Rebecca Dunn, customer service manager
The UK hit an unenviable milestone in July this year according to the Institute of Customer Service (ICS): customer complaints hit an all-time high, costing British businesses more than £9bn a month in lost staff time.
New customer acquisition is up to five times more expensive than retaining existing ones, so now more than ever businesses need to pull out all the stops to keep their customers happy by helping them to find the best solutions at the right price.
The traditional “customer is always right” mantra, while still paramount, isn’t enough on its own. Businesses need to consider the wider context customers are living in and tailor their offerings.
It should come as no surprise that saving money is at the top of customers’ priority lists today: the cost-of-living crisis is pushing many to shop around and switch suppliers in the hopes of finding the best deal for them. In turn, there’s never been a more important time for businesses to tailor their customer engagement strategy based on the economic situation.
To help our customers find the best product for them, we invested in a price comparison tool earlier this year. This was part of a wider website revamp that ensured faster speeds and a better user experience when buying from us. The price comparison tool allows customers to find the products they need quickly and easily, and at the right price.
But we haven’t stopped focusing on what we view as our customer engagement staples: a world class-experiences whether by phone, email or online; reacting immediately to feedback; ensuring there aren’t any gaps in our product offerings; and doing our best to never let customers down. Maintaining a focus on keeping current customers will help increase revenues for all businesses, regardless of sector.
The study from ICS concluded that nearly six in ten (58%) said low prices would be important in influencing choices over the next two years. At the same time, more than a third of customers would pay more to guarantee excellent service. It’s a potential catch-22 for businesses, but one we’re leaning in to.
While not every company can afford to lower their costs, they can (and should) scrutinise how providing an excellent experience for consumers can improve their own bottom line. For us, this means continually updating our own strategy and adjusting as needed. It also means making every single one of our employees – from the warehouse to the accounting department – responsible for providing good customer service.
Speak to our customer service team directly at www.etb-tech.com or on 01556 610167, to find out how we can help you.
