand out among incumbents in any industry, it needs to look beyond acquisition and lead conversion. It can cost 7x more to attract and acquire a new customer over retaining current customers, yet only about 7% of consumers feel that companies have met and exceeded their service expectations.
Shifting the business model toward customer support and retention vs. acquisition not only reduces spend, it also has a dramatic impact on growth. Lowering customer churn by just 5% can increase profitability by as much as 125%.
Creating a Customer Support-Focused Business Model
If you think support is limited to just your service team, it’s time to change that perspective. Customer delight isn’t just a responsibility of your service reps. Every interaction a customer or prospect has with you (including your site, brand, employees, and content) plays a part in creating an impression.
These interactions also directly impact service and delight.
The happier prospects and leads are, the more likely they are to convert and hang around for a longer period – thus increasing the customer lifetime value.
Article Credit: Sijan Patel, Forbes